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...Aditya Narain, head of research for India at Citigroup, says it has “had a strong run” over the past 20 years, offering both corporate and retail loans in equal measures....
...HSBC’s purchasing managers’ index for China’s services sector, fell to a reading of 50 for July, the lowest in records dating back to November 2005....
...Gone are the days when 125 per cent mortgages were the norm, or when homeowners could get so-called “liar loans” where borrowers self-certified their income....
...Meanwhile, Bank of America declined 4.3 per cent to $11.27 as its earnings for the quarter were hurt by large legal settlements related to its mortgage business....
...Losses on subprime residential mortgages loans increased from less than 5 per cent in deals originated before 2005 to close to 25 per cent for 2007 securitised deals, Fitch data show....
...Accordingly, estimates of cumulative losses on loans issued between 2005 and 2008 govern the aggregate put- back risk of the banks....
...Net interest income rose to $11.5bn from $6.7bn. Non-interest income climbed to $11.2bn from $2.8bn on gains in trust, investment and credit card fees, mortgage banking and trading....
...You’ve heard of mortgage loan modifications, now witness the effects of credit card loan modifications on banks. On Monday, a number of US banks released credit card master trust data for October....
...Centerview Partners acted for Kraft, alongside Lazard, Citigroup and Deutsche Bank, on its hostile bid for Cadbury....
...Bank of America’s June charge-offs were close to 14 per cent and delinquencies – loans that have not been paid – were 1.9 per cent, exceeding the totals for Citigroup, JPMorgan, American Express, Capital...
...The “class of 2005 and 2006” borrowers were defaulting much faster than households which had taken out mortgages before those dates....
...“US bank investors don’t trust the government’s implicit support as much as European bank investors trust the European government’s explicit nationalisation or support,” says Tim Backshall, chief strategist...
...Inc....
...From 2005, banks such as Merrill Lynch, Citigroup and UBS had been stockpiling instruments such as CDOs....
...She recalls: “2005 was a challenging year for the total company....
...These so-called credit card master trusts, used by providers of credit cards such as Bank of America, JPMorgan, Citigroup, Capital One and American Express, set their monthly interest rates according to...
...It had been more than three months since HSBC became the first big global bank to reveal multi-billion-dollar losses on subprime mortgage loans....
...Alpharma gained the most since 2005, surging 40.6 per cent, to $34.51....
...If it defaults on the loans, owners of the lower classes of bonds will face losses, although Darryl Wheeler, an analyst at Citigroup does not expect them to be major....
...Stocks in Europe and the UK fell to their lowest levels since 2005....
...Intel rose 1 per cent to $20.91, Sun added 4 per cent to $9.15 while Altera jumped 11.7 per cent to $21.45....
...In New York on Friday, front-month West Texas Intermediate settled at $128.88, down more than 11 per cent over the week....
...We were the number one mortgage originator and we had to give up market share and earnings,” Mr Stumpf says....
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