Northern Rock crisis hits Japan
Posted: Mon Nov 19, 2007 12:05 pm
The knock-on effects from the recent US sub prime market problems that hit Northern Rock and others show no sign of letting up.
In fact, the Banking system in Japan appears to be the latest victim of the global credit crunch.
In the last 7 days the Origami Bank has folded, Sumo Bank has gone belly up and Bonsai Bank plans to cut back some of its branches.
Yesterday it was announced that Karaoke Bank is up for sale but is considered unlikely to go for a song. Today shares in Kamikaze Bank were suspended after they nose-dived and 500 back-office staff at Karate Bank also got the chop. Analysts report that there is something fishy going on at Sushi Bank and staff fear they may get a raw deal.
In fact, the Banking system in Japan appears to be the latest victim of the global credit crunch.
In the last 7 days the Origami Bank has folded, Sumo Bank has gone belly up and Bonsai Bank plans to cut back some of its branches.
Yesterday it was announced that Karaoke Bank is up for sale but is considered unlikely to go for a song. Today shares in Kamikaze Bank were suspended after they nose-dived and 500 back-office staff at Karate Bank also got the chop. Analysts report that there is something fishy going on at Sushi Bank and staff fear they may get a raw deal.
