News
FSA clamps down on remuneration packages
The UK Financial Services Authority (FSA) today said that bank employees were given incentives to pursue risky policies to the detriment of shareholders, and ultimately taxpayers.
European governments promise loan guarantees and bank restructuring
After an emergency summit in Paris at the weekend, leaders of the eurozone countries have decided on a new bailout package for their struggling banks.
Eurozone governments unveil details of rescue plans
Following the news of a rescue plan for eurozone banks this morning, European governments have been spending the afternoon fleshing out the details of their planned recapitalisations and loan guarantees.
RBS and HBOS bosses quit
The top executives at two of the UK’s biggest banks are to go following the announcement of a £37 billion government rescue package.
Central banks promise unlimited dollar lending
Three central banks - the Bank of England, the European Central Bank and the Swiss National Bank - will offer unlimited short-term US dollar lending from Wednesday, in the latest attempt to improve interbank liquidity.
London attempts Lehman losses counterparties settlement
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Protiviti launches cross-disciplinary team to tackle risk management crisis
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Indian banks create op risk data consortium
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Cebs: Bank risk disclosures could be better
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UBS to remain trading on LME
Contrary to media reports, investment bank UBS will continue to trade on the London Metal Exchange (LME), a spokesperson from UBS has confirmed. However, the investment bank will no longer act as a market maker for the LME, according to the UBS…
Ex-Lehman banker joins Standard Chartered
Christian Wait, former New York-based global head of credit sales at Lehman Brothers, has been appointed global head of capital markets at Standard Chartered, the emerging markets-focused bank listed in London and Hong Kong.
Ted spread continues to rise as markets fall
The daily record-breaking climb of the Ted spread, an index which tracks the difference between three-month Libor and US Treasury bills, continued today as world stock markets plummeted.
Goldman equity tanks as fears grow over Morgan Stanley
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 .
Fed discusses CDS clearing house options
The Federal Reserve Bank of New York is today in discussions with interested parties over the establishment of a central clearing house for credit default swaps (CDSs).
Citi pulls out of Wachovia deal
Citi yesterday gave up on its attempt to take over Wachovia, ceding the ground to rival bidder Wells Fargo.
Lehman recovery rate set at 8.625%
A final value of 8.625% was set on the bonds of Lehman Brothers today, in an auction intended to cash-settle credit default swap (CDS) trades linked to the toppled dealer.
IMF cuts growth forecasts as outlook turns gloomy
Continuing counterparty risk will slow down the world's recovery from the financial crisis, the International Monetary Fund warned in its latest World Economic Outlook.
UK to lead global efforts to restore stability
UK prime minister Gordon Brown today called on world governments to follow the UK’s example in its efforts to stem the world financial turmoil.
CDS spreads widen in market turmoil
The cost of credit protection on European banks climbed in early trading today as stock markets across Europe and Asia tumbled.