Traders May Have Cell Phones Tapped

The Times reports that UK securities regulator The Financial Services Authority (FSA) is considering forcing City firms to record conversations their traders have on their work cell phones, as the regulator clamps down hard on insider trading.

In the meantime, Reuters reports that the FSA is planning on beefing up headcount by 14% this year, increasing staff numbers by 460, despite the fact that the regulator will be abolished should the Conservatives win the forthcoming election.

And Bloomberg reports BNP Paribas is to pick off as many as 30 research analysts, traders and sales staff from KBC's Japanese unit, which is in the process of being wound down.

The Charlotte Observer reports that Bank of America CEO Brian Moynihan has admitted the bank's failings in a recent letter to shareholders. The bank boss said: 'Before and during the recent crisis, many of our collective business judgements missed the mark'.

Finally, The Financial Times reports that Nomura's 'Jesse' Bhattal, who was supposed to be leaving the firm this month, has been appointed president and COO of the bank's new wholesale banking unit. Bhattal, 53, has also been appointed to Nomura's executive management committee - the first non-Japanese appointee.

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