Wachovia has announced $1.1 billion in writedowns for the month of October, as the bank’s holdings in collateralised debt obligations (CDOs) and mortgage-backed securities (MBS) continue to lose value.
The subprime crisis continues to deepen as Morgan Stanley and Merrill Lynch, two of the worst-affected US banks, reveal further damage - and an SEC investigation into Merrill Lynch.
Credit default swap (CDS) trading activity in the US focused on the financial sector in October, according to a release by New York-based broker GFI Group.
Stan O'Neal, chief executive officer of Merrill Lynch, has left the firm with immediate effect, the company has confirmed.
Bank of America is sacking 3,000 people, mostly from its investment banking arm, after chief executive Kenneth Lewis hinted the bank might be leaving the investment banking business.
Wachovia has joined Bank of America, Citi and JP Morgan in a plan aimed at restoring calm to the troubled structured investment vehicle (SIV) sector.
Merrill Lynch has reported $5.6 billion losses for its fixed-income, currencies and commodities (FICC) business in its third-quarter 2007 results.
Merrill Lynch has released a warning on its third-quarter results. The bank said its mark-to-market losses on its collateralised debt obligation (CDO) and leveraged finance operations would be up to 50 cents a share.
Merrill Lynch has fired two executives in the wake of the subprime mortgage crisis, which could see the bank suffer significant losses.
Dealers believe the $2 billion investment by Bank of America in troubled California-based mortgage lender Countrywide Financial helped ease credit worries during morning trading in Europe.
Bear Stearns has made a number of credit derivatives hires in London.
Yan Assoun has been hired by Credit Suisse as the bank’s new head of European equity derivatives trading.
Dresdner Kleinwort has added a number of staff in rates flow trading, including a new head of interest rates flow trading.
Merrill Lynch has launched the first temperature-linked certificate for the Italian retail market.
Fitch Ratings has appointed Jaime Sanz as a senior director to lead its London-based European structured finance emerging markets team.
Industry experts gathered for a roundtable discussion in New York at the end of May to debate the ways firms acquire and use information about risks. Moderated by Ellen Davis
Jerome Drean, Credit Suisse’s London-based head of European equity derivatives trading, has left the bank.
Bank of America has announced the promotion of Mark White to replace Mark Werner as head of global markets at its New York office.
Dow Kim, New York-based co-head of global markets and investment banking at Merrill Lynch, will leave the bank by the end of the year. According to the company, he plans to establish a multi-strategy private investment firm.
Merrill Lynch has launched the first full rated and managed collateralised foreign exchange obligation. The product is being managed by Crédit Agricole Asset Management, and rated by Standard & Poor's.
In a speech that highlighted the way in which derivatives have contributed to global economic stability and prosperity, Bank of America’s chief executive and chairman, Kenneth Lewis, cautioned that the derivatives industry must work hard to ensure its...
Deutsche Bank Securities, the US investment banking and securities arm of Deutsche Bank, has appointed Jeff Rosichan vice-chairman of equity capital markets, effective from late June.
George Sun has joined Bear Stearns as head of structured credit marketing, Asia, in Hong Kong. He started his new position in March.
Kevin Watts, the London-based chairman of Merrill Lynch’s international subsidiary, will move permanently to Hong Kong from April.