After announcing that it would write down 4 billion Swiss francs ($3.4 billion) in losses from its fixed-income portfolio and other business lines, UBS cut 70 jobs from its structured finance group on Monday, according to market sources and press reports. The job losses were part of an overall reduction of 1,500 jobs from its fixed-income business. "After assessing the current market outlook and our business needs, we have decided to resize our mortgage-backed, asset-backed and CDO businesses in the U.S. to be more competitive in a changing environment," said Douglas Morris, a company spokesman.
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Both pools have exposures to large dealers, so losses could be more pronounced if one dealer goes bankrupt, while both series have revolving periods, when noteholders will not receive any principal.
4h ago -
The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
7h ago -
In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.
9h ago -
Subordination provides credit enhancement to the notes, as well as deposits in the reserve and redemption accounts.
11h ago -
The capital structure features initial exchangeable notes among the class A, mezzanine and B1 notes. The super senior and senior support tranches will repay noteholders on a pro-rata basis.
May 2 -
The company's branches and loan officers will transition to ML Mortgage but operations staff are not part of the deal.
May 2