JP Morgan
Treasury gets bank assistance with warrant auction
The US Treasury has recruited at least one major bank to assist it with auctioning off warrants outstanding under the Troubled Assets Relief Program (Tarp), sources close to the situation told Risk .
Banks' own credit risk hampers financial results
Own credit risk - the concept of including the credit risk of an institution in the measurement of the liabilities it issues - had a significant impact on banks' profits in the first half of 2009, as credit default swap (CDS) spreads referencing banks'…
JP Morgan rejigs equity derivatives unit
JP Morgan has rotated and promoted a number of key staffers in its Asian equity derivatives unit, with severalrelocating to the UK and US.
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.
JP Morgan chief criticises regulatory proposals
Daily news headlines
US Wrap: Tentative reverse convertible issuance from Citi
Citi issued two reverse convertible products in the US market yesterday in a cautious offering of the riskier structures. The notes link to the stock of either JP Morgan or Research in Motion, which makes BlackBerry devices, lasting one year and six…
Small buffer in a big market
JP Morgan issued a dual directional straddle product with a 10% buffer just over a year ago. Relying on nothing more than a slight fall in equity markets over the past 12 months has proved an easy way to erode capital
US bank fraud ring rumbled
Losses & Lawsuits
Banks repay $68bn in Tarp funds to US Treasury
Ten of the largest US financial institutions that have received public funds under the Troubled Assets Relief Program (Tarp) scheme are to pay back $68 billion after they were approved to reimburse the funds to the federal government yesterday.
Treasury silent on Tarp as banks submit $75bn SCAP capital plans
The 10 financial institutions identified as requiring additional capital under the US Treasury's Supervisory Capital Assessment Program (SCAP) economic stress tests have submitted plans describing how they intend to raise almost $75 billion in funds to…
US Wrap: RBC moots real estate rebound
Royal Bank of Canada has launched an accelerated growth note linking to the iShares Dow Jones US Real Estate Index. The bullish trade offers 300% participation in the index over only six months, up to a cap of 39%. It does not incorporate any downside…
US Wrap: JP Morgan launches kickout on gold equity fund
JP Morgan has unveiled a new autocallable note linked to the Market Vectors Gold Mining ETF. The 18-month investment will pay a coupon of 5.25-6.25% if the fund is at 100% of its initial level after three months. If not, the product will continue to its…
CDSs on European and US banks continue to widen
The cost of credit protection on financial institutions increased today across Europe and the US. The move came after the Bank of England's quarterly inflation report showed UK GDP growth was slower than expected in the first quarter of 2009 yesterday,…
European CDS dealers closer to restructuring solution
European derivatives dealers have agreed on a provisional framework to integrate restructuring as a credit event into the auction process for the cash settlement of credit default swaps (CDSs), taking the market a step closer to central clearing.