Keywords:

"I believe we have reached a crossroads. A monetary union without a fiscal union, this construct has failed."
Martin Blessing, CEO of Germany’s Commerzbank amidst growing calls for European banks to raise capital.

The following are notes from our Monday morning meeting.

UBS CEO Oswald Grübel resigned to take responsibility for a $2.3b rogue trading loss; EMEA boss Sergio P Ermotti is acting CEO.

Bank of America, Citi and Wells Fargo were downgraded, as well as eight Greek banks and several Italian lenders.

Qatar National Bank reopened in Libya after suspending operations for six months due to political unrest.

Jeong Gu-haeng, CEO of Korean savings bank Jeil 2, committed suicide as investigators raided his office in a real estate-related corruption investigation. His was among seven suspended for property losses.

Bank of China opened its first overseas forfaiting and commodities finance unit in Singapore to boost its trade finance business in the region.

Taiwan's Chang Hwa Commerical Bank will open a branch in Cambodia by year end.

Philippine President Benigno Aquino III ordered the investigation of officials of state-owned Development Bank of the Philippines for approving anomalous loans amounting to $389m.

India's ICICI Bank, HDFC Bank and Axis Bank agreed to waive the personal surety clause in the $14b debt restructuring of four troubled microfinance companies.

Australia’s NAB is testing US investors by issuing a RMBS, its first since 2006, worth $750m.