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.
Losses & Lawsuits
Goldman Sachs is slashing 10% of its global workforce as recent changes to market conditions put strains on its business practice.
Shares in former investment banks Goldman Sachs and Morgan Stanley have slid today during volatile trading, despite credit default swap (CDS) spreads on the two firms marginally narrowing .
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.
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.
Goldman Sachs and Morgan Stanley have applied to the US Federal Reserve to become bank holding companies, in response to the crisis that has seen the bankruptcy of Lehman Brothers and the acquisition of Merrill Lynch by Bank of America.
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.
The cost of protection on credit default swaps (CDSs) referenced to the world’s largest financial institutions has skyrocketed as Lehman Brother’s bankruptcy has heightened counterparty credit risk concerns.
For Barclays Capital, a recent £250 million ($495 million) securitisation of part of UK insurer Aegon Scottish Equitable’s life portfolio proves there’s life left in the life insurance securitisation market.
An expected restructuring of the assets of defunct structured investment vehicle (SIV) Cheyne Finance later this month underlines the harsh reality faced by many investors in the vehicles, who are likely to get little or none of their money back.
JP Morgan has placed $100 million of extreme mortality bonds for reinsurer Munich Re, in the first foray into the mortality bond market for both firms.
Energy and Commodity Rankings 2008: Energy