Top Firm Boss Criticizes Objections To Compensation Policy

The Wall Street Journal reports that UBS Chairman Kaspar Villiger defended the bank's compensation policy when speaking at the bank's annual shareholder meeting Wednesday.

Villiger said that refraining 'from paying any bonuses at all and not permitting (UBS) to pay compensation in line with market rates means taking away (the bank's) chances of recovery and survival'.

In the meantime, The New York Post reports that a spat between Deutsche Bank and buyout firm KKR has resulted in the German bank being left out of underwriting the lucrative $1bn IPO of semiconductor company NXP.

Apparently Deutsche was in line to be lead underwriter on the deal, but was cast aside after the bank's credit committee refused to renew a $60m credit line for the semi-conductor business. A Deutsche Bank 'source' told the newspaper: 'We would have made more off fees than we could have lost with the loan'.

And Reuters reports that a UK Employment Tribunal has thrown out the claims of two Nomura employees who alleged that they were dismissed because they were female and not Japanese. Anna Francis and Maureen Murphy, both of who came to the firm via the Lehman deal, were seeking $2.3m each. The tribunal ruled that the claims for unfair dismissal, race discrimination and sex discrimination had not been proven.

Bloomberg reports that three Commerzbank shareholders have called for a 'no confidence' vote in the bank's management board at the AGM scheduled for May 19th. They have also asked shareholders to vote for the removal of former Allianz executive Helmut Perlet from Commerzbank's supervisory board.

Finally, the news agency reports that Lloyds Banking Group is looking to beef up its investment banking unit by adding 35 fixed income professionals - 25 bond and loans salespeople, and 10 traders.

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