American International Group (AIG)
CDS spreads continue to tighten
Credit default swap (CDS) spreads on financial institutions had tightened further by close of play on September 19, as market confidence continued to rise after large injections of cash from central banks
CDS spreads tighten after central bank efforts
Credit default swap (CDS) spreads on financial institutions tightened yesterday as market confidence improved following a range of measures from central banks.
CDS spreads continue to widen
Credit default swap (CDS) spreads on financial institutions have continued to widen, despite the bailout of US insurer American International Group (AIG) by the US Federal Reserve Board on Tuesday.
Fed props up AIG with $85 billion loan
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US government takes control of AIG
The US Federal Reserve Board has agreed to lend struggling insurance company American International Group (AIG) up to $85 billion, in return for a 79.9% equity stake in the firm.
AIG secures £20 billion bridge loan, but still downgraded
Struggling US insurance giant American International Group (AIG) was granted permission yesterday to access assets from its own subsidiaries, enabling it to raise around $20 billion in additional capital.
AIG replaces CEO after subprime losses mount
US insurance firm American International Group (AIG) has replaced its chief executive officer, Martin Sullivan, after reporting billions in losses caused by turbulent credit market conditions.
AIG admits errors in credit loss estimates
American International Group's (AIG) writedowns on its US subprime exposure were more than triple the original estimate, it emerged yesterday.
IIF Insurance Committee set up
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Range of 29 forward commodity ETFs to be listed on LSE
Twenty-nine new exchange-traded funds (ETFs) tracking the forward prices of a variety of commodities and commodity baskets are due to list on the London Stock Exchange (LSE) in the next four weeks.
AIG launches emerging markets FX indexes
Connecticut-based AIG Financial Products has created a family of emerging markets foreign exchange indexes. Launched yesterday, the AIG-EMFXI indexes provide exposure to three-month over-the-counter forwards contracts on 20 emerging market (EM)…
BIS publishes current best practices in AMA for operational risk
BIS paper shows best practices for the key challenges of internal governance, data and modelling.
American General restates derivatives by $41.5 million
American General Finance, the Indiana-based consumer loans specialist, has become the latest US company to restate its results because of mistakes in applying accounting rules. The company announced it would adjust income upwards by $41.5 million for the…
BNP Paribas launches Hong Kong retail credit-linked note
BNP Paribas is today launching its first retail structured note for the Hong Kong market. The Paris-based bank will offer capital guarantees on the performance of the 'Elite Series 1' credit-linked notes, which are issued by BNP Paribas Retail Note…
Five new Dow Jones-AIG indexes launched
Dow Jones Indexes and AIG Financial Products have released five new indexes and sub-indexes covering futures on commodities including agricultural products and energy.
Schwab quits Barclays to return to AIG
AIG Financial Products, the derivatives arm of the American International Group, has hired Matthew Schwab as managing director in its investor coverage group.
HSBC hires AIG’s Lee as head of currency exotics
Don Lee, the former head of currency options at AIG Financial Products, has joined HSBC in New York as global head of foreign exchange exotics and head of foreign exchange derivatives for the Americas.
Basel II could be detrimental to the industry, says Labarge
The implementation of the new Basel Accord (Basel II) will be more difficult than earlier envisioned, and could be disruptive to the banking industry, according to Suzanne Labarge, former Royal Bank of Canada chief risk officer (CRO).
Le Pan takes on group allocation
Nicholas Le Pan, head of the Basel Committee's Accord Implementation Group, must sort out the challenging home-host issue. The success of Basel II depends on it.
AIG restaffs forex post-merger
Banque AIG, a subsidiary of AIG Financial Products, has hired six sales and trading specialists in a bid to upgrade the foreign exchange component of its cross-product service, reports RiskNews' sister publication, FX Week .
BNP Paribas hires forex derivatives trader
Carl Nabar has joined French bank BNP Paribas in New York as a senior foreign exchange derivatives trader.
AIG to form cross-border op risk sub-group
The Basel Committee on Banking Supervision's Accord Implementation Group (AIG) will shortly form a sub-group to focus on cross-border op risk issues, according to several regulatory sources. Regulators and the industry are pressing for a greater role in…
DrKW hires six in hedge fund sales
Dresdner Kleinwort Wasserstein (DrKW), the investment banking arm of Dresdner Bank, has made six additions to its hedge fund sales team in recent weeks. All six take the title of director and will be based in London.
Finding the perfect fit
With the implementation of Basel II firmly on the agenda for Japan's banks, Shunsuke Shirakawa of the Financial Services Agency talks about how the Japanese regulator will approach the challenges posed by the new Accord.