Bank of America
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.
Credit Suisse hires new European equity derivatives head
Yan Assoun has been hired by Credit Suisse as the bank’s new head of European equity derivatives trading.
Dresdner makes hires in rates flow trading
Dresdner Kleinwort has added a number of staff in rates flow trading, including a new head of interest rates flow trading.
Merrill Lynch launches temperature-linked certificate
Merrill Lynch has launched the first temperature-linked certificate for the Italian retail market.
Fitch adds to European structured finance emerging markets
Fitch Ratings has appointed Jaime Sanz as a senior director to lead its London-based European structured finance emerging markets team.
Risk information: science or art?
Industry experts gathered for a roundtable discussion in New York at the end of May to debate the ways firms acquire and use information about risks. Moderated by Ellen Davis
New equity derivatives head leaves Credit Suisse
Jerome Drean, Credit Suisse’s London-based head of European equity derivatives trading, has left the bank.
Bank of America promotes White to head of global markets
Bank of America has announced the promotion of Mark White to replace Mark Werner as head of global markets at its New York office.
Dow Kim leaves Merrill Lynch
Dow Kim, New York-based co-head of global markets and investment banking at Merrill Lynch, will leave the bank by the end of the year. According to the company, he plans to establish a multi-strategy private investment firm.
Merrill Lynch launches first rated CFXO
Merrill Lynch has launched the first full rated and managed collateralised foreign exchange obligation. The product is being managed by Crédit Agricole Asset Management, and rated by Standard & Poor's.
Isda AGM: Bank of America’s Lewis urges continued vigilance as market booms
In a speech that highlighted the way in which derivatives have contributed to global economic stability and prosperity, Bank of America’s chief executive and chairman, Kenneth Lewis, cautioned that the derivatives industry must work hard to ensure its…
Deutsche Bank hires vice-chairman of equity capital markets
Deutsche Bank Securities, the US investment banking and securities arm of Deutsche Bank, has appointed Jeff Rosichan vice-chairman of equity capital markets, effective from late June.
Bear hires Sun to lead Asia structured finance team
George Sun has joined Bear Stearns as head of structured credit marketing, Asia, in Hong Kong. He started his new position in March.
Merrill Lynch International chairman moves to Hong Kong
Kevin Watts, the London-based chairman of Merrill Lynch’s international subsidiary, will move permanently to Hong Kong from April.
Merrill Lynch hires two senior traders from Barclays
Merrill Lynch has hired two senior traders in Hong Kong – Herr Ling Yeoh as head of proprietary local currency trading and Amit Bansal as director of south Asia rates trading, both moving from Barclays Capital.
BoA does deal with Justice Department over municipal bonds
Bank of America, the second largest US bank, has signed a 'leniency agreement' with the US Department of Justice, in return for the bank’s co-operation with the department’s investigation into municipal derivatives.