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Are You Sleepwalking Into Retirement Poverty ?

In a week that has seen a call for a rise in the retirement age to 70, new research from Selftrade, the UK’s largest execution-only stockbroker has highlighted the fact that, regardless of the age at which people would like to retire, the vast majority of Britons are sleepwalking into retirement poverty, with the average worker targeting a pension fund that will give them an annual income of less than £7,094.

Top Firm Puts More Aside For Staff Compensation

Bloomberg reports that Deutsche Bank has set aside 31% more for staff compensation over at its corporate and investment banking unit this year, after posting decent third-quarter results thanks to strong sales and trading revenues.

Goldman Needs To Give Away $1bn

Bloomberg reports that billionaire philanthropist Pete Peterson (co-founder of private equity firm Blackstone and former chairman and CEO of Lehman Brothers), has suggested that Goldman Sachs needs to make a charitable donation of at least $1bn if the firm is to mollify the public's anger over employee bonuses.

Top Firms Said To Have Lost $400m On Hedge Fund

Reuters reports that German authorities are investigating Helmut Kiener, the founder of the K1 hedge fund, on concerns that the fund may have engaged in circular transactions that created the illusion that K1 had more collateral for loans than turned out to be the case.

The Cityboy Column

Author of the best seller 'Beer and Loathing in the Square Mile', Cityboy has joined the Here Is The City team, and will be posting his views on a number of City-related topics when the time-constraints imposed by his hedonistic lifestyle permit.