Obbligazioni bancarie MONITOR Principali banche mondiali (1 Viewer)
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Imark
Forumer storico
I have a dream...
[SIZE=-1][/SIZE]
Temo ti toccherà aspettare...
La scelta di Obama, seppure tra qualche mal di pancia, sembra essere quella di andare avanti per la strada del continuare a salvare le banche: però questa faccenda dei bonus di Merrill non è cosa che possa essere taciuta, viste le circostanze, ed anzi, se conosco un po' gli americani, è il tipo di situazione che finisce per giocare un ruolo nei futuri comportamenti dell'amministrazione....
paologorgo
Chapter 11
Temo ti toccherà aspettare...
Io ho tempi biblici nelle mie cose...
ed intanto mi preparo ad aggiornare:
http://www.portfolio.com/interactive-features/2008/02/Where-Are-They-Now
sua onestà, Fuld, ce la sta mettendo tutta per inguaiarsi ancor adi più...
Ex-Lehman chief sold Florida mansion to his wife for $10
METHOS
Forumer storico
sua onestà, Fuld, ce la sta mettendo tutta per inguaiarsi ancor adi più...
Ex-Lehman chief sold Florida mansion to his wife for $10
che figlio di ...., chissà se anche il nostro amato tanzi ha fatto una cosa simile.
Imark
Forumer storico
Situazioni differenti per alcune importanti banche europee: in qualche caso, come per l'olandese ING, cadono teste di banchieri e lo stato interviene con soluzioni drastiche nel tentativo di risanare il sistema bancario; in altri, come quello della britannica Barclays, la banca afferma di aver conseguito utili significativi nel 2008, sostiene di avere un Tier 1 elevato e si nega al possibile supporto statale, il tutto pur ammettendo che effettuerà svalutazioni complessive per il 2008 per l'ammontare di 8 mld GBP.
Una via di mezzo la scelta della francese BNP Paribas, che riporterà una perdita netta di 1,4 mld euro nel Q4/2008 e ricorrerà a 2,55 mld euro di fondi statali per rafforzare i propri parametri patrimoniali.
Come accennato, si dimette il CEO dell'olandese ING, per la quale segnalo come lo Stato olandese abbia acquistato da ING l'80% del proprio portafoglio di titoli rischiosi (in realtà sono Alt-A mortgages securities, quindi titoli che hanno come sottostante mutui non proprio del tipo più rischioso) così da ridurne l'esposizione a perdite potenziali. Il valore complessivo del portafoglio acquistato è pari a 27,7 mld euro.
La perdita netta di ING nel Q4/2008 dovrebbe attestarsi a 3,3 mld euro.
Barclays rebounds after reassuring on capital
BNP Paribas taps government; ING chief quits after heavy loss
By Simon Kennedy, MarketWatch
Last update: 4:15 a.m. EST Jan. 26, 2009
LONDON (MarketWatch) -- Shares in Barclays surged by over a third Monday after the group again moved to reassure investors it didn't need more capital, while French rival BNP Paribas said it would take more cash from the government following a 1.4 billion euro ($1.8 billion) loss in the latest quarter.
In a letter to shareholders Barclays said it has around 36 billion pounds ($49.2 billion) of equity capital and reserves, giving it a 17 billion pound buffer in excess of the U.K.'s minimum requirements.
Chairman Marcus Agius and CEO John Varley said the size of the capital excess "gives us confidence that our capital resources are sufficient to manage Barclays safely and prudently even in these difficult markets."
"For these reasons we confirm in this letter that we are not seeking subscription for further capital -- either from the private sector or from the U.K. government," the pair said.
For the year the bank will take gross credit market write-downs of 8 billion pounds, they added.
Shares in Barclays rebounded around 36% in early London trading after falling for nine consecutive sessions. The stock had dropped around 72% since it began its latest losing streak on Jan. 13.
Barclays also reiterated an earlier statement that profit before tax for 2008 will be "well ahead" of the 5.3 billion pound consensus forecast and that its Tier 1 capital ratio will be roughly 9.5%.
Since that earlier statement, further initiatives have been announced by U.K. authorities to insure assets and reduce the burden of certain capital rules, which could further strengthen the level of reserves the bank holds.
In an effort to calm investors the bank will also publish its annual results early on Feb.9, having previously planned to do so on Feb. 17.
BNP strengthens capital
France's largest bank, BNP Paribas, meanwhile, said it would take another 2.55 billion euros ($3.3 billion) of capital from the government as it revealed a 1.4 billion euro net loss in the fourth quarter.
The group said its corporate and investment banking arm was hit by pretax losses of 2 billion euros in the final quarter and it also took a 400 million euro write-down on its investment portfolio due to the sharp decline in equity markets.
For the full year, net profit will still be around 3 billion euros after the bank attracted new customers to its retail business and new assets continued to flow into its fund management business.
Shares in the group rose 5.4% in early Paris trading as banks rebounded across Europe.
BNP said it would take advantage of a second round of government funding to double its capital injection to 5.1 billion euros.
It plans to structure the deal by issuing 5.1 billion euros of preference shares to the French state while at the same time repaying the 2.55 billion euros of subordinated debt it issued in December.
The move will strengthen its Tier 1 capital ratio by half a percentage point to around 9.5%.
ING chief quits
Also receiving state aid Monday was Dutch financial services giant ING, which said it's agreed a deal to transfer 80% of the risk linked to its 27.7 billion euro portfolio of Alt-A mortgage securities to the Dutch government.
The announcement came as ING said it expects to report an underlying net loss of 3.3 billion euros in the fourth quarter and that its CEO Michel Tilmant would step down, to be replaced by Jan Hommen, currently chairman of the supervisory board.
ING said its loss in the latest quarter includes a 2 billion euro write-down on risky assets such as mortgage securities, 700 million euros of charges on equity securities and a 600 million euro loss from the revaluation of real estate holdings.
The group said it will reduce expenses by around 1 billion euros in 2009, including cutting around 7,000 jobs and selling off non-core parts of the business.
Shares in ING jumped 14.5% on the strength of the guarantees it received from the government.
Una via di mezzo la scelta della francese BNP Paribas, che riporterà una perdita netta di 1,4 mld euro nel Q4/2008 e ricorrerà a 2,55 mld euro di fondi statali per rafforzare i propri parametri patrimoniali.
Come accennato, si dimette il CEO dell'olandese ING, per la quale segnalo come lo Stato olandese abbia acquistato da ING l'80% del proprio portafoglio di titoli rischiosi (in realtà sono Alt-A mortgages securities, quindi titoli che hanno come sottostante mutui non proprio del tipo più rischioso) così da ridurne l'esposizione a perdite potenziali. Il valore complessivo del portafoglio acquistato è pari a 27,7 mld euro.
La perdita netta di ING nel Q4/2008 dovrebbe attestarsi a 3,3 mld euro.
Barclays rebounds after reassuring on capital
BNP Paribas taps government; ING chief quits after heavy loss
By Simon Kennedy, MarketWatch
Last update: 4:15 a.m. EST Jan. 26, 2009
LONDON (MarketWatch) -- Shares in Barclays surged by over a third Monday after the group again moved to reassure investors it didn't need more capital, while French rival BNP Paribas said it would take more cash from the government following a 1.4 billion euro ($1.8 billion) loss in the latest quarter.
In a letter to shareholders Barclays said it has around 36 billion pounds ($49.2 billion) of equity capital and reserves, giving it a 17 billion pound buffer in excess of the U.K.'s minimum requirements.
Chairman Marcus Agius and CEO John Varley said the size of the capital excess "gives us confidence that our capital resources are sufficient to manage Barclays safely and prudently even in these difficult markets."
"For these reasons we confirm in this letter that we are not seeking subscription for further capital -- either from the private sector or from the U.K. government," the pair said.
For the year the bank will take gross credit market write-downs of 8 billion pounds, they added.
Shares in Barclays rebounded around 36% in early London trading after falling for nine consecutive sessions. The stock had dropped around 72% since it began its latest losing streak on Jan. 13.
Barclays also reiterated an earlier statement that profit before tax for 2008 will be "well ahead" of the 5.3 billion pound consensus forecast and that its Tier 1 capital ratio will be roughly 9.5%.
Since that earlier statement, further initiatives have been announced by U.K. authorities to insure assets and reduce the burden of certain capital rules, which could further strengthen the level of reserves the bank holds.
In an effort to calm investors the bank will also publish its annual results early on Feb.9, having previously planned to do so on Feb. 17.
BNP strengthens capital
France's largest bank, BNP Paribas, meanwhile, said it would take another 2.55 billion euros ($3.3 billion) of capital from the government as it revealed a 1.4 billion euro net loss in the fourth quarter.
The group said its corporate and investment banking arm was hit by pretax losses of 2 billion euros in the final quarter and it also took a 400 million euro write-down on its investment portfolio due to the sharp decline in equity markets.
For the full year, net profit will still be around 3 billion euros after the bank attracted new customers to its retail business and new assets continued to flow into its fund management business.
Shares in the group rose 5.4% in early Paris trading as banks rebounded across Europe.
BNP said it would take advantage of a second round of government funding to double its capital injection to 5.1 billion euros.
It plans to structure the deal by issuing 5.1 billion euros of preference shares to the French state while at the same time repaying the 2.55 billion euros of subordinated debt it issued in December.
The move will strengthen its Tier 1 capital ratio by half a percentage point to around 9.5%.
ING chief quits
Also receiving state aid Monday was Dutch financial services giant ING, which said it's agreed a deal to transfer 80% of the risk linked to its 27.7 billion euro portfolio of Alt-A mortgage securities to the Dutch government.
The announcement came as ING said it expects to report an underlying net loss of 3.3 billion euros in the fourth quarter and that its CEO Michel Tilmant would step down, to be replaced by Jan Hommen, currently chairman of the supervisory board.
ING said its loss in the latest quarter includes a 2 billion euro write-down on risky assets such as mortgage securities, 700 million euros of charges on equity securities and a 600 million euro loss from the revaluation of real estate holdings.
The group said it will reduce expenses by around 1 billion euros in 2009, including cutting around 7,000 jobs and selling off non-core parts of the business.
Shares in ING jumped 14.5% on the strength of the guarantees it received from the government.
Broker88
Senior Member
Temo ti toccherà aspettare...
La scelta di Obama, seppure tra qualche mal di pancia, sembra essere quella di andare avanti per la strada del continuare a salvare le banche: però questa faccenda dei bonus di Merrill non è cosa che possa essere taciuta, viste le circostanze, ed anzi, se conosco un po' gli americani, è il tipo di situazione che finisce per giocare un ruolo nei futuri comportamenti dell'amministrazione....
Già...i comportamenti dell'amministrazione
Il problema è capire se l'amministrazione farà cadere le teste (Lewis compreso) oppure punirà direttamente BofA-Merrill.
Io continuo ad avere un certo mal di pancia guardando i rendimenti assolutamente disallineati dei bond BofA e di quelli Merrill.
Come se il mercato scontasse ancora un "colpo di scena", una specie di divorzio che ovviamente si tradurrebbe immediatamente nel default di Merrill (anche se le conseguenze per BofA non sarebbero trascurabili).
Si mettono anche gli amministratori a sperperare i fondi TARP attirandosi (giustamente) le ire dei politici e soprattutto dei cittadini
Imark
Forumer storico
Già...i comportamenti dell'amministrazione
Il problema è capire se l'amministrazione farà cadere le teste (Lewis compreso) oppure punirà direttamente BofA-Merrill.
Io continuo ad avere un certo mal di pancia guardando i rendimenti assolutamente disallineati dei bond BofA e di quelli Merrill.
Come se il mercato scontasse ancora un "colpo di scena", una specie di divorzio che ovviamente si tradurrebbe immediatamente nel default di Merrill (anche se le conseguenze per BofA non sarebbero trascurabili).
Si mettono anche gli amministratori a sperperare i fondi TARP attirandosi (giustamente) le ire dei politici e soprattutto dei cittadini
Il punto è che punire le banche per il comportamento dei managers non ha molto significato: anche Obama almeno per ora le banche pare le voglia salvare...
Però anche loro questi 4 mld $ (di soldi del contribuente) da dare in bonus avrebbero dovuto trovare il modo di non sborsarli ...
Per il futuro verranno regole più stringenti su queste cose, spero...
paologorgo
Chapter 11
U.S. Banks May Be the ‘New Utilities,’ Goldman Says (Update1)
By Christine Harper
Jan. 26 (Bloomberg) -- Large U.S. banks risk becoming the “new utilities” as governments introduce greater regulation and force lenders to increase capital ratios, Goldman Sachs Group Inc. analysts said.
Return on equity at the biggest U.S. banks will be limited by higher capital requirements and greater regulatory controls, analysts led by Richard Ramsden in New York said in a report to clients today. The measure of how effectively banks invest earnings may shrink to between 10 percent and 12 percent, from the 15 percent banks generated between 1990 and 2006, they said.
U.S. Bancorp was cut to “sell” because the Minneapolis- based company, while “a good bank,” is already highly valued, the analysts wrote. Goldman also re-instated its sell rating on Citigroup Inc., saying “investors should avoid the stock given no core earnings power clarity.”
Bank of America Corp. was cut to “neutral,” the same rating given Morgan Stanley, Wells Fargo & Co. and PNC Financial Services Group Inc. The analysts recommend buying JPMorgan Chase & Co., which they said may show earnings improvement as the economic cycle turns.
Large banks, particularly Citigroup, U.S. Bancorp and Bank of America, have “thin” capital cushions compared with Goldman’s estimates for losses in the industry, the note said.
“Cutting common dividends may be the right thing to do in the current environment,” Goldman said. “We estimate that cutting dividends to zero would generate approximately 7 basis points of tangible common equity per quarter on average.” A basis point is one hundredth of a percentage point.
House Price Declines
Banks will get “limited benefit” from having a diversified geographic spread, Ramsden wrote. Losses will grow “exponentially” when house price declines exceed 15 percent, which the analysts are expecting in 2009.
“As unemployment rises, consumer and commercial real estate problems are set to accelerate,” the analysts wrote. Commercial real estate and consumer loans account for an average 39 percent of loans at large banks, compared with 25 percent at regional banks, they wrote.
To contact the reporter on this story: Christine Harper in London at [email protected]
By Christine Harper
Jan. 26 (Bloomberg) -- Large U.S. banks risk becoming the “new utilities” as governments introduce greater regulation and force lenders to increase capital ratios, Goldman Sachs Group Inc. analysts said.
Return on equity at the biggest U.S. banks will be limited by higher capital requirements and greater regulatory controls, analysts led by Richard Ramsden in New York said in a report to clients today. The measure of how effectively banks invest earnings may shrink to between 10 percent and 12 percent, from the 15 percent banks generated between 1990 and 2006, they said.
U.S. Bancorp was cut to “sell” because the Minneapolis- based company, while “a good bank,” is already highly valued, the analysts wrote. Goldman also re-instated its sell rating on Citigroup Inc., saying “investors should avoid the stock given no core earnings power clarity.”
Bank of America Corp. was cut to “neutral,” the same rating given Morgan Stanley, Wells Fargo & Co. and PNC Financial Services Group Inc. The analysts recommend buying JPMorgan Chase & Co., which they said may show earnings improvement as the economic cycle turns.
Large banks, particularly Citigroup, U.S. Bancorp and Bank of America, have “thin” capital cushions compared with Goldman’s estimates for losses in the industry, the note said.
“Cutting common dividends may be the right thing to do in the current environment,” Goldman said. “We estimate that cutting dividends to zero would generate approximately 7 basis points of tangible common equity per quarter on average.” A basis point is one hundredth of a percentage point.
House Price Declines
Banks will get “limited benefit” from having a diversified geographic spread, Ramsden wrote. Losses will grow “exponentially” when house price declines exceed 15 percent, which the analysts are expecting in 2009.
“As unemployment rises, consumer and commercial real estate problems are set to accelerate,” the analysts wrote. Commercial real estate and consumer loans account for an average 39 percent of loans at large banks, compared with 25 percent at regional banks, they wrote.
To contact the reporter on this story: Christine Harper in London at [email protected]
METHOS
Forumer storico
METHOS
Forumer storico
Temo ti toccherà aspettare...
La scelta di Obama, seppure tra qualche mal di pancia, sembra essere quella di andare avanti per la strada del continuare a salvare le banche: però questa faccenda dei bonus di Merrill non è cosa che possa essere taciuta, viste le circostanze, ed anzi, se conosco un po' gli americani, è il tipo di situazione che finisce per giocare un ruolo nei futuri comportamenti dell'amministrazione....
Mi ero perso su questa cosa, sono 4 mld in bonus che si son presi a dicembre sti farabutti...
BofA played role in $4 billion Merrill bonuses: report
Mon Jan 26, 2009 12:03pm EST
[-] Text [+]
PHILADELPHIA (Reuters) - Bank of America played a role in Merrill Lynch's controversial decision to pay $4 billion in bonuses in December, the Financial Times reported on Sunday.
Bank of America had said the payment of $4 billion in compensation in a fourth quarter in which Merrill suffered $15 billion in losses was sanctioned by John Thain, Merrill's chief executive.
The FT reported that Thain, who left the firm last week, had at least two conversations with Banc of America's chief administrative officer, J. Steele Alphin, before a December 8 board meeting at which Merrill's bonus payments were approved.
Bank of America told the FT there were conversations about the bonus payments prior to the pay-outs.
"We never said we didn't talk with them about it. But, in the end, it was their decision and they informed us of it," the company said.
Bank of America could not be immediately reached for comment.
(Reporting by Jessica Hall, Editing by Ian Geoghegan)