Dow Jones Newswires reports that Charles Noski, Bank of America's new CFO, is to receive an annual comp package of some $8m, together with a $500,000 signing-on fee.
The Daily Telegraph reports that Citi posted a $4.43bn first-quarter profit Monday, with the investment banking unit contributing some $3.2bn of it on strong fixed income numbers. The New York Times reports that Prince Walid bin Talal, Citi's largest individual shareholder, said that he commended 'Citigroup's performance, and the management of Citigroup under the leadership of Vikram Pandit, who has my firm backing'.
And The Financial Times reports that China's Citic Securities is expected to shortly announce an investment banking and brokerage joint venture with French bank Credit Agricole.
Reuters reports that attorneys acting for Lehman Brothers are seeking to examine documents from hedge funds Citadel Investments, Greenlight Capital, Och-Ziff and SAC Capital, and also Goldman Sachs, as the bankrupt firm investigates whether any party made illegal 'statements that interfered with, or damaged (Lehman's) business' in the months leading up to its collapse.
And The Wall Street Journal reports that 'Jesse' Bhattal, the head of Nomura's wholesale banking business, has confirmed that he expects there will be more departures at the firm 'as we start to mark businesses to certain performance metrics, as well as to market'. Bhattal also said: 'The people we want to keep, we will make sure that the environment, as well as the opportunities that they will enjoy here, will be as good as any on the Street'.
Bloomberg reports that that former SocGen trader Samarth Agrawal has been charged in New York with stealing a code used in the firm's high-frequency trading business.
Finally, former US President Bill Clinton has conceded that he got it wrong by failing to regulate the derivatives markets. Clinton said on ABC's This Week program at the weekend that the advice he received from his two Treasury Secretaries ( Robert Rubin and Larry Simmers) was wrong. 'I think they we were wrong', he said, 'And I think I was wrong to take it'. Clinton said that he was told that he didn't need to regulate, as those who engaged in derivatives trades were small in number and rich, sophisticated investors. 'The flaw in that argument....', he said, '(is that) sometimes people with a lot of money make stupid decisions'.