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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.


Bloodbath As Top Firm Prepares To Axe 25%

The Financial Times reports that up to 7,000 investment banking jobs are likely to now go as a result of the combined Royal Bank of Scotland (RBS) / ABN AMRO wholesale banking merger. As RBS moves into the third stage of the integration process, the fallout from the credit crunch is said to have resulted in the bank having to cut significantly more jobs than originally expected. 25% of staff from the 28,000 combined workforce now look like getting the chop.

Credit Suisse, RBS, SocGen, Dexia, Kaupthing

Reuters reports that Credit Suisse CEO Brady Dougan is bullish about his firm's future. In a webcast presentation at the Merrill Lynch conference in London this week, Dougan said: 'There are fewer market participants. The opportunities for those who remain will be stronger than ever. Credit Suisse will be one of them'.

Shareholders Call Top Firm Execs 'Parasites' Over Pay

Royal Bank of Scotland Chairman (RBS) Sir Philip Hampton told Radio 4 that investment banker pay 'continues to be astonishingly high', and admitted that it was difficult to justify the pay differential between investment bankers and those who work in the rest of the economy.