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Financial institutions specialist heads to German bank
New system starts with nearly 100% coverage of trading data
Europe’s regulator proposes preserving capital requirements while trimming the complexity that hampers cross-border M&A
Banks face an uncertain future as finance goes digital
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Karlo Fuchs has been appointed as head of covered bonds with immediate effect at Scope Ratings. Fuchs joins from Standard & Poor’s where he had worked for 15 years as a senior director and head of covered bond analysis.
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Conduct charges defined third quarter results at Bank of America, while Citi and JP Morgan also saw their numbers marred by litigation provisions or conduct failings. Only Goldman, of the first crop of US investment banks reporting this week, largely escaped a blow from past misdeeds.
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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.