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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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The U.S. Securities and Exchange Commission is said to have launched a preliminary investigation into JPMorgan Chase’s accounting practices and public disclosures about the derivatives trades, which resulted in losses of $2 billion.
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U.S. Bankruptcy Judge Eileen Hollowell of Tucson, Ariz., has extended a $207 million loan on two Westin hotels by what analysts say is an unusually long 15 years.
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The Royal Bank of Scotland has announced that it will slash 500 jobs in the Netherlands, a roughly 25% reduction that will leave 1,400 staffers in the country by the end of next year.
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Deutsche Bank is said to have off talks with Guggenheim Partners for the sale of most of the German lender’s asset-management operations, but has said it will continue to evaluate the businesses.
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The investment policy team of the U.K.’s Financial Services Authority is expected to recommend when it meets next month that the FSA delay for a year until Jan. 1, 2014, implementation of new measures that would require platforms to provide investors with information and notifications from funds managers and depositories with any changes in investments.
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Renee Toft, head of research at Cairn Capital in London, is said to have left the firm.
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JPMorgan Chase has suffered $2 billion in losses from trading losses from derivatives in its Chief Investment Office in the past six weeks and is likely to suffer an additional $1 billion loss from the portfolio in the second quarter, according to Jamie Dimon, the bank’s ceo. .
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Onex Credit Partners managing partner Jack Yang has left the firm, according to market sources.
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The Spanish government has acquired a 45% stake in Bankia, the country’s third-largest lender, in a deal that coverts EUR4.47 billion ($5.8 billion) in state aid to common shares.