Rating agency Standard & Poor's cut IntesaBci’s long-term counterparty credit rating to A- from A on fears the bank's weak asset quality makes it more vulnerable than rivals to an economic slump.
IntesaBci’s balance sheet has been hit by exposure to many of the high profile international credit events of the last 12 months, including Enron, WorldCom and Swissair, as well as Argentina’s debt crisis. The bank is currently planning to cut nearly 8,000 jobs - 11% of its workforce. RiskNews reported in September that the bank was downsizing its own credit derivatives business as part of a dramatic restructuring of the business.
The week on Risk.net, July 7-13, 2018Receive this by email