Pre-migration untagged articles
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Details have emerged of the reform of UBS’s fixed income, currencies and commodities (FICC) business, which bore the brunt of blame for the bank’s recent weak performance. Cash bonuses are also expected to be capped across the bank, which posted third quarter losses of Sfr726m ($622m) at the end of October.
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Unicredit and Intesa Sanpaolo released good third quarter results on Wednesday that showed Italian banks had weathered the subprime storm better than many of their European and US counterparts.
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WestLB will make a full year loss after writing down the value of structured securities on its balance sheet, the bank said this week. However, the blood-letting among senior executives that took place after first half losses related to unauthorised proprietary equity trading appears to be over.
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Rarely have we seen bank shares kicked around like so many practice footballs. Times were bad when the old National Westminster Bank almost went belly-up in 1974.
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In these columns last week, we discussed the book Blue Blood and Mutiny by Patricia Beard, which recounts the recent history of Morgan Stanley. It is a good read — buy some copies for Christmas.
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long-awaited results news came this week from UK banks that only report bi-annually, as Barclays and HSBC unveiled detailed trading updates.
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Barclays has priced Alcentra’s Eu400m CLO, Jubilee VIII, on Friday.
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Bear Stearns priced Harbourmaster CLO 10, a Eu495.8m vehicle managed by Harbourmaster Capital, on Wednesday.