Ten of the world’s largest banks banded together this weekend to provide some stability to the global financial markets.
Bank of America, Barclays, Citibank, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Merrill Lynch, Morgan Stanley and UBS, will provide $7 billion each to maintain liquidity. This includes ensuring an orderly resolution of OTC derivatives exposures between Lehman Brothers and its counterparties. The banks opened OTC derivatives trading on Sunday to help the situation.