Deutsche chairman Rolf Breuer will step down in May, 2 years before his contract with the bank is up. Breuer, 68, is fighting a claim that comments he made during a Bloomberg TV interview in 2002 hastened the demise of failed media group Kirch. Deutsche is also in the dock over this interview, as the banker was speaking as a senior bank executive. The Deutsche chairman will be succeeded by finance boss Clemens Boersig.
How much time do you spend at work taking care of the home? How much time do you spend organising gifts, planning weekend breaks, renewing the insurance or finding a good nanny? An hour? Two? More? At the same time, how much time do you spend at night or at the weekend catching up with the work you should have done during the day? An hour? Two? More?
Responding to staff moans and groans that they have little time to find that special partner, one top Wall Street firm has agreed to establish a 'speed dating' club for staff on the make.
BNP Paribas's CEO Baudouin Prot appears to have ruled out a merger with French rival Societe Generale.
Peter Schaffner, who heads up Credit Suisse's high net worth unit in Brazil, was released from prison late Friday, after 10 days in custody.
Stephanie Villalba, the former head of Merrill Lynch's European private client business, suffered a final set-back in her legal spat with the firm Friday, when a UK Employment Appeal Tribunal held that Merrill had no case to answer.
Those good old boys at JP Morgan Chase, CEO Jamie Dimon and chairman Bill Harrison, have waived some of their rights under their employment contracts. Both Dimon and Harrison have agreed to reduce the terms of any severance package they receive in the event that they leave the firm whilst still in contract.
Two City recruitment groups issued some interesting data on the City job market last week:
The US Government has already had two pops at former CSFB IPO King Frank Quattrone. Its first attempt to bang him up on obstruction of justice and witness-tampering charges ended in a hung jury. And, although it secured a conviction at the re-trial, a US federal appeals court recently threw that out on the basis that the trial judge gave flawed instructions to the jury.
Bank of America Securities (BofA) has stopped coverage of troubled pharmaceuticals company Biovail. The Canadian firm filed a lawsuit a few weeks back against several parties, including BofA stock analyst David Maris who covered the company, claiming that they conspired to drive down its share price.