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Merrill brings Thain to helm
Merrill Lynch has appointed John Thain as chief executive officer to replace Stan O'Neal, who retired on October 30 after the bank announced a larger than expected $7.9 billion of writedowns due to subprime exposure.
Dagmar Kent Kershaw leaves Prudential M&G
Dagmar Kent Kershaw has resigned from Prudential M&G, where she was the London-based head of structured credit products since 2000.
CSI and BITS cut outsource risk
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JP Morgan takes Choukroun from BNP Paribas
David Choukroun has joined JP Morgan as managing director and global head of product development for flow and exotic derivatives within its equity derivatives group.
Iosco task force latest to investigate subprime crisis
The Madrid-based International Organisation of Securities Commissions (Iosco) is creating a task force to review the recent disturbance in global credit markets and decide whether the body can help prevent such problems in future.
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.
Protiviti hires three from the Big Four
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Citi names new subprime head
Citi has set up a new group dedicated to handling $43 billion of its exposure to US subprime mortgages.
Change at top as Citi sees writedowns
Citi yesterday confirmed the retirement of Charles Prince, the US bank's chairman and chief executive officer.
Garth Hinton joins RiskBusiness
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El Asmar to head equity derivatives SG structured product sales
Société Générale Corporate and Investment Banking has appointed Marc El Asmar as head of equity derivatives structured products sales and distribution for Northern Europe.
Correlation funds pitched following hedging woes
Credit managers are expanding strategies playing on changes in correlation and relative value, which were calamitous for the hedging strategies of some dealers and investors during July and August.
Turning misfortune into a fortune - easy if you know how
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The key is in the stock picking - an expert's guide to branching out into hedges
George Luckraft, manager of AXA Framlington's oldest hedge fund, shares his experience, some top tips and a few cups of piping hot tea, with Solomon Teague
Tax rules - trying to bridge the gulf
MIDDLE EAST