Bloomberg reports that Commerzbank can claim victory, after a German labour court rejected claims from 13 former Dresdner Kleinwort bankers that they were entitled to higher bonus payouts for their efforts in 2008.
The New York Times reports that Raj Rajaratnam, the founder of hedge fund Galleon Group, who has been accused of masterminding a $20m insider trading ring, doesn't appear to have been very good at it.
'NEW YORK, October 21, 2009 - Morgan Stanley (NYSE: MS) today reported income from continuing operations applicable to Morgan Stanley for the third quarter ended September 30, 2009 of $757 million, or $0.38 per diluted share, compared with a loss from continuing operations applicable to Morgan Stanley of $159 million, or $1.37 per diluted share for the second quarter.
The fattest man in the world is apparently living in Ipswich (and, no, he doesn't play for Roy Keane). At 70 stone, Paul Mason is alive and, not surprisingly, unwell.
The Wall Street Journal reports that Bank of New York Mellon has sold or restructured some $12.1bn in risky assets, and posted a $2.5bn third-quarter loss. Investors were pleased, however, that the firm is clearing the decks, and the stock rose over 6% Tuesday.
Bank of England Governor Mervyn King used a speech in Edinburgh Tuesday to suggest that it may be prudent to split up the activities of investment and commercial banks in order to prevent another financial crisis and the bailouts that followed.
Credit Suisse has announced a new compensation structure, which will result in higher base salaries for senior employees, while linking bonuses to longer-term business performance.
The Times reports that Barclays President Bob Diamond is said to have turned down the opportunity to talk to Bank of America about its vacant CEO position.
Here are a few of the (printable) comments sent in by our readers on the 'Goldman Must Fail' article.
The Daily Telegraph reports that anger is growing over a number of one-year bonus guarantees Royal Bank of Scotland is said to have agreed to bring aboard 11 fixed income traders it has poached from Bank of America Merrill Lynch.