Page 2717 


Deutsche Faces Bonus Claims On Two Fronts

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.

UBS Staff Have A Little Car Trouble

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.

Top Firm Said To Be Axing 'Several Hundred' Staff

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.

Will JPMorgan Bankers Get Bigger Payouts This Year ?

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.

Prop Trader Gets Bad Bonus News

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.