The New York Post and The New York Daily News ran an interesting story last last week. According to the newspapers, 23 year-old New Yorker Kristin Polidori has sued Societe Generale for unspecified damages in the Manhatten Supreme Court, claiming that a unit of the French bank fired her for blowing the whistle on rampant sex.ual harassment in the office.
The Sunday Times is the latest publication to question exactly how committed HSBC is to investment banking. According to the newspaper, some of the bank's staff in M&A are becoming frustrated because of the lack of involvement in big deals, 'and curricula vitae have been landing in increasing numbers on the desks of rivals'.
Dresdner Bank has become the latest German institution to publish an independent report on its dealings with Hitler's Nazi regime in the 1930s and 1940s. A 2,400 page report was released in Berlin Friday, following in the footsteps of previous studies undertaken on behalf of other German companies like Bertelsmann, Deutsche Bank and Volkswagen. Commerzbank is expected to publish the last instalment of its report later in the year.
Merrill Lynch has agreed to pay up $164m to settle 23 class-action lawsuits which relate to the publication of alleged bias stock research coverage by its former internet analyst Henry Blodget.
We've now had week 2 of the trial of former Enron bosses Ken Lay and Jeff Skilling. Here's what went down:
Bank of America boss Ken Lewis will get $11.7m in restricted stock as part of his 2005 pay pack. The rest of his 2005 earnings will be disclosed later in the year but, off the back of record profits last year, Lewis can expect more than his 2004 compensation total of around $22.5m.
Remember that $339m Mizuho Securities trading foul-up just before Christmas ? Well, as it was the time of goodwill to all men, a number of investment banks agreed to return the profits they made. The monies are to be used to establish a fund to improve Toyko Stock Exchange (TSE) trading systems (They could do with an overhaul - Mizuho is said to have tried to cancel the trade as soon as it discovered its mistake, but was prevented from doing so on no less than four occasions due to a systems failure).
Merrill Lynch boss Stan O'Neal and Laurence Fink, his counterpart over at Blackrock, apparently kicked off their merger deal with a quiet breakfast a couple of weeks back in Guys diner, close by O'Neal's home on the Upper East Side of Manhattan. From that breakfast emerged the $18bn merger of the firms' investment management businesses, with Merrill having a 49.8% share in an enlarged BlackRock business.
The Wall Street Journal reports that The New York Stock Exchange has fined Deutsche Bank Securities $1m as, between 1998 and 2003, the bank's New York securities unit submitted more proxy votes than the actual number of shareholders it represented. Nothing sinister here, just poor stock reconciliation.