Major banks agree to create $70 billion liquidity fund

09/15/2008 | Financial Times (free content) · Reuters

Trouble in the financial sector prompted 10 of the largest banks in the world to create a $70 billion liquidity fund. The move is part of an effort to lessen the effects of Lehman Bros.' failure. The banks -- Barclays, Bank of America, Credit Suisse, Citigroup, Goldman Sachs, Deutsche Bank, JPMorgan Chase, Morgan Stanley, Merrill Lynch and UBS -- will each be allowed to borrow as much as one-third of the fund.

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Financial Times (free content) · Reuters

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