Bank of America
Tapping the Source
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…
NY attorney-general delves into BoA-Merrill merger
Losses and Lawsuits
Stress-test success masks bigger problem with banks
The US government's bank stress tests appear to have been successful in stabilising financial markets, but some market observers believe they are obscuring broader systemic problems and could hamper efforts to deal with toxic assets.
CDSs on US financials narrow
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…
US banks require $74.6 billion in additional capital, stress tests reveal
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.
NYSID causes first monoline CDS default
An auction is to be held to settle credit derivatives linked to Syncora, the monoline formerly known as XL Capital Assurance, after a committee declared a credit event to have occurred on the firm on May 1.
Playing Russia’s game
Rachel Morison examines the current investor appetite for Russian oil E&P
Lewis ousted from BoA chair
Ken Lewis, chief executive and president of Bank of America, was voted out as chairman of the firm at a shareholders' meeting on April 29.
CDSs on Chinese financials tighten on positive corporate results
The cost of credit protection on Chinese banks fell this morning as a series of positive results for Chinese corporates boosted the Shanghai Composite Index 2.78% and Hong Kong's Hang Seng Index 2.76% in overnight trading.
Pension funds sue BoA over Merrill Lynch purchase
Losses and Lawsuits
Merrill takes Deutsche to court over staff 'Raids'
Losses and Lawsuits
Bank of America deploys 'Ice cream defence' against Cuomo
Losses and Lawsuits
$9.2 billion derivatives losses for US banks in Q4
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…
Cuomo subpoenaed Merrill execs on bonuses
Daily news headlines
Merrill fined $1 million over conflicts of interest
Losses & Lawsuits
Eight CEOs face congressional bonus questions
The need for discretionary pay was one of numerous thorny issues put to chief executives of eight major banks during a hearing of the US House Financial Services Committee in Washington, DC.
Deutsche takes 12 from Merrill Lynch
Twelve senior bankers have left Merrill Lynch to join Deutsche Bank's institutional group, as Merrill's former CFO steps down.
Obama ties executive pay caps to bail-out funds
President Barack Obama on Wednesday unveiled a compensation cap of $500,000 for top executives at firms receiving "exceptional assistance" from the US government.
Merrill Lynch fined $1 million for conflicts of interest; BoA picks up the tab
Daily news headlines
Merrill Lynch chief executive forced out over bonus row
Losses & Lawsuits
Anger as Bank of America withholds bonuses after $4 billion Merrill payout
Daily news headlines
Thain departs BoA within a month of merger
John Thain, Merrill Lynch's former chairman and chief executive, is the second investment banking head to leave Bank of America (BoA) since the two banks' merger closed on January 1.
US props up Bank of America
Daily news headlines
Sifma approves plan to unfreeze $200bn of CMOs
A plan to re-inject liquidity into into the collateralised mortgage obligation (CMO) market will go into action later this month after being approved by a major US industry association.