Pre-migration untagged articles
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John Hourican, who on Monday replaced Brian Crowe as chief executive of Royal Bank of Scotland’s global markets operations, is undertaking a strategic review of his business and is expected to back plans for the bank to quit structured credit and make severe cuts to the bank’s principal finance and real estate operations.
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Senior officials at the Icelandic banks are blaming the pressure they faced to increase deposits in the run up to the credit crunch, as well as the UK government’s role in their last days, for the collapse of the country’s financial system.
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JP Morgan and Wells Fargo kicked off the US bank third quarter results season on Wednesday and largely exceeded analysts’ expectations. They provided at least a temporary boost to market sentiment — until Merrill Lynch and Citi resumed the normal service of heavy losses on Thursday.
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KBC Group announced an extraordinary CDO writedown of Eu1.6bn after five of its own CDOs were downgraded by Moody’s.
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Having lived in the shadow of senior issuance for much of this year, covered bonds this week had to face up to the fact that they may now trade wide of any unsecured bank debt issued under new government guarantees.
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Moody’s on Tuesday downgraded Depfa ACS Bank’s public sector covered bonds from Aaa to Aa1 and Hypo Real Estate Bank International’s mortgage Pfandbriefe from Aa2 to Aa3. The downgrades hit more than Eu50bn of issuance, making them the most significant since the crisis broke in summer 2007.
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Prospects looked brighter on Monday morning after the weekend’s co-ordinated rescue packages from European Union governments, but for syndicate bankers in Switzerland it ended up seeming like nothing more than a cruel mirage.
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Russian president Dmitry Medvedev signed a $200bn package of rescue measures to help banks and companies with their financing needs on Monday. It was timed to be part of a coordinated move with G7 countries to free seized-up credit markets and support banks this week.
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The United Arab Emirates and Qatar made moves this week to prevent the turmoil threatening regional financial systems affecting their countries’s financial systems.
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Bernanke’s up for the bubble battle