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Oracle Oracle Taleo Recruiting Cloud

Oracle splashes out for cloud-based mostly HR utility industry Taleo | killexams.com existent Questions and Pass4sure dumps

Oracle has agreed to acquire cloudy “skill management” industry Taleo for $1.9 billion, in a deal that marks probably the most greatest deals of 2012.

Taleo’s cloud-based software is aimed toward HR departments and Oracle said it was purchasing the industry to build a “comprehensive cloud providing for establishments to control their Human resource operations and worker careers.”

"Human capital administration has spin into a strategic initiative for enterprises,” talked about Thomas Kurian, government vice chairman for Oracle development. “Taleo’s industry leading aptitude management cloud is a crucial addition to the Oracle Public Cloud.”

Oracle’s circulation will steal it into nearer competitors with Marc Benioff’s Salesforce.com, which just ultimate month agreed to purchase HR application maker Rypple.

That deal is anticipated to jog through on 30 April and skill Salesforce.com may be presenting facebook with HR SaaS because the companionable networking massive is one of Rypple’s purchasers.

Benioff and Oracle CEO Larry Ellison, as soon as proximate allies at Oracle, fill been treading on one a different's toes lately. Benioff even had his keynote at Oracle OpenWorld cancelled eventual 12 months.

Oracle's acquisition announcement got here on the equal day Taleo announced its fourth quarter fiscal results, during which it noticed subscription income upward shove 26 per cent year-over-yr to hit $70 million.

"Taleo's built-in cloud-primarily based talent administration options optimize how enterprises employ, manipulate, forward and reward their personnel and provides corporations the intelligence essential to capitalise on their most critical asset - their individuals," noted Michael Gregoire, chairman and CEO of Taleo.

"becoming a member of forces with Oracle offers us the desultory to more desirable serve their consumers."

Oracle has not been averse to splashing the cash of late. In October eventual yr, the company purchased cloud client service issuer RightNow for $1.5 billion.


Oracle outlines Taleo roadmap, calls acquisition 'additive' | killexams.com existent Questions and Pass4sure dumps

Oracle executives Friday outlined their plans for an integrated human capital administration (HCM) and aptitude administration application portfolio in the wake of the business’s acquisition of Taleo.

In a half-hour webcast, senior executives introduced a vast define of how the two product roadmaps would converge.

“This offers us essentially the most comprehensive and concurrent cloud human capital administration and talent management suite in the marketplace,” trail Hurd, Oracle’s president, mentioned on the webcast. “There is no exchange to their routine or the Fusion roadmap and unencumber schedule. Taleo is incremental to Fusion.”

Oracle introduced it will purchase Taleo for $1.9 billion prior this month. Taleo’s core electricity is in recruitment and talent management software. definitely, based on Taleo’s CEO Mike Gregoire, Taleo manages 15% of any hires within the U.S. however there is a few product overlap between the two companies, which Oracle executives sought to address.

“Oracle and Taleo’s products are complementary, and between Fusion HCM and Taleo aptitude management they present a full suite, delivered in software as a service,” mentioned Thomas Kurian, Oracle’s government vice chairman for development. “This can be purchased and used as particular person modules.”

those explanations did not flood muster with one industry observer.

“Between Hurd and Kurian announcing ‘it’s absolutely additive and complementary,’ it changed into off a script; there became such boasting happening,” pointed out trail Smith, CEO and chief research officer of Ventana research, primarily based in San Ramon, Calif. “Oracle’s already acquired compensation administration, performance management and recruiting, and these things are available within the cloud. I don’t reckon how they can possibly contour those feedback on this webcast.”

Oracle promised to continue to present skill management that works with Oracle human supplies and non-Oracle human components and human capital administration, no matter if on-premises or in the cloud, Kurian spoke of. besides its lately released Fusion HCM, Oracle moreover presents PeopleSoft HR utility.

finally, Oracle intends to combine Taleo with its personal Oracle Public Cloud.

“It allows for us to extend Taleo to their companionable networking, id administration and company analytics,” Kurian talked about.

indeed, Oracle’s acquisition of Taleo has been characterised by route of Smith and other analysts as a seize for customers, to uphold construct out its customer basis on the Oracle Public Cloud.

Oracle additionally outlined its plans to enhance its HCM offerings with its broader portfolio of purposes and analytics.

“What Oracle wants to attain is provide you with an entire solution,” Kurian observed. “finished skill administration, HCM to advertise and reward [employees] -- with embedded BI, and companionable and cellular capabilities to enable individuals to contour the rectify decisions privilege now and quite simply.”

What’s the takeaway for customers?

“in case you’re an Oracle client and already bought into Fusion HCM, the question is yeah, Taleo’s recruiting is doubtless a higher course,” Smith mentioned. besides the fact that children, lots of the capabilities within Taleo beyond recruiting were themselves bought performance.

“For Oracle valued clientele, ok, there’s a pair things to choose off,” Smith added. “if you’re a Taleo client beyond recruiting and moreover you fill been pondering of Taleo as your unified talent management suite i might be pondering once again. i might be very worried.”

Oracle’s acquisition of Taleo is just one in a concurrent rash of acquisitions with the aid of industry utility providers of smaller, HR expertise experts. SAP bid $3.four billion for SuccessFactors in December, followed simply weeks later by route of Salesforce.com’s acquisition of Rypple.


Oracle buying Taleo for $1.9B as Cloud conflict Brews | killexams.com existent Questions and Pass4sure dumps

(Reuters) -- Oracle Corp agreed to purchase Taleo Corp, a maker of web-based application for recruiting personnel, for roughly $1.9 billion, as technology giants combat for the sound spot within the quickly-transforming into cloud computing market.

it is the newest capacious funding in cloud computing through Oracle, the world's No. 2 maker of industry management application, and a short response to larger vie SAP AG's pending scheme to buy SuccessFactors Inc for $3.four billion.

Oracle's present rate for Taleo is 6.5 times trailing 12-month revenue, a bit of greater than half the 12 times diverse that SAP can pay for SuccessFactors, in line with Evercore partners.

while Oracle lags SAP in promoting customary utility that consumers installation on their desktop programs, its billionaire CEO Larry Ellison has been aggressive in including cloud-based mostly software choices over the past few years.

ultimate month, Oracle paid $1.5 billion to purchase based cloud player RightNow applied sciences, whose software helps agencies give consumer carrier.

Oracle and SAP are both trying to tangle up with cloud chief Salesforce.com Inc, which was began over a decade in the past by former Oracle govt Marc Benioff.

Oracle's Ellison changed into an early investor in Saleforce, but Benioff ousted him from the board when he felt Oracle obtained too aggressive in competing with the firm.

FUTURE IS CLOUD

Cloud computing refers to providing utility, storage, computing vigour and different capabilities to customers from faraway records facilities over the web. claim for cloud-based application is rising rapidly because the routine allows organizations to genesis using unusual classes faster and at lower fees than simple products that are installed at a client's personal records core.

profits from cloud-primarily based industry application is anticipated to be $17.32 billion in 2013, 5.7 percent of total industry software income, up from $5.31 billion in 2009, in line with information from Gartner.

The on-line recruitment utility market, a crucial class in the utility-as-service industry itself, might moreover grow greater than 15 percent this year, according to independent market research arduous Bersin & acquaintances.

final year, Oracle launched web-based types of a couple of of its unusual line of company management software classes called Fusion Apps, which analysts squawk are nonetheless in the early stages of profitable market acceptance.

regardless of the acquisitions, it is early days for Oracle and SAP when it involves cloud computing, as many company know-how buyers continue to be skeptical that their home-brewed cloud products will hold up towards products from Salesforce.com.

SAP and Oracle are nevertheless perceived as the ancient preserve on premise and they are now not 'with it' in cloud, Nomura Securities analyst Rick Sherlund pointed out.

They are looking to own this space. They wish to reinvent themselves for the cloud ... they're buying a residence in the cloud through consolidation.

Some analysts additionally puzzled the motive of the goal groups in promoting out on account that the transition to cloud-based commercial enterprise applications is noiseless no longer a ways alongside.

We examine yourself if these providers fill been influenced by using a credit that either their core market segments were too highly penetrated and that the cost of increasing become with no distress too high, BMO Capital Markets analyst Karl Keirstead pointed out.

tremendous corporations more and more seeking to purchase their more develope edge purposes from companies similar to SAP and Oracle may moreover be a understanding for the goal agencies to promote themselves, he talked about.

PLUGGING HOLES

Analysts talked about that the Fusion Apps cloud items brought final year already give a reasonably broad array of company administration programs, which skill that Oracle is below much less coerce to attain acquisitions to construct out its portfolio than SAP, which has fewer web-primarily based offerings.

Taleo fills one of the vital few glaring gaps in Oracle's line-up, observed Morgan Keegan analyst Michael Nemeroff.

They didn't fill a recruitment kit. They at any times essential to enhance or purchase it, and now they've achieved it, he spoke of.

The RightNow purchase crammed yet another gap in Oracle's portfolio.

Nemeroff noted that Oracle may additionally nevertheless be trying to buy a corporation that gives web-based mostly payroll software, akin to greatest utility neighborhood Inc.

officers with Oracle declined comment.

SAP spokesman Jim Dever observed his enterprise would debate its routine for expanding its cloud offerings in a couple of weeks, after the proximate of the SuccessFactors deal.

SAP is coming off the greatest 12 months in its forty-yr historical past. they are in a brilliant strategic position to retain successful out there, together with the cloud, he referred to.

The Taleo deal value of $46 a share presents an 18 percent top rate to Taleo's Wednesday shut of $38.94.

Taleo shares surged 17 percent to $forty five.sixty two in afternoon trading, while Oracle won 0.2 percent to $28.seventy nine.

different makers of cloud-based software moreover rose on the news, with Kenexa Corp mountain climbing over 2 percent to $28.seventy one. Cornerstone OnDemand Inc 0.eight % to $17.ninety three and ultimate application neighborhood 0.7 % to $66.45. any had traded plenty bigger previous within the session, when the Nasdaq Composite Index flirted with its optimum degrees in over a decade.

(Reporting by Jim Finkle in Boston and Sayantani Ghosh in Bangalore; modifying through Derek Caney and Gerald E. McCormick)


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1Z0-474 exam Dumps Source : Oracle Taleo Recruiting Cloud Service(R) 2012 Essentials

Test Code : 1Z0-474
Test name : Oracle Taleo Recruiting Cloud Service(R) 2012 Essentials
Vendor name : Oracle
: 76 existent Questions

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Oracle Taleo Recruiting Cloud Service(R) 2012 Essentials

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Oracle to Buy Taleo, Speeding the Shift to the Cloud | killexams.com existent questions and Pass4sure dumps

Kimihiro Hoshino/Agence France-Presse — Getty Images

Oracle’s planned purchase of Taleo is the biggest sign yet of how things are changing because of cloud-based computing technology. The effects will be felt in the workplace, on Wall Street, and not least within Oracle itself.

Early Thursday, Oracle announced that it would pay $1.9 billion for Taleo, a provider of talent recruitment software delivered as a service over a cloud of computers on the Internet. The company declined further observation on the deal.

The announcement followed December’s purchase by SAP, Oracle’s rival, of Taleo’s rival, SuccessFactors, a human resources software company, for $3.4 billion. In October, Oracle agreed to pay $1.43 billion for RightNow Technologies, which handles customer service over the cloud.

Oracle paid less of a premium to the stock price for Taleo than SAP did for SuccessFactors, mainly because of a run-up in Taleo’s shares since the SAP/SuccessFactors deal. People thought Taleo was in play.

Seeing three little puerile tech companies sell for a combined $6.7 billion in four months is an exceptional endorsement of cloud computing when many established businesses noiseless phenomenon whether and how quickly to confide themselves to the unusual computing system.

It may, in the short run, moreover create bubbly expectations for the field. These are the unusual benchmarks. Salesforce and NetSuite are the two biggest publicly traded cloud computing services companies so there is not a lot of information to Go on, and the pressure will be to value things on the towering side.

It is notable that any three of the companies Oracle and SAP bought are involved in “people-facing” businesses. One understanding for this is that these functions are not considered by traditional industry to be “core,” relative to things enjoy finance or manufacturing. No one really cares if the system goes down for an hour. As people grow more confident in the cloud, there will be more offerings enjoy NetSuite, which has some fiscal and resource planning functions.

In fact, these kinds of companionable functions may become among the most critical as businesses apt to the cloud. As I wrote eventual month, many aspects of companionable media, including rapid collaboration and scholarship exchange, will be critical parts of cloud-based business. Salesforce has made acquisitions of its own to offer tools for what it calls “the companionable enterprise.”

Since human resources touches every employee, both SAP and Oracle want these H.R. companies as a route of rapidly enabling workers to fill access to other applications, which they are affecting to the cloud. Oracle is developing H.R. products through its Fusion program, but lacked recruitment functions. It probably moreover needed to fill a cloud product privilege away, and wanted to argue it was keeping up with SAP. Oracle has $35 billion in cash and has to attain something with it.

One more area that cloud computing changes, going privilege to Oracle’s heart, is the database. Oracle rose in the working world by connecting desktop computers to servers in some closet that contained a powerful relational database. It enabled most of the capacious software applications of the eventual 20 years. In the cloud world, unusual kinds of databases are affecting in, and Oracle may not compete as easily with just its core technology.

What Oracle does possess, however, are strong industry relationships, an exceptional sales force, and a great number of software applications that it has amassed through internal development and an 10-year drive of acquisitions. The sales team can almost certainly start offering Taleo to customers as soon as the deal closes. The applications, which are familiar to millions of workers, can in many cases be modified to some kindly of cloud service.

Played correctly, the Taleo acquisition could wait on Oracle transition from one generation of technology, where it was a capacious database player that moreover sold applications, to another, where it is a comprehensive applications provider that moreover offers a database with distinguished legacy functions. Salesforce, after all, sells software as a service through the cloud, but much of the company runs on Oracle relational databases.


Cornerstone OnDemand's CEO Discusses Q1 2012 Results - Earnings convene Transcript | killexams.com existent questions and Pass4sure dumps

No result found, try unusual keyword!Second, in the enterprise segment, according to a recent CedarCrestone survey, just 35% of Oracle clients utilize Taleo, and just 40% of SAP clients ... As many of you know, on March 29 they formally launch...

The Morning Download: capacious Data and the Cloud Transform HR | killexams.com existent questions and Pass4sure dumps

Michael Hickins is traveling today.

Good morning. The Human Resources department has become a case study in what happens when capacious Data, the cloud and other emerging technologies are attach it place. The result is a unusual route of doing business.

WSJ’s Joseph Walker reports today on how some companies are using capacious Data to contour decisions on how to hire and how much to pay. For example, Xerox says it gash the attrition rate at its convene centers by roughly one half after it started using capacious Data to vet job applications. The company used to hire people based on their experience. But the data suggested that personality is more important. While “creative” types are likely to stick around for at least six months, so that the company can recoup its investment in their training, “inquisitive” types are less likely to attain so.

Analytic tools are moreover upending the route companies pay and retain their workers. As Rachel Emma Silverman points out, “a company wondering how to retain workers from jumping ship might assemble data on retention rates, job satisfaction, work-life poise and career progress for hundreds or thousands of workers.”

CIO Journal’s Clint Boulton takes a note at how HR is rushing to adopt a unusual generation of cloud-based apps for human capital management. CIOs and other IT executives find that the cloud-based applications are faster, cheaper, and wait on promote productivity when it comes to HR tasks such as recruiting and hiring, on-boarding and training, managing employee performance goals, and succession planningMagellan Health Services said Taleo’s user-friendly Web interface helped it boost completion of employee reviews from 65% to 97% eventual year. No dumbfound that spending in the cloud-based HCM software market is rising at a compound rate of 8%, and capacious software companies enjoy Oracle IBM and SAP are buying start-ups in the sector.

What CIOs requisite to know about venture capitalists. CIO Journal’s Rachael King reports from the Innovative CIO conference at Stanford University, where CIOs are connecting with the VC-backed start-up ecosystem. But as promising as that may be, CIOs who are used to working with larger vendors requisite to understand a few things about how VC and their portfolio companies work. King has drawn up five lessons from the gathering, launched by Brian Lillie, CIO of Equinix, and David Smoley, CIO of Flextronics. “If you’re going to play ball with start-ups, you fill to vet the technology, and the management team and industry model,” she says. ”Veterans of this approach squawk you moreover fill to be prepared that a relationship with a start-up may not labor out – the best strategy, they say, is to fail snappily so you can jog onto another one.

PwC study says companies are cutting spending on IT security. A study released on Thursday found fewer companies are utilizing IT security measures, such as tools for detecting malicious code and policies to protect corporate data. PricewaterhouseCoopers surveyed 9,300 CIOs, CEOS and IT managers on their preparedness. One key finding, CIO Journal reports, is that 71% of respondents squawk they are using adware and spyware detection tools in 2012, compared with 83% a year earlier. The shift occurred as budgets for IT security fill stagnated, with only 45% of respondents epigram they anticipate increases over the next year, down from 51% in 2011. “Instead of risk driving security budgets, it’s what can the company afford,” trail Lobel, the author of the study, said.

IPHONE UPDATE

Wi-fi problems plague iOS 6 upgrade. While most people are seemingly enjoying the transition to iOS 6, others are experiencing a Wi-Fi meltdown Wired’s Roberto Baldwin reports. Apple’s tech uphold site is inundated with customers who fill updated their iPhone 4, 4S and third-generation iPad to iOS 6 and can no longer access Wi-Fi. According to the comments, after the over-the-air update, the Wi-Fi indicator is greyed out and their phones are unable to access a local network.

"Virtual teardown’ of iPhone 5 points to novel Apple choices. Apple paid $199 for components in its 1-gagabyte model, according to IHS iSuppli.  The teardown reveals Apple reserved the largest monetary chunk--$44-- for the device’s array which integrates unusual finger sensing technology into the array glass, writes the WSJ’s Don Clark. Adding LTE wireless technology to the iPhone 5 brought the cost of wireless components up to $34. IHS iSuppli priced the iPhone’s unusual A6 microprocessor chip at $17.50.

IPhone 5 racks up glowing reviews. The Apple iPhone 5 intelligence cycle peaked again yesterday with every major outlet reviewing both the unusual smartphone as well as Apple's iOS update. WSJ's Digits blog offers a handy iPhone 5 review roundup with CNet, TechCrunch, the NYT's David Pogue and AllThingsD's Walt Mossberg all heaping on the praise.  "Phrases enjoy 'flat-out lovely' and 'absolute home run' are apt to race as testimonials in an Apple commercial," Digits observes. Apple's iO6 upgrade gets acclaim from AllThingsD's Katherine Boehret for better photo features and Facebook integration, among other items.  But blogger Anil Dash calls the OS's most notable feature, the swapping out of the common Google Maps app for an Apple homegrown version, "crappy."

TECHNOLOGY NEWS

Google gains momentum in display-ad sales. Google is expected to surpass Facebook in selling online "display" advertisements in the U.S. this year, the WSJ’s Amir Efrati reports. The result would trail a milestone for the Web-search giant, with Google for the first time holding the "triple crown" of online advertising by taking the top spot in Web-search ads, mobile ads and array ads, which involve graphical, interactive and video ads.

Salesforce.com rolls out unusual cloud offerings. Salesforce.com unveiled several unusual products at its San Francisco conference yesterday targeting marketing and human departments as well as an online file sharing system to vie Dropbox and Box, the WSJ's Ben Worthenreports. The announcements came as Salesforce.com faces increased competition in the cloud-based software for businesses industry from SAP and Oracle.  Worthen reports that the market for such products is expected to grow from $40 billion in 2012 to about $100 billion in 2016.

Cybercriminals crib tricks from Stuxnet:  Beyond crippling Iran’s nuclear efforts and wrecking computing havoc throughout the Middle East, Stuxnet and Flame, two sophisticated malware programs with believed ties to Israel and the United States, menace to inspire criminals for years to come. Security researchers tell Technology Review’s Tom Simonite, that hackers fill studied how Stuxnet used stolen digital security certificates to facilitate network access. "Nowadays you can note utilize of fake certificates in very common malware," says a co-founder of an Israeli computer security firm.

A billionaire blooms in Boston. The Bloomberg Billionaires index spotlights unusual billionaire Philip Ragon, creator of InterSystems, the health care industry’s biggest provider of database management services. His company is poised to exploit the industry’s shove to electronic files as it battles newcomer Oracle, which entered the market through acquisitions of health-care technology firms Phase Forward and ClearTrial.

T-Mobile CEO is not going to phone it in. Deutsche Telecom named John Legere CEO of T-Mobile USA, a carrier that has been shedding customers since the FTC nixed merger efforts with AT&T. Legere, a former CEO at Global Crossing, succeeds Philipp Humm, who left T-Mobile in June for European rival Vodafone. Legere tells AllThingsD’s Ina Fried that he wants to build a company that is thought of as the “un-carrier.” This may sound enjoy marketing-speak but GigaOm’s Kevin Fitchard agrees T-Mobile can’t play the “same game as its bigger rivals.” T-Mobile has already challenged today’s pricing-models, he writes, affecting customers away from device subsidies and offering data plans at abrupt discounts.

HTC unveils Windows 8 phones. Two weeks after Samsung and Nokia showed off handsets running Windows 8, Taiwan device maker HTC revealed two smartphones—the Windows Phone 8X and Windows Phone 8S-- expected to launch in November, reports AllThingsD’s Lauren Goode. HTC said the phones will be available on Verizon, T-Mobile and AT&T.

Investors brood to glimmer storage firm. Virident Systems took in $26 million from a unusual funding round as investors moved to capitalize on glimmer storage’s increasing role in the data center, reports Maureen O’Gara of Virtualization Journal. The company moreover announced a unusual CEO, Mike Gusfafson, formerly of Bluearc and Hitachi Data Systems.

Dell announces Windows 8 machines. Dell unveiled three computers running Microsoft’s unusual Windows 8 software, including a Latitude 10 tablet built for corporate users, reports Bloomberg’s Aaron Ricadela. Dell says the tablet, as well as a Windows 8 desktop and Ultrabook, would be available later this year.

Pentagon may use sensors to track melting icebergs. With the Arctic’s melting ice carrying significant geopolitical consequences, Pentagon agency Darpa wants to build “an all-seeing network of sensors” to track ice movement and  growing submarine and surface craft traffic. Creating such a sensor network poses many challenges, writes Wired’s Robert Beckhusen, among them the North Pole’s disruptive sequel on satellite signals.

Zynga chalks up another executive loss. Zynga just lost its chief companionable security officer who had been with the company since 2009.  The game maker has seen a 'slew of high-profile departures'  in recent weeks, writes TechCrunch's Colleen Taylor, including its CTO, COO, chief creative officer and chief marketing and revenue officer. Next up: the coffee machine.

Oracle is expected to post solid earnings after markets proximate today. Ahead of the Tape’s Spencer Jakab says the company’s “technological bête noire” has been companies harnessing cloud computing for database applications – Oracle’s most lucrative industry line by far is servicing existing traditional database customers. “Some reassurance Thursday afternoon from Mr. Ellison and his executives that Oracle can cede ground to database upstarts and noiseless deliver years of hefty profits would be welcome.”

EVERYTHING ELSE YOU requisite TO KNOW

Central banks jump on easing bandwagon. Massive injections of stimulus into fiscal markets by the world’s largest central banks are creating a domino sequel around the globe, the WSJ says. But unlike past easing episodes that created fears of a “currency war,” markets anticipate “a muted response this time.” Officials in South Korea, Thailand, Singapore and the Philippines are so far playing it icy despite the uptick in their currencies following the Fed’s announcement, “though they any asserted a readiness to smooth out market movement if capital inflows become excessive.”

Housing offers more hope for recovery. Home sales and construction jumped to their highest levels in more than two years, offering the strongest signal to date that the U.S. housing sector has turned the corner after a six-year rout, the Journal’s Nick Timiraos reports. Stronger sales and construction should wait on the economy in two ways. Rising prices could wait on reassure would-be buyers that it is no longer fatuous to buy a home. Higher levels of new-home construction, meanwhile, will create jobs. Home values were up in 91 of 177 markets from a year ago in August.

New signs of slowdown in China and Japan. A Chinese manufacturing survey pointed to an 11th month of contraction and Japan’s exports fell in August, Bloomberg reports. The preparatory HSBC PMI reading was 47.8 compared with a final level of 47.6 eventual month – both below the all-important 50 level, which indicates expansion. Japan’s overseas shipments, meanwhile, slid 5.8% on weakness in claim from Europe and China.

Capital flight speeds up  in Europe. A total of 326 billion euros was pulled from banks in Spain, Portugal, Ireland and Greece in the 12 months ended July 31, according to data compiled by Bloomberg. The plight of Irish and Greek lenders, which were bleeding cash in 2010, spread to Spain and Portugal eventual year. The flight of deposits from the four countries coincides with an multiply of about 300 billion euros at lenders in core euro-zone nations enjoy Germany and France. And that'''s “leading to a fragmentation of credit and a two-tiered banking system blocking economic recovery and blunting European Central Bank policy in the third year of a sovereign-debt crisis.”

Tom Loftus contributed to this report.



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