Banks

Agency argues that ratings “reflect the high quality of the underlying collateral”. Fitch Ratings has assigned the following ratings to J.P. Morgan Mortgage Trust 2013-2: –$398,288,000 class A-1 exchangeable certificate ‘AAAsf’; Outlook Stable; –$398,288,000 class A-2 exchangeable certificate ‘AAAsf’; Outlook Stable; –$338,545,000 class A-3...

Unknown whether Sir Jonathan will introduce himself to clients as “Evans, Sir Jonathan Evans”. Sir Jonathan Evans has been appointed a Director of HSBC Holdings. He will be an independent non-executive Director and a member of the Financial System Vulnerabilities Committee. Sir Jonathan’s career in the Security Service, known as MI5, spanned 33 years, the […]

Stock market rallies may come and go, but in the recent past it has been only one way for the big banks as far as their share prices are concerned, and that is to the upside. This is hardly surprising given that the Government not only bailed them out after they gambled on the financial […]

Deal set to be completed next week. Lloyds Banking Group has announced that it has agreed the sale of a portfolio of US RMBS (residential mortgage backed securities) to a number of different institutions for a cash consideration of £3.3 billion. The transaction is part of the Group’s continued capital accretive non-core asset reduction. The […]

Pound Sterling – With UK markets closed for a national holiday it was a slow start to the week for the Pound. Although Sterling went on to weaken against the US Dollar as UK retail sales dropped to a 16-month low, it was able to recoup losses as separate reports showed a surge in British house […]

State-supported bank seeks to focus on UK interests. Lloyds Banking Group, which is 39% owned by the UK state, has announced the proposed sale of its International Private Banking business to Union Bancaire Privée (‘UBP’). The deal will include the business of the Group’s Geneva-based Private Bank, its branches based in Geneva, Zurich, Monaco and […]

The Royal Bank of Scotland (LSE:RBS) captured headlines over the weekend with two major stories.  It was just three days ago, on 24 May, we reported that RBS had yet another service issue, this time with it’s mobile banking app.  Of course it wasn’t especially ‘news’ to some two million who tried to access the […]

Deal to cost bank nearly 38m euros. Santander has been authorized by the Chinese Banking Regulatory Commission (CBRC) to proceed with the acquisition of 20% of the Bank of Beijing Consumer Finance Company (BoBCFC). Santander will invest RMB 306 million, or about EUR 38 million, to acquire new shares of BoBCFC in a capital increase […]

A roller-coaster ride for markets this week and a perfect example of how important central bank communication (read US Federal Reserve) has become and how markets can move indiscriminately on changes in sentiment regarding the future of the highly accommodative monetary policy  (read Fed’s QE3), something that has supported the global rally and recovery hopes […]

You know RBS (LSE:RBS).  People used to think that the acronym stood for the Royal Bank of Scotland.  Lately, UK citizens, all of whom collectively own 81% of the bank, are beginning to recognize that RBS better describes Really Bad Service, especially those poor blokes and ‘blokettes’ who are customers of the bank. As if […]