Page 2477 


Top Firm Urged To Cut Thousands

Job Axe

Nomura posted a $2.2bn loss in the quarter ended 31st March. The loss, its fifth on the bounce, came in higher than analyst expectations, and was caused by falling brokerage revenues, a drop-off in investment banking fees, increased costs related to last year's Lehman acquisition and investment losses (some Madoff-related).

Revealed - Lifting The Lid On The BofA / Merrill Merger

New York State Attorney General Andrew Cuomo has completed his investigation on those bonuses paid to Merrill Lynch staff last December. And the investigation have lifted the lid on the political machinations that surrounded the Bank of America / Merrill Lynch merger, and suggests that BofA was forced into the deal in the national interest. There is also some juicy stuff about the failure to reveal the $15bn in losses Merrill eventually posted in the fourth-quarter.

Banking Bonuses May Be Capped

The Financial Times reports that the European Commission is likely to recommend that banker bonuses and exit packages should be capped, as bureaucrats try to get to grips with the backlash against banker compensation.