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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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Barclays Capital hired Jeff Porphy as a managing director in U.S. leveraged finance.
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JPMorgan Securities has reportedly cut its asset-backed securities collateralized debt obligation business and has let go its ABS CDO team led by Michael Llodra.
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Germany’s KfW Bankengruppe said it will “look closely at the option of selling” its 37.8% share of IKB Deutsche Industriebank as part of an examination of strategic options for the stake. KfW has hired Merrill Lynch and law firm Clifford Chance to provide advice on structuring, evaluating and implementing its strategic options. Düsseldorf-based IKB suffered significant losses this year following investments in the U.S. subprime mortgage market. The bank has since refocused its core business away from international securities.
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UBS has combined its securitized products and asset- and mortgage-backed securities groups into one team under the heading real estate and securitization, to be lead by Ramesh Singh, formerly head of securitized products.
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Vneshtorgbank has created two new senior securitization roles as part of its plans to expand into the Russia and CIS region in particular.
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Deutsche Bank has temporarily ceased its Alt-A and subprime mortgage operations, according to industry sources.
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Thornburg Mortgage made revisions today to its previously projected loss estimates for the third quarter, initially made in August.
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Bear Stearns has strengthened its Japanese fixed income effort by hiring Takashi Hatta and Kotaro Fukudome as senior managing directors and co-heads of fixed income sales in its Tokyo office.
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Private equity and investment giant TPG is looking to capitalize on the subprime meltdown by raising a distressed credit fund to scoop up distressed debt and bank loans.