Spain nationalized its largest real estate lender Wednesday night and plans to announce an overhaul of the country's entire banking system Friday.
The country is scrambling to prevent its troubled banks — weighed down by property debts — from sabotaging the whole economy. The Spanish government has only to look northward to Ireland to see what could happen if it fails.
NPR's business news starts with falling profits for UBS.
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GREENE: Suisse Bank UBS announced today that their profits fell 54 percent in the first quarter of this year. The drop is blamed on a decrease in investment banking income, and also because of an accounting charge on its debt.
The walls of the Clock Shop in downtown Frankfurt, Germany, are lined with timepieces of every kind, from cuckoo clocks to digital watches. It's a testament to the store's 55-year history as a functioning business.
One of the things that has remained constant for much of that time is the store's relationship with its bank, owner Basia Szlomowicz says.
And there were protests and arrests at the Wells Fargo annual shareholders meeting in San Francisco yesterday. The demonstration - led by the Occupy Movement - was over the bank's foreclosure and lending policies. Hundreds of protesters bought bank shares so they could attend the meeting and disrupt proceedings. [POST-BROADCAST CORRECTION: While hundreds sought to disrupt the meeting, several dozen people representing community groups had purchased stock.]