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Banker had been at NatWest for three years
New hire to be US head of digital infrastructure finance for combined firm
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UBS investment bank delivered a 54% increase in profit before tax in the final quarter of 2016, compared to the same period in the previous year, but the bank’s inventory-light approach meant it missed out on the post US election trading boom that has benefited US competitors. -
Royal Bank of Scotland announced on Thursday it was taking an extra $3.8bn provision related to its conduct in US RMBS underwriting, taking its total provision for that area up to $8.3bn. But it emphasised that it wasn’t in negotiation with the US Department of Justice over the settlement, and there could be much more to come.
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Claus Skrumsager, co-head of EMEA capital markets at Morgan Stanley, will join the firm’s investment management unit as portfolio manager and head of private structured credit solutions, a new role leading a team and fund which has yet to be established, but which is likely to involve deploying institutional capital into a wide range of illiquid assets.
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David Zhang, who headed securitized products modeling at Credit Suisse, has left the bank to join fixed income research and analytics firm MSCI.
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Barclays, Lloyds, RBS and Santander UK all priced synthetic CLOs for risk transfer purposes just before the year-end, honing their capital positions for full year 2016 reporting. Most of the deals focused on large corporates, an asset class that fuelled much of last year’s boom in risk transfer trades, as banks seek ways to get ahead of increased Basel risk weights.
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There is no evidence to suggest securitization weakens credit standards, according to a Bank for International Settlements study of Italian loans to small and medium sized enterprises published on Tuesday.
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Dutch MEP Paul Tang, the European Parliament’s rapporteur for the “simple, transparent and standardised” securitization framework, has defended his proposed amendments to the bill, arguing that Europe will set a “new world standard” for risk retention requirements through the measures.
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Credit Suisse and Deutsche Bank have settled with the US Department of Justice, putting an end to some of the worst uncertainties hanging over both banks. But Barclays said that it had been sued by the DoJ in connection with RMBS underwriting, and that it was going to fight the case.
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Banca Monte dei Paschi di Siena's share price plummeted this morning, then rebounded, then fell back again, as fears have shifted to whether the bank can remain solvent, and the Italian government moved to be ready to bail it out.
