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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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Appaloosa Management is said to be considering buying and selling commercial mortgage-backed securities after Wall Street firms have decided to shrink their exposure to corporate debt.
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Barclays has sold its retail and commercial banking operations in Russia to investors, as the U.K. bank had announced in February.
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Morgan Stanley is selling its Saxon mortgage-servicing unit to Ocwen Financial for $59.3 million plus an estimated $1.4 billion for outstanding receivables.
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UBS, Deutsche Bank and other large investment banks in Europe are seen to be picking up the pace of reducing workforce and selling assets in the face of disappointing earnings and tighter capital regulations.
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Andy Haldane, executive director for financial stability at the Bank of England, has called for a radical overhaul of bankers’ compensation.
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The U.K.’s Financial Services Authority has fined Credit Suisse £5.95 million ($9.49 million) for systems failures related to its sale of structured products.
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Banks in Italy, Portugal and Spain will have to raise the largest proportion of funds for recapitalization, while those in the France, Germany and U.K. may escape having to raise any.
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Lloyds Banking Group may is 632 branches after its effort to sell them attracted only one bidder despite reported interest from several others.
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The U.S. Securities and Exchange Commission’s recent decision to review the status of Real Estate Investment Trusts could signal a move to codify the exemptions and special privileges the REIT structure enjoyed—not the crackdown the industry fears—said Richard Ginn, managing director at Bank of America-Merrill Lynch.