Resulting investor losses totalled almost US$1 billion
Banc of America Securities-Merrill Lynch Research has bolstered its research team with a couple of new hires, the company said Monday.Ethan Harris is joining the firm as head of North America economics. He comes to BofA-Merrill from Barclays, formerly Lehman Brothers, where he was the chief U.S. economist since 2003. He will be responsible for […]
McCann appointed managing director covering Canadian institutional clients
Bank continuing to reduce risk in investment banking unit
Rating agency cites concerns about profitability in market uncertainty
Plans to cut 5,300 jobs
Credit Suisse Group reported a net loss of 1.26 billion Swiss francs (US$1.08 billion) for the third quarter, as it forecast earlier this month, compared with net income of CHF 1.3 billion in the third quarter of 2007.Core net revenues were CHF 3.1 billion, down 48% from the third quarter of 2007. Private banking, which […]
Credit Suisse has announced a strategic alliance with Gerson Lehrman Group, a technology services firm, designed to boost its research capabilities.The firm said that the relationship means Credit Suisse’s analysts will have access to Gerson Lehrman Group’s network of more than 200,000 expert consultants; certain Gerson Lehrman Group clients will have the opportunity to access […]
National Bank to be represented on AMF board
The UK’s Financial Services Authority fined the UK operations of Credit Suisse £5.6 million ($11.3 million) for control failures revealed by mis-pricing of asset-backed securities.In February, Credit Suisse announced that it had identified mismarking and pricing errors by a small number of traders and that it was repricing certain asset-backed securities. The re-pricing led to […]