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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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Credit Suisse won four of the collateralized debt obligations with a face value of $3.45 billion in the latest Federal Reserve auction of assets from its Maiden Lane III portfolio acquired from the bailout of American International Group.
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Wells Fargo has acquired the $6 billion subscription finance portfolio from German lender WestLB. Wells has named Dee Dee Skylar, the former head of that business at WestLB, to lead its new unit.
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Freddie Mac increased its purchases of residential mortgage loans from lenders 19% in May from the preceding month, after pulling back 38% in April from March.
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Spain’s Bankia, CatalunyaCaixa, NovaGalicia and Banco de Valencia are shifting an estimated EUR15 billion ($18.73 billion) in toxic loans to a state-owned bad bank so that they can secure bailout funds from the European Union.
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European regulators are negotiating whether to make the offloading of toxic assets from balance sheets a condition for banks for receiving bailout funds, according to Luis de Guindos, Spain’s economy minister. .
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Bank of America has named Diego De Giorgi as co-head of corporate and investment banking in Europe, the Middle East and Africa together with Bob Elfring, the current head of investment banking for northern Europe.
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Credit Suisse is planning to cut up to a third of its senior European investment banking staff as part of its earlier announced 3,500 personnel reduction.
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U.S. District Judge Lewis Kaplan of New York has a $40 million settlement in a class action against officers and directors formerly affiliated with Lehman Brothers Holdings who allegedly misled investors concerning the credit quality of billions of dollars of mortgage pass-through certificates.
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Dublin-based Sealink has added Deutsche Bank to its list of financial institutions it has sued alleging fraud involving the sale of residential mortgage-backed securities.