CIBC, DB, GS, ING, Lehman, Morgan Stanley, Nomura, Tudor, Subprime

The Financial Times reports that analysts believe that CIBC may be looking at further US subprime lending-related write-downs of some $1.97bn next year. The firm has already written down almost $1bn, more than any other Canadian bank so far.

Reuters reports that Deutsche Bank is said to be preparing to pay $866m to settle claims that its then CEO, Ralf Breuer, undermined German former media baron Leo Kirch's then empire when he made remarks in a 2002 Bloomberg TV interview. Kirch has always said that the remarks called into question the creditworthiness of his group, and helped trigger its collapse.

The Times reports that six firms have each advised on over 200 M&A deals so far this year - Goldman Sachs, Morgan Stanley, UBS, Citi and JPMorgan. Currently in top slot in the Thompson Financial league table is Goldman, which has advised on 203 deals with a rank value of some $814bn.

The Financial Times reports that Lehman Brothers is under threat of legal action from at least two Australian municipal councils who claim that they have suffered substantial losses after being sold Lehman-originated CDOs by the firm's Oz subsidiary Grange Securities. 

The Sunday Telelgraph reports that ING has spend over $140m this season sponsoring Formula 1 - and says that it's money well spent.

Reuters reports that the US Securities and Exchange Commission has sued 2 two former Morgan Stanley financial advisers for allegedly defrauding 50 mutual funds companies 'by hiding certain hedge fund trades worth billions of dollars'. The alleged deception, which is said to have involved circumventing restrictions on market timing, took place between January 2002 and August 2003.

The Sunday Telegraph reports that Nomura is in the early stages of talks to takeover broking and corporate finance firm Collins Stewart, which has 750 staff globally. Any deal would probably be worth $1.5bn.

Bloomberg reports that Tudor Investment Corp's Raptor hedge fund faces client redemptions of over $1bn after losing around 8.5% this year, mostly on US equities.

Finally, Reuters reports that Sumitomo Mitsui Banking Corp., Mizuho Corporate Bank and Mitsubishi UFJ Financial are all said to have balked at the $5bn contribution required by the so-called SuperSIV, planned by Bank of America, Citi and JPMorgan Chase. All three Japanese banks are thought likely to insist on lower contributions if they are to sign up.

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