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Vida Bank is also building up its funding team
Bank’s relationship with SpringCash is ‘commercial’
Stefan Jost will take over the role
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Investors’ demand for Bank of America to buy back bad loans rose to a record $16.1 billion in the first quarter, a 28% increase from the preceding three-month period.
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Sankaty Advisors is said to have issued price guidance on its $412.5 million collateralized loan obligation, known as Race Point VI CLO, with the price expected to be set the week of April 30.
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Extending the effective date for the Volcker Rule by two years until July 2014 generally is positive for U.S. banks as it allow addition time for compliance, but “does not meaningfully resolve the uncertainty” related to the rule’s application, according to Fitch Ratings.
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The U.S. Court of Appeals for the Second Circuit has upheld a lower court ruling that dismissed a suit brought by Germany’s Landesbank Baden-Wuerttemberg against Goldman Sachs charging it lost $37 million on its investment of residential mortgage-backed securities collateralized debt obligations.
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Lord Adair Turner, chairman of the U.K. Financial Services Authority, said that while securitization might have “some potential to be a useful innovation,” in the hands of shadow bankers it was “inherently dangerous.”
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Deutsche Bank is said to be considering a sale of up to EUR3 billion ($3.9 billion) in shares to raise capital, but a bank spokesman has denied it.
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Barclays has responded to shareholder anger over a bonus for CEO Bob Diamond by adding a clause in his contract that would slash his payout by half.
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Ehren Stenzler has resigned as co-head of U.S. mergers and acquisitions at UBS a day after Aryeh Bourkoff quit as head of investment banking for the Americas.
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Citigroup has named Juan Bruchou to head seven South American countries, including Argentina and Venezuela, and Sureh Maharaj to run the business covering Central America and the Caribbean.