WestLB

WestLB AG is a commercial bank domiciled in North Rhine-Westphalia, Germany's most densely populated federal state and it is one of Germany´s leading providers of financial services.

LATEST

Artworks go on sale as bank is wound down

No Money Broke

The art collection of failed lender WestLB, including a piece by Morris Louis of the Washington Color School movement, is going on sale as the German state seeks to retrieve funds used in the bank’s rescue.

Top Firm Said Defiant In Face Of Defections

Departure

UBS is still putting a brave face on the number of staff defections it's had in recent months in M&A. Clearly you'd expect nothing else (and to be fair, the firm had bagged some high-profile hires of its own into the unit during this time as well).

Firm Expected To Cut 4,000 Staff

Scalpel

The Wall Street Journal reports that Germany's WestLB, which almost collapsed during the financial crisis 'has accepted European Union demands that it reduce its balance sheet and operations, with the lender expected to cut 80%' of its 5,000 staff.

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Who's Been Hired Or Is On The Up ?

Citigroup has hired Carl Scott to head up its European interest rates exotic trading division. Scott, previously at WestLB, will replace Marco Arosio, who is taking up a new role in Citigroup's interest rate structuring team.

Firm Expected To Cut 4,000 Staff

The Wall Street Journal reports that Germany's WestLB, which almost collapsed during the financial crisis 'has accepted European Union demands that it reduce its balance sheet and operations, with the lender expected to cut 80%' of its 5,000 staff.

Top Firm Said Able To 'Clawback' Cash Bonuses Too

The Sunday Telegraph reports that Credit Suisse has told Managing Directors across the group, and directors and above over at its investment banking unit, that, under the terms of its new compensation scheme, it will be able to 'clawback' some, or all, of their cash bonuses should they leave or are fired (presumably with cause) within 2 years of the payout date.

Another Alleged Massive 'Scr.w Up' At German Bank

More embarrassment, it seems, over at WestLB. Just a week after the German bank let go two senior traders following a $134m loss allegedly sustained on trading shares in German carmaker Volkswagen, the bank has confirmed that it had inadvertently taken a 14% stake in carmaker DaimlerChrysler worth some $12bn.

WestLB To Cut In Financial Markets

The Times reports that the 400 people who work in global financial markets at WestLB in London have been advised that 15% of them will soon lose their jobs. The proposed cut follows swiftly on the 120 reduction in headcount on the equities side at WestLB Panmure.

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