The Wall Street Journal reports that the 'golden handcuffs' put in place by Nomura to retain the Lehman bankers that the firm brought on board following the collapse of the US investment bank, are due to come off soon.
According to the newspaper, 10% of the 1,000 Lehman Managing Directors who transitioned to Nomura were offered two-year guarantees to come aboard. Despite the fact that the lock-ins are running off, Nomura doesn't anticipate that many senior staff will leave. A spokesperson said: 'The jury is in. We are successful. Our teams are stable and we continue to have no trouble hiring top talent in the market'.
In the meantime, The Daily Telegraph reports that David Owen, the former chief economist over at Dresdner Kleinwort, is suing Commerzbank for cutting his bonus by 90% and not giving him his proper redundancy payout.
Owen, who now works for Jefferies & Co, says that he was promised a $430,000 bonus, but that it was subsequently scaled back. He also says that he was offered a year's salary of $189,000 in severance on condition that he waive all future claims against the bank, yet he is due almost twice that amount as he was employed there for 23 years.
Commerzbank is facing lawsuits from over 100 former Dresdner Kleinwort bankers over their 2009 bonuses.
And Bloomberg reports that London-based pension consultant Hymans Robertson says that Royal Bank of Scotland Group has the largest pension deficit out of all financial companies relative to its market value in the FTSE 350 index. RBS's pension deficit is said to be some 69% of its market cap.
Finally, Reuters reports that, according to data provided by BarclayHedge, hedge funds pulled in some $7.1bn of new money in January, and now manage around $1.5 trillion in assets.