UK
Company: Moody's
Sectors explained -Data Providers & Credit Rating Agencies
Credit rating agencies assess the likelihood that an organisation issuing debt will fail to pay back its creditors fully and on time – called ‘going into default’. Organisations are rated from AAA (virtually guaranteed to pay up on time) through to C (indicating a high risk of default). Risks are classified as ‘investment grade’ if [...]
Late Lunchtime Links: Time for everyone to restrict themselves voluntarily to 300k?
There are plenty of people working in the City who don’t earn six figures. The CEBR’s various bonus prognostications suggest the mean bonus for a ‘City employee’ this year is likely to be 21k. And recruitment firm Morgan McKinley’s monthly employment monitors generally put the average City salary somewhere in the region of 50k. Needless [...]
Why would anyone want to work for a ratings agency now?
Ratings agencies aren’t looking particularly hot as a result of Andrew Cuomo’s latest investigation into what precisely went wrong in the world of CDOs. As blog Naked Capitalism points out, agencies were either duped or dumb. Neither sounds particularly appealing. Five years ago, banks were all over ratings agencies. The New York Times claims that, [...]
GUEST COMMENT: If you kill the City, you’ll finish off the UK
The text below is from an anonymous email that’s been circulating around the City since the PBR. We’ve toned it down slightly where appropriate… Last week, Chancellor Alistair Darling today unveiled his Coup de grâce in his and boss Gordon Brown’s 5-yr campaign to level the United Kingdom to an economic wasteland, circa 1975. As [...]
I should CoCo?
Lloyds Banking Group’s use of a contingent capital debt exchange earlier this month has led many to speculate whether other banks could follow suit in an attempt to appease regulators’ liquidity concerns. If this happens, it’s likely to result in more advisory business for investment banks, so what people will be needed to work on [...]
Ratings agencies are hiring again
Ratings agencies have had both their reputations and balance sheets battered by the financial crisis, but for the first time in two years there are signs things are looking up. And the big players are tentatively re-building their teams once again. Standard & Poor’s has just reported its first quarterly rise in revenues in two [...]
Pseudo-toxic bonuses come to RBS
When we ran a post last week invoking reports that cash bonuses at RBS would be restricted to 25k, we were lambasted for printing a ‘wish’ from a ‘liberal rag.’ It now looks like 25k may have been wishful thinking. RBS has issued a release, saying that it won’t be paying cash bonuses at all [...]
Writedowns
What are they? Writedowns are the amount of money by which banks have to reduce the value of assets held on their balance sheets in order to match the value of those assets if they were sold at current market prices. For example, if Very Large Bank A were to buy a portfolio of asset [...]
Ratings agencies in hedge funds push
Ratings agencies have a new target in their sights to evaluate for credit worthiness: hedge funds. Is hiring to grow the business soon to follow? A spokesperson for Moody’s in London says the seven-strong hedge fund team, led by Gary Witt in New York, should grow. “We will expand as client demand warrants it,” he [...]
Dominion Bond Rating Service hiring in London
Canadian ratings agency, Dominion Bond Rating Service, is set to launch a new structured finance team in London. The Financial Times reports that the team will be headed up by Apea Koranteng, former global head of structured capital markets at ABN Amro. DBRS already has a banking team based in London, led by Sam Theodore, [...]
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