US and UK watchdogs discussed about the dilemma of “too big to fail’ institutions Monday, publishing a mutual paper on Monday that they illustrated as the first concrete effort at outlining a plan for closing big, complex firms that run themselves aground. Yet there is some other news that is driving the stocks but still they are undecided in their moves.
Bank of America Corp (NYSE:BAC) Merrill Lynch is rising as one of the leading buyers of loans from deleveraging European banks, which have been selling loan portfolios to produce capital and comply with strain tests, clear up their balance sheets and concentrate again on their client base.
The US bank has purchased at least 7.3 billion euros ($9.44 billion) of loans since late 2011. It has held on to several assets in a strategic move to deepen client affiliations and sold the rest loans at a profit to end investors.
[article_detail_ad_1]JPMorgan Chase & Co. (NYSE:JPM) appointed Viswas Raghavan as head of banking for Europe, Middle East and Africa, and chiefs for Asia and Latin America as element of a restructure to enhance coverage of corporate clients.
The lender named Alejandro Guevara and Lisandro Miguens co-chiefs of banking in Latin America, whereas Tom DuCharme and Therese Esperdy will be co-chiefs of banking in Asia Pacific, in accordance with a memo confirmed by a spokesperson in London today.
American International Group, Inc. (NYSE:AIG) dropped 2% and were along with the top financial-sector losers on Monday following news that the insurer’s losses from Hurricane Sandy were more than anticipated.
The hurricane liability reports trumped what would otherwise have expected helped the stock, namely the news that the company has decided to sell a controlling stake in its airline-leasing unit to a Chinese consortium for some billion dollars.
Leave a Reply