Keywords:

“We fear we could lose up to $5b… [but] if it did happen, I wouldn’t be pulling my hair out.”
Jamie Dimon on the JP Morgan’s $15b European sovereign debt exposure, despite record $19b profits for 2011.



The following are notes from our Monday morning meeting.


The US regulator’s move to block US access to banks dealing with the Central Bank of Iran will affect Japanese banks, while India said its financial ties remain unchanged.

RBS will cut 3,500 investment banking jobs globally, while Barclays will cut 422 IT roles; HSBC is selling 26 US branches to Keybank, and its Thai retail and cards operations to Bank of Ayudhya.

Ziad Fariz has succeeded Mohommad Shanin as governor of the Central Bank of Jordan.

Kim Hak-heon, the chairman of Korea’s Ace Mutual Savings Bank who was being investigated for illegal lending and bribery, was found dead, an apparent suicide.

China Development Bank is selling $3.6b in 15-year dim sum bonds, part of its $6b planned sale.

Ma Sin-chi, MD of Deutsche Bank’s Hong Kong warrants business, has been charged with taking fees for advising illegal trading.

The State Bank of Pakistan and Pakistan Telecommunication Authority have signed an MOU to develop mobile banking.

CIMB is in talks to acquire a 60% stake in the Philippines’ Bank of Commerce, a deal that may be worth up to $213.3m. 

Australia’s NAB has injected $600m to help shore up capital of UK unit Clydesdale Bank, which has ceased all commercial property lending.