Dresdner Kleinwort Wasserstein (DrKW) has launched a counter-offensive to that putative $1.4bn gender discrimination claim lodged against it recently in the US. The firm filed a motion before the United States District Court, Southern District of New York, Friday, to dismiss some of the claims and strike out the 'scandalous allegations' contained therein.
Reuters reports that JP Morgan has 'shaken up' its top management in European investment banking. John Corrie, currently head of European equities, and Fawzi Kyriakos-Saud, head of European credit and rates and head of global emerging markets, will both leave later this year.
Elvis is alive and well, and living in Croydon. George Bush Jr was once abducted by aliens (OK, so that one might actually be true), and Stefan Jentzsch, the newish head of Dresdner Bank's corporate and investment banking operations, is to axe 3,000 DrKW staff out of a worldwide total of 6,000.
As we know, Arthur Riel, a former Morgan Stanley technology executive, has filed a $10m lawsuit against his old firm, claiming that he was fired after he blew the whistle on Morgan Stanley's e-mail practices as they related to the Ron Perelman legal spat. The firm was ordered to pay $1.57bn to Perelman (the case is currently under appeal), and was criticised by the trial judge for the non-production of key e-mail evidence.
There was a great story in The New York Times last week about Jefferies & Co, and firm CEO Richard Handler.
Deutsche Bank has confirmed that it expects to pay around $134m to settle with US state, federal and regulatory agencies in connection with claims of alleged mutual funds market-timing abuses. Around $127m of the settlement is expected to be distributed among shareholders of Scudder Funds, a US asset manager Deutsche owns.
We're out to find the 'coolest' firm in the financial markets. Here's the league table as at the close of play Friday:
'Is there anybody there ?', asked a worried Winnie the Pooh, as he peered through the open door. For Pooh was not in the familiar surroundings of Hundred Acres Wood, but in Docklands - attempting to gain entry to Morgan Stanley (He'd heard that there might be a few job vacancies).
The Times reports that 'beleaguered' German bank WestLB looks set to cut 'several hundred' more staff, most likely in Asia and South America, as it comes to terms with first-half losses of £252.7m after further loan provisions. The bank posted a £1.2bn pre-tax loss in 2002. More job cuts in Germany are also thought to be on the cards.
Wall Street is expected to dish out around $21.5bn in bonuses to staff in 2005. OK, you knew that...........