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The news agency also reports that Marc Litzler, the head of Credit Agricole's investment banking unit (the unit currently known as Calyon) may leave the firm, after it has taken a $5.3bn subprime lending-related asset writedown hit in the last few months.
Allianz is still said to be trying to work out what to do about its 'Dresdner' problem. Dresdner posted a $792m first-quarter loss, after further asset writedowns of some $1.3bn. Allianz CFO Helmut Perlet acknowledged last week that 'we need to look at all options (for the bank), not just one'.
The Daily Telegraph reports that Morgan Stanley is raising a new $10bn global real estate fund to invest in distressed property assets.
The Sunday Times reports that US regulator The Securities and Exchange Commission (SEC) has launched an investigation into Royal Bank of Scotland's 'interests in securities backed by subprime home loans, as well as residential mortgages written by its US subsidiaries'. The SEC is said to have launched around 40 different probes into a variety of firms pertaining to this matter.
The Daily Telegraph reports all of the so-called 'NatWest Three', David Bermingham, Giles Darby and Gary Mulgrew, have now reported to the US prison service to begin their 37 month (each) sentences. All three will be applying to complete their sentence in the UK.
Finally, Reuters reports that, according to industry trackers BarclayHegde and Trim Tabs Investment Research, investors placed an estimate $16.3bn in new investment into hedge funds in March, down from February's $17.5bn.
