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"Numerous European banks would not survive having to revalue sovereign debt held on the banking book at market levels."
Josef Ackermann, CEO of Deutsche Bank, likening the current volatile climate to the autumn of 2008.


The following are notes from our Monday morning meeting.


The UK's independent commission on banking will today publish its report, and is expected to call on retail banking operations to be separated from investment businesses.

Bank of America overhauled management, firing wealth management head Sallie Krawcheck and Joe Price, its retail head, and creating co-COO positions for top earners David Darnell and Tom Montag.

Colombia's Banco de Bogota will launch a $1b debt issue in foreign markets to pay off loans from its $1.9b purchase of BAC-Credomatic from GE last year.

UAE prime minister Sheikh Mohammed bin Rashid Al Maktoum appointed Seb Eigner chairman of Dubai's FSA, replacing Abdullah Saleh, who became governor of the DIFC in July.

Australia's ANZ is believed to be seeking a stake in Japan's Aozora Bank, but more likely a minority stake than full control; private equity player Cerberus is selling its 49.78% stake in the bank.

Bank of Nova Scotia will buy 20% of Bank of Guangzhou, valued at $727m, the second stake in a Chinese bank for the Canadian lender after its 14.8% stake in Xian City Commercial Bank.

HSBC's Hong Kong CEO Mark McCombe is moving to Blackrock to be its AP chairman; he will be replaced by Anita Fung, the bank's GM.

Singapore's UOB spent $11.3m to increase its stake in Vietnam's Southern Bank to 19.99% from 15%.

The central banks of India and Pakistan are planning to meet this month to discuss direct trade, currently only worth $2b but with a potential of $4b, and lifting a ban on cross-border investment.

Bank of New Zealand appointed a head of Maori business to help develop the aboriginal segment of the economy, which has grown to $30b from $16.4b in 2005, or 24% of GDP.