The Financial Times reports that Deutsche Bank is facing bonus claims in both London and the US in respect of a profit-share scheme established for real estate executives at Bankers Trust, a US firm Deutsche acquired in 1999.
Never ones to overlook the opportunity for a little toilet humour, we came across this piece on blogger Gay Banker's website.
Bloomberg reports that Bank of America is to buy Charles Schwab's private banking business in a $3.3bn cash deal. The new combined private bank will have $261bn of assets under management.
Sacha Baron Cohen worked briefly for Goldman Sachs before going on to fame and fortune in TV / movies. (Sources - wikipedia.com, dealbreaker.com)
Water, water everywhere and not a drop to drink. Spare a thought for the UBS staff who left their cars Thursday night in the four-storey garage under the investment bank's headquarters building in Glattbrugg, six miles outside Zurich. Bloomberg reports that a water pipe burst on Friday, and the garage was flooded.
The Times reports that 'beleaguered' German bank WestLB looks set to cut 'several hundred' more staff, most likely in Asia and South America, as it comes to terms with first-half losses of £252.7m after further loan provisions. The bank posted a £1.2bn pre-tax loss in 2002. More job cuts in Germany are also thought to be on the cards.
'I work in credit risk management - the only area in a firm where the analysts need to know EVERYTHING. When will firms realise that credit risk management is increasingly becoming the 'brains' of the organisation, and reward them accordingly ?
The Evening Standard said earlier this month that City bankers at Citigroup, JP Morgan and Goldman are most likely to be the big winners in the bonus stakes this time around. Well, that raised a few eyebrows, as neither Citigroup nor JP Morgan have reputations of being overly-generous on comp.
The UK Court of Appeal ruled Friday that Commerzbank was quite entitled to axe a trader and not compensate him for any bonus he would have made had he been an employee at year-end.
Reuters reports that US government bonds continued to rally Friday, partly driven by rumours that a large hedge fund might be in trouble.