Page 2512 

LATEST

Disappeared Credit Suisse Banker Now Declared A Fugitive

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.

The Latest From Bank of America Land

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.

Bank Offers Staff 5 Years Off For 30% Pay

Relaxing on the Beach

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.

Barclays, Goldman Sachs, JPMorgan, Morgan Stanley, Bear Stearns

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.

HOT LIST

FEATURED

Statue Of Liberty

Report - Top firms may face criminal charges

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.