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Banks set up $70bn borrowing pool

A group of 10 international banks has established a $70bn (£39bn) borrowing facility to provide liquidity in the face of unprecedented volatility in the money markets.

The institutions involved are Bank of America, Barclays, Citibank, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Merrill Lynch, Morgan Stanley and UBS.

The group aims to maximise liquidity by creating a borrowing facility in which any of the 10 banks will be able to use up to one-third of the funding pool created if required. It is anticipated that the size of the pool will increase as other banks join.

A joint release from the banks says: “We are committed to continuing to work closely with one another as well as the US Treasury, governments and regulators around the world to ensure the industry is doing everything it can to provide additional liquidity and ass- urance to our capital markets and banking system.”


S&P downgrades B&B

Ratings agency Standard & Poor’s has downgraded Bradford & Bingley over asset quality concerns within the lender’s buy-to-let and self-cert mortgage book.

B&B slashes 370 jobs

Bradford & Bingley is set to trim 370 jobs and £15m in costs as part of a streamlining exercise.

Goldman Sachs shares yo-yo

Goldman Sachs has seen its share prices roller-coaster over the past two days with values dropping as low as $99.12.

Mortgageforce takes on Devon brokerage

Mortgageforce has taken on 14 new brokers as part of an 18-month expansion plan by adding Devon-based brokerage Mortgages and Financial Solutions to its franchise operation.


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