Top Firm Staff Said To Be Heading For Exits Over Pay

The New York Post reports that there's 'unrest' over at Deutsche Bank which is 'creating a talent drain as bankers and traders head for the exits'.

Although Deutsche Bank was not bailed out by the German government, and Germany didn't impose a bank bonus tax (unlike the UK and France), many of Deutsche's senior staff are said to have become frustrated at the pay restraint Josef Ackermann, the bank's CEO, promised German authorities he would exercise in the wake of the financial crisis. And some staff appear to have already voted with their feet.

And talking of staff departures, sources also tell Here Is The City that an 'exodus' has begun over in the London-based IT group at Bank of America Merrill Lynch. A couple of recent high level resignations are thought to be down to pay and politics, and other staff in the group are said to be considering their positions.

In the meantime, Reuters reports that UBS is said to be considering making a move back into commodities again - just over a year after selling its base metals, oil and US power and gas businesses to Barclays.

The Times reports that 10 former Tullett Prebon brokers who have been kept out of the market and prevented from joining rival BGC Partners for a year, will be free to return to work at the end of the month. Tullett had requested an extension of an injunction that was granted last April, but the UK's High Court declined the request.

Finally, Bloomberg reports that Anastasia Kelly, AIG's former general counsel, has said that the firm didn't have the leadership in place to deal with the financial crisis, which led to the firm receiving $182.3bn in bailouts from the US taxpayer.

Speaking at a conference at Georgetown University last week, Ms Kelly said: 'There wasn't focus on the fact that now Hank's (former CEO Hank Greenberg, who left in 2005) gone, what do we need, what kind of succession planning should we have in place'.

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