Fitch Ratings, the international rating agency, has downgraded Deutsche Bank's Individual rating to 'B C' from 'B' and at the same time has affirmed its Long term rating at 'AA', removing both from Rating Watch Negative. A Negative Outlook is
UBS reports net profit after tax for 2001 of CHF 4,973 million, 36% less than the previous year. Pre goodwill, net profit was 28% lower than was achieved in the markedly stronger markets of 2000. Although UBS is still constrained
As professional optimists, fund managers rarely see a glass less than half full. According to the latest Merrill Lynch survey, they now reckon emerging markets are the best antidote to the undoubtedly gloomy short term outlook in the United States.
Fortis, the Benelux financial group, has sold its French life assurance operation to Swiss Life Rentenanstalt. The Swiss life office will acquire Fortis France S.A., whose primary component is formed by the life insurance company Fortis Assurances S.A. Accordingly, the
Dresdner Bank, the leading agent bank in Germany, expects its 2001 profits to fall sharply thanks to increased loan loss provisions and integration costs associated with the Allianz merger. However, the bank says its cost cutting measures are starting to
With the sale of HYPOSWISS, UBS is streamlining its private banking activities in Zurich. The pre tax profit of approximately CHF 165 million generated by the sale will be reported in the income statement for the first quarter of 2002.
KAS BANK clearing specialist on Euronext Paris KAS BANK is the first General Clearing Member of Euronext that is able to provide clients of the three underlying Euronext exchanges with its services from one portal instead of from three different
Brown Brothers Harriman (BBH) announced that Michael W. McConnell has been named as the new Managing Partner. McConnell, 59, succeeds Anthony T. Enders, 65, who served as Managing Partner for seven years and will remain a General Partner of the
Those masters of the unpleasant surprise JP Morgan Chase, the unhappy leaders of the syndicated corporate loan market in mid recession have unveiled a new tool for predicting exchange rate movements. Since it is not April Fools' Day, the Economic
The craze for measuring transaction costs shows no sign of abating. Deutsche Asset Management announced the introduction of BrokerMerit, a proprietary web based system designed to rate, rank and review the brokers that DeAM uses around the world. DeAM, which