Banker Claims Workload Contributed To Insomnia, Stress & Depression

The Daily Telegraph reports that James Lazarus, the former Head of Bank of New York Mellon's Executive Office in London, has issued a High Court Writ seeking $1.43m for workplace-related stress.

According to the newspaper, Lazarus 'alleges bullying, excessive workload and a chaotic approach to work (which)...contributed to his insomnia, stress and depression'.

One outplacement professional told Here Is The City: 'A firm like Bank of New York Mellon is not usually associated with stress in the workplace, but organisations like this certainly slimmed down the workforce during the financial crisis, and this can sometimes place extra pressure on those left doing the work. And fear of being laid-off in this kind of environment can also lead to stress and depression'.

In the meantime, The London Evening Standard reports that Barclays is expected to spin off its private equity unit this summer in an MBO.

And StreetInsider reports that analysts over at Goldman Sachs have upgraded Citi from 'neutral' to a 'buy', and set a $4.50 price target.

Fox Business News reports that Representative Barney Frank is to get the 'influential position' of chairing the committee tasked with merging the US House and Senate financial reform bills into law.

Finally, CNBC reports that Senator Judd Gregg has described the Senate bill as a 'disaster'. 'It doesn't address the fundamental underlying causes of the economic issue', he said.....'This bill became 'I want to score the most points against Wall Street'. Most of the initiative of this bill wasn't directed at solving the problem, but it was directed at scoring political points'.

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