Citigroup, Bank of America, annd JPMorgan Chase abandon their plan to create a 100 billion dollar super fund designed to unblock the credit markets.
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Today Treasury Secretary Henry Paulson commended some big banks that have made efforts to bring off balance sheet investments tied to their subprime mortgage loans back onto their books.
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Wall Street Journal reported today that Citigroup, JPMorgan Chase, and Bank of America, the three largest US banks with the backing of the US Treasury Department, have agreed on the structure of a 100 billion dollar super fund designed to help unblock the credit markets.
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Deutsche analyst Mike Mayo estimates that the Large US banks and brokerages could suffer an additional $10 billion more in the fourth quarter as deteriorating conditions due to the credit market continue to undercut the value of subprime mortgages.
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Citigroup announced today that it’s combining it’s investment banking and alternative investment divisions into one lead by Vikram Pandit, a former Morgan Stanley executive.
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