Citi, JPMorgan, MF Global, Moody's, RBS, UBS
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The Wall Street Journal reports that JPMorgan Chase CEO Jamie Dimon told his shareholders earlier this week that the Bear Stearns takeover was a 'very risky and tough proposition', and asked for 2 years before he is judged on whether the deal had been a success.
Bloomberg reports that MF Global, the world's largest broker of exchange-traded derivatives, has confirmed that it is to sell private equity firm J.C. Flowers as much as $300m in equity in order to pare down debt. The firm lost over $71m in a futures-trading scandal earlier this year.
The Financial Times reports that rating agency Moody's incorrectly awarded triple-A ratings to billions of complex structured debt products due to a computer coding error. According to the newspaper, senior staff at the firm became aware of the error early in 2007, but the products, which allegedly should have been rated 'four notches lower', were not actually downgraded until January this year. Bloomberg reports that Connecticut Attorney General Richard Blumenthal has launched a probe into the matter in an attempt to discover whether there has been indeed a cover-up. A spokesperson for the ratings agency refused to comment on the matter.
Finally Bloomberg also reports that shares in Royal of Scotland took a hit in trading on Wednesday, on speculation that its $24bn rights issue wouldn't be fully subscribed. And Reuters reports that UBS shares closed 3.4% down yesterday on concerns that the Swiss bank may have to increase the size of its planned $14.5bn rights issue.
