HSBC
CDSs on European financials tighten ahead of Geithner announcement
The cost of credit protection on European financials fell this morning, ahead of US Treasury secretary Timothy Geithner's announcement of further support for the US financial system.
Dealer interest delays LCH.Clearnet and DTCC deal
The Depository Trust & Clearing Corporation (DTCC) has pushed back the deadline for its takeover talks with LCH.Clearnet, in the face of a rival bid from a group of major dealers.
Brown quits as HSBC's currency head
Andrew Brown today left his post as global head of foreign exchange at HSBC.
HSBC seeks to raise £12.5 billion from shareholders
HSBC today revealed it would try to raise £12.5 billion through a UK rights issue, as it announced both a 62% drop in profits in 2008 and intention to close its US consumer finance business.
LCH.Clearnet bid sparks conflict-of-interest debate
A proposal by a consortium of major derivatives dealers to acquire London-based clearing house LCH.Clearnet has led to suggestions that banks becoming intimately involved in the clearing process could present a conflict of interest.
LSE may join LCH.Clearnet bid consortium
The London Stock Exchange (LSE) today confirmed that it is "looking closely" at joining the consortium of financial institutions bidding for London-based clearing house LCH.Clearnet.
Financial CDSs widen worldwide
Fading investor confidence in the stability of financial institutions has caused the cost of credit protection on banks across the globe to increase over the past 24 hours.
Banks agree to EU CCP for clearing CDS
Nine major dealers agreed to use an EU central counterparty (CCP) for clearing trades in credit default swaps (CDSs) today, paving the way for talks to resume with the European Commission.
CDSs on Fortis tighten
The cost of credit protection on Dutch and Belgian bank Fortis narrowed this morning, after Fortis chairman Jozef de Mey and BNP Paribas chief executive Baudoin Prot told media the takeover deal between the two banks is still alive.
CDSs widen on UK banks
Credit derivatives referencing UK banks continued to widen this morning, following a week in which Lloyds TSB announced it will absorb a £10 billion loss due to its merger with HBOS.
US and European firms in bid for LCH
A consortium of major US and European financial institutions is lining up a bid for London-based derivatives clearing house LCH.Clearnet. Deutsche Bank is acting as adviser on the acquisition, as well as being part of the bidding group.
Funding fears
Editor's letter
Banks cut staff in Europe and US
More European and US banks joined the growing list of institutions to cut staff in the wake of the financial crisis.
HSBC Q3 profits up on Q3 2007
HSBC's third-quarter profits rose this year, despite a $271 million loss on its US operations and a total of $7.9 billion in writedowns.
CDS spreads widen despite bailout approval
Credit default swaps (CDSs) on a number of major dealers widened yesterday in spite of the US Senate vote on a revised $700 billion financial rescue plan.
CDS spreads push out as bailout drags on
The cost of protection on some of the world’s largest dealers surged on Friday as uncertainty grew over the US government’s $700 billion plan to purchase devalued assets from financial institutions.
Bank monoline exposures creep up in second quarter
Second-quarter results yielded further markdowns at major dealers due to the increasing counterparty risk posed by monoline insurers.
HSBC global profits growth undermined by US losses
HSBC has announced a rise in global profits for the first three months of 2008 over the same period in 2007, despite heavy losses at the bank's US arm, where loan impairments and other charges sent pre-tax profits plunging by 39%.
HSBC hit by fraud attempt
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