Recruitment company Michael Page has warned of a slowdown in its UK business as the impact of the banking crisis starts to take hold.

UK fund manager New Star Asset Management said its funds have declined by 12% since the start of the year.

HBOS has denied market rumours that it has turned to the Bank of England for emergency funding.

HSBC, the UK's biggest bank, delivered a 10% increase in full-year pre-tax profit, as a strong Asia performance helped offset a sharp rise in bad debt charges of its US division.

The UK's second largest bank, the Royal Bank of Scotland, has delivered 2007 profits in line with expectations, says the company. Despite credit crunch-induced losses, dividends were hiked 10%.

Northern Rock has officially been nationalised after the Chancellor signed off on the deal.

Lloyds TSB has seen annual pre-tax profit fall 6% to £4 billion, but credit crunch-related write-downs are nearly six times less than its high street banking rival, Barclays.

Banking group Alliance & Leicester has worried the City after warning that earnings forecasts may have to be downgraded as it prepares to lend money to fewer people.

Shares in Northern Rock were suspended this morning after the Government unveiled plans to nationalise the troubled bank.

Mortgage lender Bradford & Bingley has become the latest victim of the credit crisis as profits nearly halved during 2007. Bad debts trebled and investments plunged in value.