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Latest news
PAG also hires new vice president
Agreement on the EU package could run to December, senior lawyer told conference
Octopus Electric Vehicles has also added to its capital markets team
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Gus O’Donnell, former head of the U.K. civil service and a front-runner to succeed Mervyn King as governor of the Bank of England, says banks may need to cut back on lending to make them less risky.
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The Royal Bank of Scotland said it has fired staffers who were connected to alleged manipulation of the London Interbank Offered Rate, but did not indicate whether it is nearing a settlement with regulators over the scandal.
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Paul Tucker, deputy governor of the Bank of England, says tougher regulations for the shadow-banking industry are coming within months to prevent financial institutions from circumventing stricter measures by shifting operations out of the regulated banking system.
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UBS has named Hew Glyn Davies as vice chairman of the Swiss bank’s U.K. operations, expanding his current position as an investment banker.
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Structured finance attorney Keith Krasney joined Locke Lord LLP as a partner and chair of the firm’s Securitization and Structured Finance group in the firm’s New York office, and is in talks to pick up other partners, associates and of counsel.
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Ocwen Financial has set its sight on Ally Financial’s Residential Capital unit in its effort to boost is mortgage servicing properties.
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The European Central Bank is said to be teaming up with the European Stability Mechanism, the region’s permanent bail-out fund, to buy Italian and Spanish debt in an effort to bring down their borrowing costs.
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The U.K. government is considering whether to buy out private investors and fully nationalize the Royal Bank of Scotland, of which it currently holds 82%.
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The Spanish government has retained Alvarez & Marsal, the U.S. professional services firm, to manage its new bad bank, which is expected to hold a total of EUR184 billion ($223.6 billion) of toxic assets from the nation’s most troubled banks.