RBS to cut 443 jobs in UK, move many of them to India
June 25 British lender Royal Bank of Scotland is planning to cut 443 jobs dealing with business loans and many of them will move to India, the bank said.
(Adds details on withdrawals and context, paragraphs 2-7)
NEW YORK Dec 22 U.S.-based stock funds posted $21.6 billion in withdrawals during the latest week, Lipper data showed on Thursday, adding to a trend of outflows from actively managed mutual funds that has lasted much of the year.
Taxable bond funds recorded $2 billion in outflows during the latest week, the data through Dec. 21 showed, a smaller level of withdrawals than the $5.8 billion pulled the week prior.
Investors have pulled money from stock mutual funds despite a strong rally since the U.S. presidential election. The stock gains are based on a premise that President-elect Donald Trump will enact policies that spur infrastructure spending and inflation while cutting financial regulatory red tape.
As a result, U.S. stock prices have helped push the Dow Jones Industrial Average within arm's reach of the 20,000 milestone.
While benchmark indexes have gained ground, the Lipper data nonetheless showed a 41st consecutive week of withdrawals from stock mutual funds, many of which are actively run by portfolio managers seeking to beat the market.
Many exchange-traded funds, which merely track a market index, have been attracting money this year. But in the latest week, as investors settle up portfolios for year-end accounting, these funds also suffered net withdrawals.
The data this past week may overstate the degree of outflows because of end-of-year payouts by funds that are typically then reinvested quickly and will likely show up in future weeks as an inflow, a Thomson Reuters Lipper analyst said.
(Reporting by Trevor Hunnicutt; Editing by Andrew Hay and Will Dunham)
MILAN/ROME, June 25 Italy began winding up two stricken Veneto-based banks on Sunday in a deal that will see their good assets transferred to Intesa Sanpaolo and could cost the state up to 17 billion euros ($19 billion).