The "cost of protection" in FedEx Corp (FEDEX) rose yesterday following the sale of fixed and floating rate notes that totaled US $1.6 billion. The proceeds of the offering will be used to pay down the short term borrowings that
JPMorgan's regulatory cash management group said it will begin offering its Interest Earning Facility 4 (IEF4) collateral management program to members of the Chicago Mercantile Exchange (CME). The IEF4 program provides additional flexibility beyond IEF3 by offering clearing members free
State Street has confirmed the closure of its fixed income agency lending desk in Frankfurt. Inherited as part of the Deutsche GSS acquisition, the trading activity and operational support is being moved to London. "We are consolidating our fixed income
German insurer Allianz avoided another year in the red in 2003 thanks only to a windfall asset sale after its troubled Dresdner Bank unit turned in a second consecutive annual loss of over Euros 1 billion. CEO Michael Diekmann admitted
Gap Inc. said today that Bernadette "Bernie" Foster has been named Managing Director of its U.K. operations. Foster will report to Andrew Rolfe, President of the company's International division and she will be based at its European Support Office in
Global Investor Services (GIS), a division of HSBC Bank PLC and part of HSBC Securities Services (HSS), has been upgraded to "AA" overall rating (with a stable outlook) for public global custody by Thomas Murray, a specialist custody rating, risk
City Networks, a provider of software and services to the treasury, securities and derivatives markets, today said it appointed Peter Little as Non Executive Director on its board. Little's 20 year career includes roles as co founder and managing director
Former officers and directors of Global Crossing, the failed telecommunications company to which SWIFT outsourced its connectivity needs two years ago, have reached a $325 million settlement agreement on Friday with investors in a deal that requires the company's founder
Bank of America Chief Executive Kenneth Lewis on Wednesday estimated the bank had about $600 million of exposure to Parmalat. He said that bank employees involved in the Italian food company's collapse are "no longer with us." Italian prosecutors are
According to IDC's European Vertical Market survey, a large number of banks are already using Web services technology, while other financial services companies are working to implement the technology over the next two years. The insurance industry, however, is lagging