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Japanese firm plucks banker from UBS
The Americas derivatives community came together in New York to recognise and celebrate outstanding achievements across the industry
The derivatives market gathered in London on Thursday night to celebrate its leading players
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The cost to banks involved in the scandal to manipulate the London interbank offered rate in terms of regulatory penalties and compensation to customers and counterparties could top GBP14 billion (USD22 billion) if the 11 institutions named in the investigation in addition to Barclays are forced to pay, according to Morgan Stanley analysts.
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Bank of America is poised to slash an estimated 300 jobs in its investment banking and capital market groups as a cost-cutting measure under its Project New BAC.
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Credit default swap spreads on JPMorgan narrowed to its lowest level in two months today before widening slightly. The investment bank said it closed the derivative group that caused its USD4.4 billion in losses.
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European fund managers may avoid using derivatives as hedging tools because they have been kept in the dark regarding new regulations for the over-the-counter market, according to market insiders.
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Goldman Sachs has appointed Steven Barg as co-head of investment banking for Southeast Asia along with Hsin Yue Yong.
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The Hong Kong Investment Funds Association has called on regulators to slow down in adopting regulations for over-the-counter derivatives and should wait until they get more clarity on measures being finalized in the U.S. and Europe.