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"Where is the implementation of these long-standing decisions? We should not be waiting any longer."
Mario Draghi, ECB president, on EU leaders' failure to support the European Financial Stability Facility.



The following are notes from our Monday morning meeting.


US police used force to disperse the Occupy Wall Street and Occupy Oakland protests, saying that it was for “health and safety reasons”. No bankers were reported hurt.

Italy’s Unicredit will cut 6,150 jobs as it declares $14.6b 3Q losses and a $10.3b rights issue to raise capital; Citi and Japan’s Mizuho are laying off 3,000 staff each, and France’s BNP Paribas 1,400.

Allianz CFO Paul Achleitner was nominated to become chairman of Deutsche Bank in May 2012 when Josef Ackermann leaves after nine years as its CEO.

Angola will require foreign oil firms to use domestic banks for taxes and other transactions.

HSBC is reportedly considering exiting retail banking in Japan, South Korea and Bangladesh.

The Islamic Financial Services Board named as chair Bahrain central bank governor Rasheed Mohammed Al Maraj, and Qatar central bank governor Sheikh Abdullah Saoud Al-Thani as deputy chair.

Private equity firm Lone Star was finally cleared to sell its 51% stake in Korea Exchange Bank; Hana will buy it for $3.9b, but is under government pressure to seek a better deal.

In his first major rule as the new CBRC chairman, Shang Fulin ordered China’s banks to temporarily stop selling short-term individual wealth management products with maturities under one month to reduce volatility.

Taiwan’s Chinatrust will set up joint operations with China Development Bank in asset management, private equity and venture capital.

Vietnam’s central bank wants foreign lenders to report outstanding loans given out to foreign direct investment enterprises by November 30th.

Singapore’s Temasek Holdings reportedly paid $2.2b for some of the China Construction Bank shares recently divested by Bank of America, raising its stake to nearly 10% from 8.1%.

IDBI Bank launched a $102m dim sum bond, India’s first, as part of its $1.5b capital raising programme.

Australia’s ANZ was the first to sell covered bonds with its $1.23b issue; the market for this cheaper source of funding is believed to be $100b.