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Vida Bank is also building up its funding team
Bank’s relationship with SpringCash is ‘commercial’
Stefan Jost will take over the role
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The Bank of England’s Funding for Lending Scheme (FLS) has finally caught on. The last quarter saw almost as much borrowing as the entire year previously, suggesting that the banks were right all along — the reason they weren’t lending was because nobody wanted to borrow.
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The four largest US banks have been rebalancing their portfolios of mortgage-backed securities to comply with new bank liquidity rules, but regional banks have not followed suit. At least fourteen banks with assets ranging from $57bn to $361bn are still lobbying for special treatment, but regulators’ exemptions will most likely be limited, meaning the bid for Ginnie Mae securities will likely strengthen, experts say. -
RBC has hired two mortgage salespeople from Bank of America Merrill Lynch to join its growing mortgage backed securities (MBS) sales desk in New York.
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Deutsche Bank is looking to quickly replace its former head of commercial mortgage-backed securities research, and may promote one of its analysts to fill the vacancy, GlobalCapital Securitization understands.
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Intermediate Capital Group has made three hires as it seeks to expand its presence in the alternative structured credit market with a new dedicated team of investors.
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The fourth quarter of 2013 saw UK financials finally start to access the Funding for Lending (FLS) scheme in meaningful size, in the last quarter before the scheme shuts out household credit and mortgages to focus on SME and business lending.
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BNP Paribas is said to have cut around two dozen employees from its New York front office, including its MBS desk, with a managing director, a head bond trader and the team’s head of interest rate sales among the casualties. The bank has also appointed three staffers to co-head the mortgage bond sales and trading group.
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BNP Paribas has been said to cut around 30 employees from its New York front office, including its MBS desk, with a managing director, a head bond trader and the team’s head of interest rate sales among the casualties.
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The Prime Collateralised Securities Association, the pan-European body tasked with assigning labels for securitizations that abide by market best practice, has secured its first European regulator as a permanent observer.
