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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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Dexia is said to be in advanced talks with a potential buyer for its Luxembourg branch, according to Luc Frieden, the country’s finance minister.
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A U.K. tax tribunal has affirmed a valuer’s judgment and ruled that investors in Northern Rock were not entitled to any compensation for losses they suffered after the British government nationalized the troubled mortgage lender in February 2008.
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UBS has admitted that it failed to take action once it uncovered evidence of authorized trading, which led to losses of $2.3 billion at the Swiss bank.
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David Kaplan, head of residential mortgage-backed securities trading at PrinceRidge, was let go yesterday, reportedly as part of cuts on the securitization side of the business as the two-year-old group looks to focus instead on corporate financing. Kaplan could not be reached for comment.
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Agency residential mortgage-backed securities veteran Greg Reiter has left the Royal Bank of Scotland.
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The French and Belgian governments have agreed to provide guarantees to Dexia’s new bad bank to protect depositors and its municipal lending business.
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Valcour Capital Management has hired John D’Angelo to head its bank debt group.
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Bank of America has decided to close its correspondent-lending unit by the end of the year after negotiations with Fortress Investment Group broke down.
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The Bank of England’s Financial Policy Committee has urged U.K. banks to resist dropping capital and liquidity levels in an effort to boost the credit supply.