Deutsche's Boss Has Been At It Again
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He told the Financial Times that he thought the credit crunch was at 'the beginning of the end'. Coming just a few weeks after his Churchillian utterings during an evening in Frankfurt at a event organised by the American Chamber of Commerce in Germany ('We are at the beginning of the end, and not the end of the beginning' of the credit crunch), Lord knows what Ackermann's latest in-depth assessment of the state of the markets means. We can't work out what's more annoying - Ackermann's banal comments on the credit crunch, or Vikram Pandits silly staff memos.
Reuters reports that Calyon, Credit Agricole's investment banking arm, is to now focus on four major lines of business in order to better serve customers (and also, presumably, to ensure that it doesn't make too many more losses!). Going forward, the unit will focus on M&A, structured finance, equity brokerage and fixed income.
The Financial Times reports that UBS has said that it will no longer allow US residents to stick cash in Swiss bank accounts, which are beyond the reach of US regulators. According to the newspaper, Mark Branson, CFO of UBS's global wealth management unit, told a US Senate permanent subcommittee on investigations this week: 'We have decided to exit entirely the business in question. That means that UBS will no longer provide offshore banking services or securities services to US residents through our bank branches. Such services will only be provided to residents of this country (the US) through companies licensed in the US'. UBS is currently mired in a $20bn tax evasion probe launched by the US Justice Department.
Finally, The New York Times reports that securities regulators from several states raided the St Louis headquarters of Wachovia this week, as the bank found itself involved in the broad investigation into the $330bn auction-rate securities market. Several other firms have received visits and / or requests for information.
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