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AllianceBernstein Extends CEO's Employment Contract

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AllianceBernstein has announced that Peter Kraus, Chairman and Chief Executive Officer, and AllianceBernstein have agreed to extend the contractual term of his employment for an additional five years, commencing in January 2014, when his existing contract expires, through January 2019.


Barclays, Citi, Refco, RBS, Schroders, SocGen, UBS

Reuters reports that the number of US firms launching distressed debt funds (BlackRock, Metropolitan West Asset Management, Pacific Investment Management, PIMCO, Third Avenue, Trust Company of the West) suggests that the smart money thinks that the worst of the year-long credit crisis may be behind us.

ABN AMRO, Barclays, HSBC, Merrill Lynch

Reuters reports that ABN AMRO CEO Rijkman Groenink told shareholders at the bank's extraordinary meeting Thursday that Barclays will need to up its offer. At $82.3bn it is signficantly lower that the $97.6bn bid tabled by the Royal Bank of Scotland (RBS) consortium. The RBS deal is also mostly made up of cash. Groenink said that 'the offer of Barclays is too low. We cannot ask shareholders to pay the difference from the consortium's bid'.