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Bank deleveraging has barely started

Bank deleveraging has barely started

Banks lending money to governments to help fund bank bailouts looks horribly circular

Abigail Hofman:

Abigail Hofman:

I wonder if ______ is an extremely optimistic person or in a cocoon of senior management denial

August 2008

Interest rate derivatives poll: US Dollar





Interest rate derivatives poll
In association with Total Derivatives
Global Winners US Dollar
Euro Yen
Sterling Methodology


Place Bank % of vote
USD swaps 2 to 10 years
Individual voting 88
1 JPMorgan 18.2
2 Bank of America 12.1
3 Deutsche Bank 10.8
4 RBS/ABN 7.6
5 Citi 6.8
6 Lehman Brothers 6.6
7 Wachovia 5.9
8 Goldman Sachs 5.7
9 Morgan Stanley 4.5
10 Barclays Capital 4.4
USD swaps 10 to 50 years
Individual voting 55
1 JPMorgan 24.5
2 Bank of America 10.9
3 Deutsche Bank 10.9
4 Goldman Sachs 10.0
5 Lehman Brothers 5.2
6 Citi 5.2
7 RBS/ABN 4.5
8 Morgan Stanley 4.5
9 Société Générale 4.2
10 UBS 3.9
USD inflation products
Individual voting 45
1 Barclays Capital 13.3
2 JPMorgan 11.9
3 Goldman Sachs 8.9
4 Merrill Lynch 8.5
5 Morgan Stanley 8.1
6 RBS/ABN 6.3
7 Bank of America 5.9
8 Société Générale 5.9
9 HSBC 5.6
10 Lehman Brothers 5.6
USD vanilla options
Individual voting 58
1 JPMorgan 18.7
2 RBS/ABN 9.5
3 Lehman Brothers 8.0
4 Deutsche Bank 7.5
5 Goldman Sachs 6.9
6 Wachovia 6.9
7 Barclays Capital 6.6
8 HSBC 6.0
9 Société Générale 5.7
10 Citi 5.5
USD exotic rates
Individual voting 52
1 JPMorgan 16.7
2 BNP Paribas 12.2
3 Goldman Sachs 10.3
4 Deutsche Bank 8.7
5 Société Générale 8.3
6 Bank of America 6.4
7 RBS/ABN 5.1
8 Citi 5.1
9 Wachovia 5.1
10 Lehman Brothers 4.5


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