Bloomberg reports that Nomura Holdings is said to have fired a Hong Kong-based trader and his manager after it was discovered the trader incorrectly valued his derivatives portfolio in 2008.
The UK government has signalled its intention to enact legislation which will allow market regulator The Financial Services Authority (FSA) to 'tear up' bankers’ contracts of employment if it feels that the structure of the compensation on offer encourages unnecessary risk-taking.
As the financial crisis starts to become a distant memory (notwithstanding the real concern that more bad news may be on the way), investment banks and asset managers are once again on the hire. But they are finding it hard to attract the talent they seek at present, as market professionals are understandably waiting to bag their 2009 bonus payouts before moving on.
The Evening Standard reports that Chris Kyle, the CFO over at Royal Bank of Scotland Global Banking & Markets, might get it in the neck for his comment that it's unfair to force banks to publish the names of top earners.
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'Hi, I thought it was time to update Here Is The City's vast readership with recent events in my hectic life.
The Wall Street Journal reports that, according to a new study released by Harvard Law School professionals, executives at Bear Stearns and Lehman Brothers cashed out to the tune of around $2.5bn in bonuses and stock sales in the 8 years to 2008.
US Treasury Secretary Tim Geithner came under fire again last week over the bailout of AIG (he was a key player in that saga in his previous position as President of the New York Federal Reserve).
Spare a thought for the 48 people who joined Lehman Brothers last summer (39 of them fresh graduates), who were paid $49,400 in signing-on bonuses and who are now being asked to return them.
Here Is The City is pleased to announce that it has relaunched its job board. We have already commenced a major campaign to increase awareness of this offering, and candidate numbers accessing the job board have substantially increased. Our aim for candidates in 2010 is to create a credible place where they can engage with recruiters in order to identify job opportunities around the globe.