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Securitization People and Markets

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  • UBS and Credit Suisse are said to cutting 5,000 and 1,000 jobs, respectively.
  • Royal Bank of Scotland is teaming up with The Blackstone Group to launch a £1.4 billion ($2.26 billion) U.K. commercial real estate loans fund.
  • Sen. Barbara Boxer (D-Calif.) pitched her controversial mortgage refinancing plan to the Street on Tuesday, but analysts said that even if it is passed, it won’t start the refi wave investors fear.
  • ING has asked the European Union’s General Court to revoke some of the provisions of its state-approved bailout, terms that the Dutch bancassurer has said were disproportionate compared with those imposed on other European banks receiving government rescue funds.
  • Standard Chartered warns that bank reform proposed by the Independent Commission on Banking raises the risk of financial institutions failing.
  • The U.K.-based law firm Linklaters has appointed Jim Rice, a structured finance and securitization partner, to succeed John Tucker as head of its finance and projects division.
  • There have been few bids for the roughly 600 branches of Lloyds Banking Group, according to sources.
  • Rep. Bill Posey (R-Fla.) has introduced a bill that would allow banks to count modified mortgages as an asset and not a liability toward meeting higher capital requirements.
  • Trepp has acquired REITCafe from Euromoney Institutional Investor, giving the provider of information on commercial mortgage-backed securities an additional source of market data.