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Firm Boss Said To Make 'Emergency Trip' To Avert 'Flood Of Defections'

CNBC reports that Bank of America's wholesale banking boss Brian Moynihan is said to have made an 'emergency trip' to Merrill Lynch's London offices a few days back in order to attempt to 'stem a possible flood of defections of investment bankers'. The list of bankers thought to be on the edge include Andrea Orcel, the firm's top European banker.

Quote Of The Day

City Minister Lord Myners told the House of Commons Treasury Committee Tuesday that Royal Bank of Scotland's board 'bent over backwards' to give former CEO Sir Fred Goodwin a decent pension.

Two More Firms Said To Be Looking At Pay Increases

The Wall Street Journal reports that, according to unnamed 'people familiar with the situation', executives at Citi and Morgan Stanley are now discussing increasing the pay of certain senior empoyees and top revenue earners, as a way of sidestepping the US government's bonus restrictions on firms which have taken TARP funding.

Staff Get Threats Over Bonuses

Angry Mob

The furore over the $165m in bonuses AIG is contractually obliged to pay staff at its Financial Products Group (the unit that basically brought down the firm) reached fever pitch over the last couple of days.

AIG CEO's Congressional Testimony

Here's Wednesday testimony by Mr. Edward M. Liddy, Chairman and Chief Executive Officer, American International Group before the House Financial Services Subcommittee on Capital Markets, Insurance and Government-sponsored Enterprises:

AIG Bonus Latest - Staff Asked To Return Bonuses

AIG CEO Edward Liddy (you know, the guy who's working for $1-a-year, and who came in to protect the US taxpayer and sort out the mess) was hauled before a House of Representatives subcommittee Wednesday. His pleas for understanding that the $165m paid in retention bonuses to a group of staff tasked with unwinding $2.7 trillion in complex securities, however, fell mostly on deaf ears.

Exclusive - List Of Merrill $1m+ Bonus Bankers

As a US judge ponders the request by New York State Attorney General Andrew Cuomo to publicly release the names of Merrill Lynch's top 200 2008 bonus earners, Here Is The City can exclusively reveal the names of several more of those bankers.