Nine major dealers agreed to use an EU central counterparty (CCP) for clearing trades in credit default swaps (CDSs) today, paving the way for talks to resume with the European Commission.
The need for discretionary pay was one of numerous thorny issues put to chief executives of eight major banks during a hearing of the US House Financial Services Committee in Washington, DC.
President Barack Obama on Wednesday unveiled a compensation cap of $500,000 for top executives at firms receiving "exceptional assistance" from the US government.
Losses & Lawsuits
Citi has named Richard Parsons, lead director and chair of the board's nomination and governance committee, as the successor to its chairman, Win Bischoff, effective February 23.
US banking giant Citi today reported a net loss of $8.9 billion for the fourth quarter and a $18.7 billion loss for the whole of 2008. The bank will now be split into two entities.
GARTH EDWARD, head of emission markets at Citi, talks to Rachel Morison about delivering both finanical and social results, and the prospect of a global carbon emissions scheme
Funds from the Troubled Asset Relief Program (Tarp) have finally been exhausted, following three months of capital injections and loan facilities extended to a variety of institutions.
Citi has announced a host of changes to its structured products business, including the appointment of Jean-Luc Bernardi as head of structuring for Europe, the Middle East and Asia (EMEA). Bernardi has developed and led the EMEA equity derivatives structuring...
Alberto Cherubini, the former London-based head of exotic equity derivatives trading for Europe at Citi, has taken voluntary redundancy in order to pursue outside interests.
The cost of credit protection on UK banks increased in early trading this morning, while US financial institutions experienced mixed market sentiment.
Losses and Lawsuits
The US government's move to rescue beleaguered banking giant Citigroup will not impair its ability to bail out other banks.
Daily news headlines
The US government has given Citigroup a lifeline via a $20 billion direct capital injection and a guarantee for $306 billion in securities.
UK and European financial institutions faced declining market sentiment in early trading today, while the cost of credit protection on US banks continued to rise.
Losses & Lawsuits
The cost of credit protection on UK banks fell further in early trading today following the unveiling of a £50 billion government rescue plan on Wednesday, but US markets remained unstable.
Credit default swaps (CDSs) on a number of major dealers widened yesterday in spite of the US Senate vote on a revised $700 billion financial rescue plan.
The cost of protection on some of the world’s largest financial institutions fell yesterday as the US Senate agreed to vote on a revised version of the $700 billion financial rescue plan.
Citigroup announced today it would buy the banking operations of Charlotte, North Carolina-based bank Wachovia for approximately $2.16 billion in stock.
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.