Merrill Lynch said CEO Stan O'Neal will retire from the company, effective immediately. Board member Alberto Cribiore will serve as interim non-executive chairman and lead the search for a new CEO. Co-Presidents and Chief Operating Officers Ahmass Fakahany and Gregory Fleming will continue their current duties
According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
With a high proportion of fixed-rate, interest-only underlying loans, the notes have almost no amortization, and three CRE loans have standalone, investment-grade opinions.
The fixed-rate loans are divided into three sub-pools that relied on rating methods from the RMBS, CMBS and ABS sectors to assess their risks.
The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
The portfolio does not have any meaningful originations that have completed a full repayment cycle, making the company's performance data thin.
Formerly of Wells Fargo, she will coordinate several key units to create a structure for a sustained capital markets program that capitalizes on recent innovation and growth in home equity finance.
