Providers were looking to independent credit agencies to issue structured products as the US structured products market hit mid-week. Both Goldman Sachs and Morgan Stanley teamed up with Eksportfinans to issue their latest products, which included an...
Ten of the largest US financial institutions that have received public funds under the Troubled Assets Relief Program (Tarp) scheme are to pay back $68 billion after they were approved to reimburse the funds to the federal government yesterday.
Goldman Sachs, Morgan Stanley and Bank of America Merrill Lynch took a look at the exchange-traded product market, particularly in Europe, and decided that to enter as a provider they needed scale. So the three got together and created Source. Richard...
Market sentiment towards US banks improved today, with the cost of credit protection on six of the nation's largest financial institutions falling. The move came on the same day Bank of America (BoA) was reported to have raised $7.3 billion from selling...
The cost of credit protection on US banks increased this morning, having fallen - in some cases by as much as 50 basis points - on Friday after the announcement of the US government's stress-test results last week.
In early US trading on Friday, the cost of credit protection on financial institutions fell markedly following yesterday's publication of stress test results by the US government. In contrast to earlier pessimistic predictions - some of which had estimated...
Ten US banks collectively require an additional $74.6 billion in additional capital to insulate against possible losses over the next two years, the results of US government stress tests show.
Stephen Friedman, chairman of the board of directors at the Federal Reserve Bank of New York, resigned his post on May 7, following controversy over his decision to remain on the board of directors at Goldman Sachs.
Record results for first-quarter 2009 commodity trading driven by competitive dynamics, wider margins and liquid transactions
The cost of credit protection on European financial institutions fell this morning following the US Federal Reserve's announcement yesterday that the economic outlook is improving.
Strong trading results have offset large loan losses as banks report a mixed bag of first-quarter results.
Background conditions might be improving for the carry trade, but investors are still too wary to return.
Daily news headlines
US commercial banks reported $9.2 billion in derivatives trading losses during the fourth quarter of 2008, bringing total trading losses in 2008 to $836 million, according to a quarterly report by the Office of the Comptroller of the Currency (OCC). This...
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.
Losses and Lawsuits
Goldman Sachs has posted a $2.12 billion net loss for the fourth quarter - its first since going public in 1990 - citing "extraordinarily difficult operating conditions, including a sharp decline in values across virtually every asset class".
Losses and Lawsuits
Barclays, UBS and Goldman Sachs have announced moves to halt bonus payouts for top executives in 2008, as huge subprime losses and writedowns have placed compensation policies under increased scrutiny.
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.