The Associated Press has reported that Vadim Benyatov, the Credit Suisse banker who was arrested in Romania in November on commercial espionage charges, has finally been freed from clink after a successful appeal. He will, however, be required to remain in the country for a further 30 days, while prosecutors conclude their investigations.
PR Newswires reports that Ian Banwell, Bank of America's chief investment officer, has resigned to start an alternative investment management company, Round Table Investment Management. BofA will take a minority equity stake in the new firm.
Lord Browne was forced to step down as CEO of BP last week in dramatic circumstances. And the fact that Browne is gay has given rise to the predictable chorus that the City and business generally is homophobic.
Several days after Bank of Montreal announced that it incurred the worst trading losses (US$404m) ever sustained by a Canadian bank, many are still wondering how this could have occurred.
2006 proved to be the best year for M&A ever - deals hit an all-time high of around $3.7 trillion, surpassing the previous 2000 high of $3.4 trillion. Many thought that 2007 couldn't possibly be as good a year for M&A as last year, but there's been a recent surge in activity. M&A pipelines are strong, the appetite for deals shows no sign of letting up, and analysts and associates remain in big demand.
The debacle that is the sale of Dutch bank ABN AMRO descended into chaos Thursday, after a Dutch court ruled that the bank's board was in error for denying shareholders the right to vote on the sale of US retail business LaSalle to Bank of America. The judge said that the proposed disposal of LaSalle constituted a change of strategy and should therefore have been presented to investors for their views. The sale has been placed on ice.
Brady Dougan officially takes over as CEO of Credit Suisse Group today. He'll be a tad miffed, though, that one of his investment bankers has spoiled his big day by getting arrested and carted off to jail yesterday, charged with 25 counts of securities fraud and one count of conspiracy for his alleged involvement in an insider trading scam.
What a guy that Sandy Weill. With all those staff over at Citi losing their jobs in the recently-announced shake-out, Citigroup founder Sandy Weill is doing his bit to save on costs too.
Every year research firm Universum surveys MBA candidates for Fortune magazine on where they'd most like to work. Here's the Top 20:
The Wall Street Journal reports that UBS is to close down its Dillon Read Capital Management hedge fund, which was launched a couple of years back, after it sustained first quarter mortgage securities trading losses of around $150m.