Bank of America
New co-heads of global foreign exchange options at BoA
Christopher Bae and Thomas Gillie will join Bank of America as managing directors and co-heads of global foreign exchange options in October.
Bank of America settles with SEC over Merrill bonuses
Daily news headlines
New EMEA FICC head for Bank of America Merrill Lynch
Sanaz Zaimi will join Bank of America Merrill Lynch as head of fixed income, currencies and commodities (FICC) sales for Europe, the Middle East and Africa (EMEA) in early 2010.
Trading and one-off gains lift bank profits
Trading activities and one-off gains helped US banks record positive results during the week ending July 17, despite a continuing deterioration in traditional lending businesses, analysts said.
AIG forex prime brokerage bought by BNP Paribas
The US foreign exchange prime brokerage business of AIG Financial Products (AIG FP) has been transferred to BNP Paribas, along with eight staff.
US Wrap: Single note offers exposure to international equity
Another single note was released into the US market yesterday, continuing the slow pace of issuance for the week. The product was issued by Bank of America and gives exposure to the MSCI Eafe Index, which tracks the performance of international equity.
US Wrap: Bank of America follows RBC lead to Japan
Bank of America has launched an accelerated growth note linked to the Nikkei 225 index, following the issuance of a note 10 days ago by Royal Bank of Canada which tracked the Japanese equity benchmark as one of three indexes in a basket.
Bank of America ousts chief risk officer
Daily news headlines
Lock, stock and barrel
Mergers
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…