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The bad news has been piling up at HBOS, but we shouldn’t call in the movers just yet.

BNP Paribas argues coordinated action to support the dollar can work.

Barclays Capital has confirmed that Adrian McGowan is joining as managing director and head of foreign exchange trading, Asia-Pacific, from Deutsche Bank. It has also promoted Lutfey Siddiqi, its managing director and Asia-Pacific head of corporate FX and risk advisory, who now has additional management responsibility for distribution of the full suite of flow and structured FX products across corporate and investor clients in Asia-Pacific. Dean Tonkin, currently head of FX trading, Japan, and regional head of FX forwards, has also assumed additional regional responsibility for FX spot trading and FX proprietary trading.

Despite the far superior performance of CLOs to that of ABS CDOs, CLO managers on both sides of the Atlantic face a battle to survive in present and future market conditions.

Shinsei Bank has announced that it is to acquire General Electric’s Japanese consumer finance business for ¥580 billion ($5.4 billion). The deal comprises GE’s personal loans unit, Lake, as well as its mortgage loans and credit card arms, and will bring Shinsei more than 2 million new customers as it seeks to combine its consumer finance and retail operations.

Mark Hillery has apparently left hedge fund Tudor. There is no indication whether his departure is permanent or a sabbatical. Meanwhile, the firm has hired Andrew Bound from Goldman Sachs Asset Management. Bound left GSAM in May and is believed to be starting at the fund in August.

Structured product issuers have a new set of guidelines that they will be expected to informally adhere to after trade organizations, including the International Swaps and Derivatives Association, released non-binding principles for managing relationships with retail investors.

Fund managers in the region are finding demand for a wide range of products, even though many investors still have very local interests at heart.

Banorte, the biggest locally owned bank in Mexico, plans to establish a new venture capital unit that will be spun off from its distressed assets business, Solida, according to the bank’s chief executive.