The Wall Street Journal reports that The National Association of Securities Dealers has fined Banc of America Investment Services $3m for 'failing to comply with anti-money laundering rules in high-risk accounts'. The firm has agreed to pay up, but will neither admit nor deny the findings.
The Observer reports that leading private equity firm Permira launched their £5m charity , the Private Equity Foundation, a few days back with a gala dinner. On view was allegedly 'a lissom dancer, a pole and a slippery tutu'. Makes a change from asset stripping!
In Autumn 2005 a group of four City-based women who had all been treated for cancer, put an open letter in HereIsTheCityNews canvassing opinions about the need for guidelines to help employers manage employees with cancer, or affected by cancer (carers, work colleagues etc). The response was very positive and reinforced the group’s belief that there was an information gap to be filled.
Bloomberg reports that Citigroup is likely to shed jobs as CEO Chuck Prince bids to cut costs by more than $1bn this year. And this round of cost containment won't simply be about toilet rolls, magazine subscriptions and limos. The cuts will go much deeper.
Bloomberg has an informative item about Deutsche Bank and the difficulty the firm appears to be having with its equities unit relative to its fixed income operation.
New Star Asset Management has purchased six retail unit trusts from Aberdeen Asset Management for over £90m.
Andrea Madarassy, a former banker at Nomura International, has lost her $2m discrimination case against the firm at the Court of Appeal. Although Ms Madarassy is still able to appeal the decision to the House of Lords, her six year battle with Nomura appears to be over.
Lazard chairman and CEO Bruce Wasserstein must be in good spirits. As The New York Post says, not only does Bruce and his family already own stock and stock rights in Lazard currently worth around $585m (the Lazard share price rose 46% last year), but Bruce was awarded another $18m in restricted stock for his troubles in 2006.
That McKinsey Report commissioned by New York City mayor Bloomberg forecasts that, unless the regulatory and legal framework changes in the Big Apple, 60,000 financial markets jobs could be at risk in the next 5 years. And some are now saying that, whatever they do in New York, they will never make up lost ground.
Don't marry for 'love' - just do it for money! That's the message for rich bankers who wish to protect their bonuses from ex-spouses.