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Here is another of those 'you couldn't make it up' stories.
The Wall Street Journal reports that a former Credit Suisse banker, charged with investing client funds in subprime mortgages linked to auction-rate securities without their permission, has not been seen in the US since May 9th, when he violated his bail conditions by leaving his New York home.
Bank of America CEO Ken Lewis is due back before a US congressional committee this week. The House Committee on Oversight and Government Reform is looking into Bank of America's acquistion of Merrill Lynch, and seeks Ken's input.
Canada's Globe & Mail has reported that TD Securities has suspended four staff who are alleged to have improperly passed on rumors about a stock to clients.
The Financial Times reports that BBVA, Spain's second-largest bank, is offering most of its 30,000 staff the opportunity to take 5 years off to spend more time with their families or become involved in other 'professional projects'. And anyone taking the bank up on its generous offer will be paid 30% of his or her salary, and will be guaranteed a job when they eventually return to the office.
The Financial Times reports that International Petroleum Investment Corporation (IPIC), the Abu Dhabi royal family's investment vehicle, is to sell its $6.8bn stake in Barclays Bank. The bank's shares have effectively doubled in the 7 months since the investment vehicle took its stake, although the stock is thought to have been placed for sale at a discount to the current market price. Even allowing for this, IPIC is thought likely to make some $2.3bn on its $3.3bn initial investment.
The Wall Street Journal reports that, according to unnamed 'people familiar with the matter', Citi has told five former senior executives that it will not pay them 'tens of millions' it promised in severance.
The latest instalment from Amazing Grace, the former Lehman Brothers fixed income salesperson who went on to become an exotic dancer (and more), is now available online. Scroll down for Episode 6.
Swiss newspaper SonntagsZeitung reported Sunday that Finma, the Swiss financial market regulator, is looking to introduce a bonus system for all Swiss banks which will involve pay cuts for bankers judged to have put in poor performances.
A Wall Street banker helped raise $35,000 for a man released from jail after serving nearly 25 years for a murder he didn't commit.
'I don't even think it's a crime. It's nothing but a violation of internal rules'.
Federal prosecutors are nearing criminal charges against some of the world’s biggest banks, according to lawyers briefed on the matter, a development that could produce the first guilty plea from a major bank in more than two decades.