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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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Ally Financial has placed its Residential Capital unit in bankruptcy, and has agreed to sell ResCap’s mortgage-servicing assets to Nationstar for $2.5 billion.
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JPMorgan Chase released a statement saying that Ina Drew has announced she will retire as cio and head of its Chief Investment Office and will be succeeded by Matt Zames, currently co-head of global fixed income and head of capital markets in its mortgage bank.
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Residential Capital reached an agreement with 17 investors in mortgage-backed securities to settle claims of representation and warranty contract breaches before the unit of Ally Financial was placed in bankruptcy.
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J.D. Byrider has closed its first asset-backed securitization, a $145 million deal led by RBS Securities.
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Several Wall Street banks, as well as Standard & Poor’s and Moody’s Investors Service, have asked a federal judge in Miami to dismiss a lawsuit against them charging fraud in connection with the collateralized debt obligations they sold and rated and that led to the demise of credit union Eastern Financial Florida.
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Bank of America and Société Générale have asked a New York state Supreme Court justice to overturn the restructuring of bond insurer MBIA, claiming that approval of the plan by Eric Dinallo, then insurance superintendent of New York, was based on misleading information and violated insurance law.
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The Spanish government has ordered Banco Santander and BBVA, the country’s two largest banks, to boost real estate provisions by a collective EUR4.5 billion ($5.8 billion) to cover potential losses.
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Lloyds Banking Group and the Co-operative Bank have submitted to the U.K.’s Financial Services Authority a proposal for the sale of Lloyds’ 632 Project Verde branches.
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Ina Drew, who heads JPMorgan Chase’s risk-management group, along with London traders Achilles Macris and Javier Martin-Artajo are said to be leaving the investment bank in the wake of massive losses revealed last week.