The cost of protection on some of the world’s largest dealers surged on Friday as uncertainty grew over the US government’s $700 billion plan to purchase devalued assets from financial institutions.
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
Credit default swap (CDS) spreads on financial institutions tightened yesterday as market confidence improved following a range of measures from central banks.
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.
Merrill Lynch approached Bank of America regarding its possible acquisition, its chief executive has confirmed, as both companies provided more detail around the merger. They also sought to quash concerns the hastily thrashed out deal did not provide...
Bank of America announced today it will acquire Merrill Lynch in a $50 billion all-stock deal, rounding off an explosive weekend on Wall Street.
Merrill Lynch has released two high-scoring inflation products, one based on the euro, one on the Swiss franc. The basic structure is the same for both products, with differences reflecting the relative risk and merits of following the two markets
Merrill Lynch has agreed a $7 billion settlement with its auction rate securities (ARS) customers, but the deal leaves the larger purchasers uncovered, as did a similar settlement at Goldman Sachs.
New York-based bond insurer Ambac has rid its books of exposure to a $1.4 billion collateralised debt obligation-squared (CDO-squared) transaction, by commuting a guarantee written on it for arranger Citi.
Merrill Lynch is selling $6.7 billion of collateralised debt obligations (CDOs), terminating hedges on CDOs and undertaking a $8.5 billion public stock offering to raise capital.
Bank of America (BofA) posted profits of $3.41 billion for the second quarter, despite recording combined writedowns of $4.84 billion in its credit book and elsewhere for the same period.
Merrill Lynch waited until trading had closed in New York yesterday to announce quarterly losses of $4.7 billion, including $9.1 billion writedowns on its structured product, monoline and mortgage exposures.
Merrill Lynch has initiated a probe into suspicious activity detected on one of its equity derivatives trading desks, suspending one of the traders at the desk.
A book-keeping mistake led Merrill Lynch to overestimate cashflow from its derivatives business by $43.1 billion over the past three years, the bank has revealed.
Dean Curnutt, New York-based head of institutional equity derivatives sales at Bank of America, has left the bank.
Ahmass Fakahany, Merrill Lynch’s co-president and chief operating officer, is about to retire, leaving on February 1. Fakahany joined the bank in 1987 and has served in a variety of senior roles, including as vice-chairman and chief administrative officer...
Citi, Merrill Lynch and JP Morgan could see writedowns totalling $33.6 billion relating to collateralised debt obligations (CDOs) over the fourth quarter, according to a report by Goldman Sachs on American firms, published on December 26.
Nelson Chai has been appointed as Merrill Lynch's chief financial officer.
The banking and financial services sectors dominated trading volumes of credit default swaps (CDS) in the US over November, according to New York-based interdealer broker GFI.
Bank of America has appointed Cindy Murray as head of product innovation and development for global product solutions, responsible for designing, building and launching new credit and treasury products for the bank's global corporate and investment banking...
The $3 billion writedown disclosed by Bank of America early this week has been overshadowed by the announcement that an investment in China stands to earn the firm $19 billion.