Top Firm Said To Defy Critics & Hike Base Pay

The London Evening Standard reports that UK majority-owned Royal Bank of Scotland looks set to defy 'calls for restraint on pay by awarding massive salary rises to investment bankers'.

According to the newspaper, some front office staff are likely to have their salaries doubled, while other staff could see their fixed pay increase by between 20 - 40%.

In the meantime, Reuters reports that JPMorgan is still undecided about proceeding with plans to build its $3bn European HQ building in the Canary Wharf area of London. The firm. it seems, is concerned that building a flash new building during these difficult economic times might not be the smartest thing to do.

The news agency quotes one 'property industry source', who said: 'It is a massive dilemma for them. They need new space to grow, but they don't want to make a hasty decision. The reasons for doing this, or not doing this, are becoming less and less about real estate and more and more about politics'.

And The New York Post reports that hedge fund Paulson & Co has been upping its stake in Bank of America.

Finally, The Wall Street Journal reports that, according to papers filed with the US Bankruptcy Court last week, the 29 law firms, financial advisers, investment banks and consulting firms that have worked on the Lehman bankruptcy has received some $769.6m in fees through the end of April. This figure doesn't include the $277.4m paid to turnaround firm Alvarez & Marsal, which is winding down Lehman's operations and contracts.

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