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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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Canada’s Office of the Superintendent for Financial Institutions has dialed back a proposal that would have required borrowers to provide new proof of creditworthiness whenever they renew their mortgages. The OSFI now agrees with banks, which require proof of income and property valuation, among other things, when seeking a renewal.
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U.S. District Judge Shira Scheindlin of New York has approved a $150 million agreement between JPMorgan Chase and three union pension funds over losses from medium-term notes issued by Sigma Finance, a structured investment vehicle that failed in 2008.
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Citigroup is said to be marketing a $511.96 million collateralized loan obligation for GSO Blackstone Debt Fund Management.
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It may take between EUR80 billion ($100.5 billion) to EUR100 billion ($125.6 billion) to bail out Spanish banks, according to Antonio Lopez Isturiz, head of the pan-European People’s Party bloc, whose members include Spanish Prime Minister Mariano Rajoy and German Chancellor Angela Merkel.
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Spanish attorney general Eduardo Torres-Dulce has launched an investigation into the management of Bankia, as the troubled lender seeks EUR19 billion in government aid to avoid collapse.
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The Financial Industry Regulatory Authority has fined Florida-based Brookstone Securities, its ceo and one of its brokers after finding that they made fraudulent sales of collateralized mortgage obligations to unsophisticated, elderly and retired investors.
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Bank executives are re-examining their business models with an eye on greater operational efficiency as they face regulatory reform and a sluggish economy, according to KPMG.
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Sheila Bair, former chair of the Federal Deposit Insurance Corp., has been named to head the Systemic Risk Council, a private volunteer group formed to monitor regulatory reform of the U.S. capital markets.
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Timothy Mayopoulos, the new ceo of Fannie Mae, says he will recuse himself from any case between the agency and Bank of America over its forced repurchase of defaulted mortgages in which he was involved in his capacity as general counsel for the government-sponsored enterprise.