Bank of Montreal Takes Write-Down and Bolsters SIVs
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Canadaâs fourth-largest bank cited turmoil in the credit markets, and said it would provide up to $13 billion in liquidity for two of its structured investment vehicles.
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An agreement has been reached on the sale of the portfolio of SIV Portfolio, a structured investment vehicle, to bidders including Goldman Sachs , the fund's receivers Deloitte & Touche said on Monday.
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TORONTO (CP) - Bank of Montreal and US subsidiary Harris Bank are paying $197.4 million for Indiana&#39;s 19-branch Mercantile Bank as they bolster their successful operations in the US Midwest.
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The bank was badly hurt by a huge spike in consumer credit costs and the poor performance of its investment banking unit, which has clamored for Wall Streetâs respect.
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Morgan Stanley unveils a $9.4bn asset write-down and sells a $5bn stake to the Chinese sovereign wealth fund.
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No one will accuse TD Banknorth Inc. of sugarcoating its story. TD Banknorth executives were downright gloomy during presentations to investor conferences in Canada and New York this week. The message: Consensus Wall Street forecasts for the company's profits were too high. Business expenses were up, and demand for loans was leveling off. Executives at Toronto-Dominion , the Canadian financial ...
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Citigroup  and Goldman Sachs   are the most exposed to further writedowns from  leveraged loans in the first quarter, as the value of loans and  bonds created to finance leveraged buyouts plunges, Bank of  America said.
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Investors poured back into equities on Thursday, hoping a rescue plan for ailing bond issuers would stem credit losses, while allegations of a massive trade fraud at Societe Generale added to financial sector woes.
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The bond insurer, which took a $5.21 billion write-down, said it is reviewing ways to raise capital.
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The British-based bank delivers an upbeat outlook and modest writedowns.
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Investors shouldn't be writing off banks quite yet.
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Bank announces $18 billion in write-downs as well, also gets infusion of funds from various investors and sovereign wealth funds, but investors fear the worst may be yet to come.
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Credit Suisse is weathering the credit crisis better than its larger rival, UBS, which wrote down $14 billion in the same period.
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Credit Suisse  reduced total  write-downs from the subprime crisis on Tuesday in dramatic  contrast to rising charges by rivals, and raked in billions of  new investments from wealthy clients.
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TORONTO - Bank of Montreal and its US subsidiary, Harris Bank, said Wednesday it will pay $197.4 million to purchase privately held Mercantile Bancorp Inc.
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China has agreed to pump $5 billion into Morgan Stanley as the U.S. investment bank reported a stunning fourth-quarter loss fueled by $9.4 billion in write-downs in subprime mortgages and other assets.
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The Bank of Canada held its main overnight interest rate unchanged at 4.25 percent, as expected, and shrugged off market volatility. It made no suggestion of future rate moves, indicating that it will keep monetary policy unchanged for some time. âThe Bank of Canada is very happy where things are, given all the uncertainties,â said Michael Gregory, senior economist at BMO Capital Markets.