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Latest news
Deal raises questions about whether transaction was done at arm's length
Joanna Chan is taking on the role of head of strategic capital
Key points of contention include the investor sanctions regime and the definition of 'resilience'
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Citigroup has created a task force to manage its assets related to subprime mortgage securities after the bank said it may write down up to $11 billion (after taxes) due to its $55 billion exposure to U.S. subprime mortgages that led to the departure of ceo and chairman Charles Prince.
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Calyon is expected to announce next week a reorganization that will name replacements for senior credit officials who departed in the wake of proprietary trading losses last month (TS, 9/21).
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Diane Wold will be stepping down as the managing director and head of investment banking at GMAC-ResCap at the end of December. She will also leave her post as deputy chair of the board of directors at the American Securitization Forum
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London securitization teams have suffered from widespread job losses from major U.S. investment banks as protracted stagnation in the European market has hit business hard.
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Lehman Brothers announced last Monday it had raised about $3 billion for the Lehman Brothers Loan Opportunity Fund to focus on opportunistic investments in a range of leveraged loans.
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Greg Medcraft, managing director and global head of securitization at Société Générale, is leaving the firm after 27 years.
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Moody’s Investors Service will be cutting its workforce companywide after posting a 7% decline in net income for the quarter ending Sept. 30.
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Mortgages plc, the specialist U.K. non-conforming mortgage subsidiary of Merrill Lynch, is cutting approximately 20% of its 325-strong workforce.
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UBS made an operating loss of CHF726 million ($625 million) in its third quarter after taking "substantial losses and writedowns" on trading positions in the U.S. subprime residential market worth CHF 4.2 billion ($3.6 billion).