Reuters reports that the Obama administration looks like having to back down on plans to ban licensed deposit-taking banks from engaging in prop trading, as it hasn't got the votes to push the proposal (the so-called Volker rule) through Congress, and Treasury Department officials are also thought to be against it in its present form.
Forget all the stuff about the likes of Barclays Capital and Goldman Sachs paying huge bonuses to senior staff this year. Yes, many revenue earners have done well, but both firms have been constrained politically from pushing the big bonus boat out.
Fox Business News reports that former Merrill Lynch President Greg Fleming is after some $20m from Bank of America, which he apparently claims is his due owing to a change-of-ownership clause in his employment contract, which was triggered when BofA acquired Merrill.
Goldman Sachs has answered its critics on Greece.
What have these four Wall Street titans got in common ?
Coming soon to a cinema near you.........
Have you noticed how the UK tax man is now fighting on every front to ensure that as much tax as possible is collected from the 'rich' ? 'And about time too', I hear you say. But this is really bad news.
Bloomberg reports that the likes of Bank of America Merrill Lynch and UBS are bringing in talent in London from rivals by sometimes doubling their base salaries.
The Wall Street Journal reports that, according to a US lawsuit (which has subsequently been withdrawn), Credit Suisse gave David Greene, a well-regarded Goldman Sachs money manager, a $10m pay hike to join its ranks.