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The final text of European liquidity rules allows unrated covered bonds into the asset buffers banks must hold, in a move that demonstrates the European Commission's willingness to rely less on the credit rating agencies. Unrated covered bonds sit alongside various categories of securitization in the European version of the rules, which allow far more assets to be considered liquid than originally envisaged by the Basel Committee.
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Two Frankfurt-based covered bond traders have left Credit Suisse, while two London-based traders will no longer focus on covered bonds, as the Swiss bank folds its separate covered bond market-making operation into investment grade credit trading.
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JPMorgan’s corporate and investment banking division saw a 34% slump in profits driven by a provision for $1bn in legal expenses and increased compensation costs. The bank saw an overall increase in profits year on year of $5.6bn, slightly below expectations for the quarter.
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JP Morgan is bringing all of its fixed income syndicate teams together under new global co-heads Ryan O’Grady and Bob LoBue.
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Citigroup reported earnings above expectations on Tuesday. The bank’s consumer banking division accounted for just under half of revenues as CEO Michael Corbat pushes through an unwinding of consumer retail operations, while Mexican subsidiary Banamex faces yet another fraud investigation. -
Two Frankfurt-based covered bond traders have left Credit Suisse, while two London-based traders will no longer focus on covered bonds, as the Swiss bank folds its separate covered bond market-making operation in investment grade credit trading.
