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Norton Rose Fulbright and Katten have added to their legal teams
Asset manager wants to offer more products to institutional investors
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Residential mortgage-backed securities have racked up $350 billion in cumulative losses so far since the housing market began to collapse, about half of the total it may eventually sustain, according to FTN Financial.
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Mortgage veteran Bill Twombly is leaving UBS for Brooklyn-based Risk Management Group, a residential mortgage-backed securities analytics and surveillance group.
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Cardano, the U.K. pension fund manager, says it is looking into investing in distressed debt for the first time as resolution of the euro-zone crisis is likely to present opportunities.
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Moody’s Investors Service says it may downgrade Lloyds Banking Group because of concerns over the temporary health-related leave of Antonio Horta-Osorio, the bank’s ceo.
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Société Générale has decided to shelve dividend plans for 2011 as it needs to boost its capital base after absorbing significant write-downs from its exposure to Greek debt.
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Daniel Tarullo, a member of the Federal Reserve board of governors, says the central bank will likely draft rules for U.S. banks based on the recommendation by the Basel Committee on Banking Supervision in the first quarter of 2012, but that it was unlikely banks would implement them before the scheduled deadline.
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The U.S. Securities and Exchange Commission has sworn in Daniel Gallagher as its newest commissioner.
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Citigroup and JPMorgan Chase are the two U.S. banks likely to pay the highest capital surcharge rate of 2.5% as adopted by G-20 leaders, according to a provisional list obtained by Bloomberg.
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Changes to the government’s Home Affordable Refinance Program may result in Bank of America having to absorb $4.5 billion in losses.