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Investor previously headed consumer ABF at Barings
Norton Rose also recruits experienced partner from Paris law firm to its structurization team
Asset manager's AUM could grow $20bn in 10 years
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Barclays and hedge fund Angelo Gordon have asked a federal court to determine whether an estimated $600 million in outstanding commercial mortgage-backed securities defaulted.
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The Basel Committee on Banking Supervision said conglomerates could not double count capital of both a bank parent and insurer toward meeting capital requirements in an accounting method known as consolidation.
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The U.K.’s National Audit Office is investigating the sale of Northern Rock to Virgin Money after complaints that the deal is poor value for taxpayers.
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Barclays Capital is looking to sell German properties that it had acquired in November by exercising a call option on a EUR1.36bn ($1.78 billion) loan made in 2007 to BauBeCon, the German residential landlord.
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Avnet, the electronics component distributor, has dropped Crédit Agricole from its asset-backed revolving credit facility because of the French bank’s current financial situation, according to Ray Sadowski, Avnet’s cfo.
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The suggestion by the UK’s Financial Services Authority that hostile bank takeovers should be banned in the light of the disastrous experience of RBS’s takeover of parts of ABN Amro in 2007 was met with scepticism by senior bankers this week.
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Morgan Stanley announced plans to cut an estimated 1,600 amid a 45% decline in the investment bank’s share price this year.
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The U.S. Securities and Exchange Commission has filed an appeal of the ruling last month by U.S. District Judge Jed Rakoff of New York, who rejected a proposed $285 million settlement between the SEC and Citigroup over of mortgage-backed securities.
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Wells Fargo and CitiMortgage top Fannie Mae’s list of the country’s largest mortgage servicers doing the most to prevent foreclosures in 2011.