Bank of America
Merrill Lynch startles market with end-of-day news on losses
Merrill Lynch waited until trading had closed in New York yesterday to announce quarterly losses of $4.7 billion, including $9.1 billion writedowns on its structured product, monoline and mortgage exposures.
Merrill Lynch suspends equity derivatives trader
Merrill Lynch has initiated a probe into suspicious activity detected on one of its equity derivatives trading desks, suspending one of the traders at the desk.
Merrill Lynch misplaces $43 billion in derivatives cashflow
A book-keeping mistake led Merrill Lynch to overestimate cashflow from its derivatives business by $43.1 billion over the past three years, the bank has revealed.
BoA institutional equities sales head leaves
Dean Curnutt, New York-based head of institutional equity derivatives sales at Bank of America, has left the bank.
Merrill continues to shake up senior management
Ahmass Fakahany, Merrill Lynch’s co-president and chief operating officer, is about to retire, leaving on February 1. Fakahany joined the bank in 1987 and has served in a variety of senior roles, including as vice-chairman and chief administrative…
Q4 writedown estimates raised for Citi, Merrill and JP Morgan
Citi, Merrill Lynch and JP Morgan could see writedowns totalling $33.6 billion relating to collateralised debt obligations (CDOs) over the fourth quarter, according to a report by Goldman Sachs on American firms, published on December 26.
Merrill Lynch names new CFO
Nelson Chai has been appointed as Merrill Lynch's chief financial officer.
Fannie Mae most active CDS in US for November
The banking and financial services sectors dominated trading volumes of credit default swaps (CDS) in the US over November, according to New York-based interdealer broker GFI.
BoA hires product innovation head
Bank of America has appointed Cindy Murray as head of product innovation and development for global product solutions, responsible for designing, building and launching new credit and treasury products for the bank's global corporate and investment…
Bank of America's $19bn China windfall dwarfs $3bn writedown
The $3 billion writedown disclosed by Bank of America early this week has been overshadowed by the announcement that an investment in China stands to earn the firm $19 billion.
Wachovia declares $1.1 billion writedown for October
Wachovia has announced $1.1 billion in writedowns for the month of October, as the bank’s holdings in collateralised debt obligations (CDOs) and mortgage-backed securities (MBS) continue to lose value.
Morgan Stanley and Merrill Lynch reveal billions more subprime damage
The subprime crisis continues to deepen as Morgan Stanley and Merrill Lynch, two of the worst-affected US banks, reveal further damage - and an SEC investigation into Merrill Lynch.
Financials dominate CDS trading again
Credit default swap (CDS) trading activity in the US focused on the financial sector in October, according to a release by New York-based broker GFI Group.
O'Neal 'retires' as Merrill CEO after $8 billion writedown
Stan O'Neal, chief executive officer of Merrill Lynch, has left the firm with immediate effect, the company has confirmed.
BoA starts retreat from investment banking
Bank of America is sacking 3,000 people, mostly from its investment banking arm, after chief executive Kenneth Lewis hinted the bank might be leaving the investment banking business.
Master conduit trio joined by Wachovia
Wachovia has joined Bank of America, Citi and JP Morgan in a plan aimed at restoring calm to the troubled structured investment vehicle (SIV) sector.
Merrill Lynch reports $5.6 billion losses on FICC business
Merrill Lynch has reported $5.6 billion losses for its fixed-income, currencies and commodities (FICC) business in its third-quarter 2007 results.
Merrill writedowns throw light on risk management
Merrill Lynch has released a warning on its third-quarter results. The bank said its mark-to-market losses on its collateralised debt obligation (CDO) and leveraged finance operations would be up to 50 cents a share.
Merrill fires two executives after subprime crisis
Merrill Lynch has fired two executives in the wake of the subprime mortgage crisis, which could see the bank suffer significant losses.
Credit fears subdued by BoA investment in Countrywide
Dealers believe the $2 billion investment by Bank of America in troubled California-based mortgage lender Countrywide Financial helped ease credit worries during morning trading in Europe.
Bear Stearns recruits credit derivatives staff
Bear Stearns has made a number of credit derivatives hires in London.