Such mortgage-related activities have helped consumers to maintain their expenditures, have helped the overall economy to grow, and have contributed significantly to the earnings of the banking system. These earnings have helped banks absorb losses elsewhere in their portfolios and to maintain loan loss reserves.
Prior to joining Bank of America in June 2005, Mr Subaiah spent 6 years with Deutsche Bank, Singapore where he held the position of Managing Director in charge of FI Relationship Management and had business line responsibilities for Deutsche’s cash and trade business in South/South East Asia and Australia.