Page 2375 


Top Firm Looking To Double Base Pay

The Daily Telegraph reports that Royal Bank of Scotland (RBS) is to increase the base pay of some its investment bankers in order to change the compensation mix, placing less reliance on year-end bonuses. And, according to the newspaper, in some instances this will mean that salaries will double.

Quote Of The Week

'The definition of a good trader is a guy who takes losses. The definition of an ex-trader is one who tries to cover up a loss'.

Goldman Charged With Fraud

US market regulator The Securities and Exchange Commission (SEC) has today sued Goldman Sachs, accusing the firm and one of its VPs of fraud in structuring and marketing a CDO tied to subprime mortgages.

Citi, Lehman, RBS, Standard Chartered, M&A

Sandler O'Neill analyst Jeffrey Harte told CNBC Thursday that shares in Citi could rise to $6-$8 in the coming months, 'as there's a real business there and I don't think that people really appreciate that the toxic assets are in the past'. The stock closed at $4.81 in New York Thursday.

The $50bn Insult: 'But Stan, Ken Lewis Is An A..hole'

William Cohan, the highly-regarded author of recent best sellers about Lehman Brothers and Lazard, has been given access to former Merrill Lynch CEO Stan O'Neal. For the first time, O'Neal has come out and told his side of the story. The results, published by Fortune magazine, are explosive.

Banker Handed Death Sentence

A Beijing court imposed the death sentence on 54-year-old Wang Yi, a former executive at China Development Bank, for accepting bribes of $1.75m and otherwise abusing his power while in office.