Are two busniess cards better than one ? Some investment bankers over at Bank of America Merrill Lynch apparently think so.
The Wall Street Journal reports that bailed-out Citi finds itself in a bit of a fix again, as one of its top traders is 'pressing' for the firm to honour the terms of his 2009 compensation package, which could mean that he ends up with a pay-out of up to $100m.
Execuzen (for the fourth-year running).
Bloomberg reports that JPMorgan is planning to increase the pay of some of its senior investment bankers next year.
Happy birthday to Roy R. Neuberger, the man who co-founded US investment management firm Neuberger Berman (recently owned by Lehman Brothers) with Robert Berman in 1939. Neuberger was 106 on July 21st.
Just a few days after Goldman Sachs posted a $3.44bn second-quarter profit, Morgan Stanley limped in with a $159m loss in the period (its third quarterly loss on the trot). And the reason this time, it seems, is that Morgan Stanley's appetite for risk wasn't as great as rival Goldman.
It seems that some of the Dresdner Kleinwort bankers, who were in a spat with Commerzbank (which acquired Dresdner) over the non-payment of certain bonuses for last year, have reached an agreement to settle their dispute. Further details are unknown at this stage.
The Deal reports that 37-year-old former Morgan Stanley VP Richard Garaventa pleaded guilty in Manhattan earlier this week to steling $2.5m from the firm. He was accused of taking the money between 2001 and 2008 by writing checks to a dummy company he had incorporated for the fraud.
The Financial Times reports that BlackRock CEO Larry Fink has warned that, in the absence of as much competition as before, Wall Street firms are charging customers more and 'making very luxurious returns'.
We've had several requests to run the second 'Ronnie the Recruiter' episode again. So here goes. In this episode Ronnie attempts to bluff his way through a preferred supplier review.