Bank of America
BofA hires four to European fixed-income division
Banc of America Securities has hired Mitchell Lench, Andrew Panteli, John Oei and Jules Putterman to its European fixed-income division.
Merrill’s debt protection costs fall following Spitzer deal
The cost of protection on Merrill Lynch senior five-year debt narrowed 25 basis points to 65bp/75bp today following the firm's settlement with New York attorney general Eliot Spitzer.
BofA moves to replace lost FX staff
Bank of America (BofA) hired four senior foreign exchange traders and three institutional forex sales staff in April, in an ongoing expansion of its foreign exchange division, following a number of forex staff leaving the US bank last year.
BofA highlights danger of over-leveraged synthetics
The over-leveraging of investment grade corporate credit-backed synthetic collateralised debt obligations (CDOs) accentuated the impact of credit downgrades last year, according to new research by Bank of America.
Merrill makes more key FX hires
Merrill Lynch has made another number of key hires to its FX team following the appointment of Michael deSa as global head of FX late last year. The US investment bank has lured Adam Kreysar, the highly rated global head of FX options at UBS, as its new…
Credit Markets Update: Merrill spreads hit as disclosure fears grow
The cost of five-year protection on Merrill Lynch's senior debt rose a sharp 16 basis points today, due to ongoing investigations into conflicts of interest between its equity research and corporate finance divisions.
BofA fills sales gaps with derivatives experts
Banc of America Securities, the investment banking arm of Bank of America (BofA), has hired a number of derivatives experts in London to fill gaps in its sales team. The hires are part of a bid to expand the bank’s European fixed income and derivatives…
Convertible bond decline could impact credit derivatives
Falling valuations in the European convertible bond market during the last few months could lead to a decline in credit default swap values, as convertible investors seek to unwind their hedged positions.
Cap guarantee funds still booming in Hong Kong
Several capital guaranteed funds have been issued in Hong Kong over the last few weeks, with more expected before the end of the month, despite a consensus that a rise in interest rates may reduce the attractiveness of such structures.
Korea drives Asian option growth
Turnover in equity index contracts rose by 40% at Asian exchanges in the fourth quarter of last year, according to the latest quarterly report from the Bank for International Settlements (BIS). The Switzerland-based banking body pointed to the rapid…
Merill Lynch hires for European derivatives sales
Merrill Lynch has made two new hires for its derivatives sales force in Europe. Robert Machin joins as a director of interest rate derivatives, and Konstantin Krebs joins as a senior vice-president, marketing credit derivatives, interest rate derivatives…
Merrill Lynch snags two from SG in Asia
Merrill Lynch (Asia Pacific) has snatched two derivatives specialists from SG Securities Global Equities, in a move to strengthen its position in the region's equity derivatives markets, according to the bank.
Calls mount for bank and rating agency disclosure on Enron
Leaders of the US House Energy and Commerce Committee yesterday called on 10 investment banks and three credit-rating agencies to turn over records linked to Enron. Questions to the banks focused on loans to Enron and whether future business with Enron…
BofA names global head of forex trading
Bank of America (BofA) has hired Larry Baum to manage its global spot, forwards and proprietary foreign exchange trading business. The post has been vacant since December, when Richard Breslow, former global head of forex trading, left after more than…
Bank of America to roll out derivatives system
Bank of America (BofA) is building a new derivatives trading platform called Advantage, which will be deployed in its Chicago, London, and Tokyo offices. It is also developing new trading floors in London’s Canary Wharf, New York, and Charlotte, North…
Asset managers run for cover
UK investment firms are facing increasing risk management pressures, thanks to new regulatory initiatives, legal challenges and a shift in operating environment. Coping will require a major investment in technology infrastructure – especially in the…
Credit risk reporting: Managing the exposure challenge
Mass financial shocks – including Enron and Argentina – are forcing banks to disclose more information, faster, about their credit exposures to satisfy skittish investors. How are banks' technology infrastructures coping with this challenge?
UBS Warburg snares Merrill equity risk structurers
UBS Warburg has snared Min Park and Chang Sik Cin from Merrill Lynch to boost its equity derivatives risk services offered to institutional investors, corporate clients, and high-net-worth individuals.
Merrill takes on more risk, sets up equity prop-trading unit
Merrill Lynch appears determined to take more risk on its own books as part of an effort to boost profits. The firm’s latest move is to set up an equity prop-trading unit to trade equity-linked products. The development follows a decision last year to…
Merrill Lynch continues FX drive with key hires
Merrill Lynch has made three key FX hires in New York and Tokyo, combating rumours that a recent exodus of dealers had left the bank’s foreign exchange business understaffed.
Bank of America appoints new rates head
Bank of America has promoted John Kapustiak to global head of interest rate derivatives trading. Chicago-based Kapustiak was previously head of US interest rate options and proprietary trading.
BofA names Mixon as European head of global markets
Bank of America (BofA) has made Arrington Mixon the new European head of its global markets group. She will take responsibility for both investing and issuer clients in Europe, offering a full range of products and services, including forex, interest…
Merrill loses London head of FX trading
Harry Culham has left Merrill Lynch in London, where he was head of FX trading for Europe, the Middle East and Africa.
Ramseyer-Torres named DrKW deputy head of equities
Roselly Ramseyer-Torres, who has been steadily building up Dresdner Kleinwort Wasserstein’s (DrKW) equity derivatives capability, has climbed another rung in the German investment bank’s corporate ladder by being named deputy head of global equities.