Reuters - Downgrades of three U.S. investment banks, an ouster of Wachovia's chief executive, and a bleak U.K. housing market outlook from a British mortgage lender shook markets on Monday, reigniting fears that the global credit crunch will continue to hurt the world economy.

Reuters - U.S. stocks slid on Monday on renewed fears the credit crunch has yet to run its course after Standard & Poor's downgraded debt ratings of three big securities companies and Wachovia , the fourth-largest U.S. bank, ousted its chief executive.

AFP - Wachovia, one of America's biggest banks, said Monday that its chief executive Ken Thompson is leaving the bank as its board of directors seeks to stem hefty losses tied to troubled mortgage loans.

AP - Less than a month after losing his chairman post, and more than two years after an ill-timed acquisition of California mortgage lender Golden West Financial Corp., Wachovia Corp. said Monday that board members have forced CEO Ken Thompson to retire from the nation's fourth-largest bank.

AP - Washington Mutual Corp., hard-hit by the mortgage and credit crises, said Monday it will replace Chief Executive Kerry Killinger as chairman of the board and take other steps to improve corporate governance.

Reuters - Bradford & Bingley issued a stark warning on the state of the UK mortgage market on Monday and slashed the price of its emergency fundraising to secure a private equity lifeline, hitting bank shares across Europe.

Reuters - Wachovia Corp ousted its chief executive, following growing legal troubles and loan losses tied to the purchase of a big mortgage lender just before the housing market imploded.

Reuters - Stocks slid on Monday on renewed fears the credit crunch has yet to run its course after Standard & Poor's cut its ratings on three big securities firms, Wachovia ousted its chief executive, and a British mortgage lender said the UK home market was in dire straits.

Reuters - U.S. private equity firm Texas Pacific Group has agreed to take a 20 percent stake in Bradford & Bingley in a much-needed boost for the embattled UK mortgage lender, a source familiar with the matter said on Monday.

Reuters - JPMorgan Chase & Co said on Saturday it completed its $1.4 billion Bear Stearns Cos takeover, capping the demise of a Wall Street firm that survived the Depression and numerous slumps in its 85 years but could not navigate the mortgage crisis.

AP - The European Central Bank celebrates its 10th birthday Monday with its reputation burnished by a steadfast stance on interest rates and quick action to supply banks with cash during the credit crisis over mortgage-backed securities.