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.
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.
WestLB AG, the 180-year-old German state-owned lender that gained notoriety by trying and failing to make it as a global investment bank, ceased operations last week. Its demise is a lesson in hubris to its peers.
No cutting back on the cutbacks.
Here's an oldie for a Friday.
We thought it would be interesting to see how old some of the firms which operate in the financial markets are.
Here are a few links to some interesting BBC, Bloomberg, New York Times, Reuters and Telegraph stories currently doing the rounds.
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).
European fund manager FTC Capital has sued 12 firms for alleged manipulation of LIBOR, the London Inter-Bank Offered Rate between 2006 - 2009.
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.
Reuters reports that the latest reshuffling of the ranks over at UBS Investment Bank has given rise to further thoughts that the Swiss bank might be better off without at least some of it.
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.
We asked you to name the investment bank which is said to have paid out an average bonus to employees of $521,000 in 2005.
Commerzbank came out Wednesday and confirmed that it was following WestLB's lead, and not paying discretionary bonuses to staff for their work in 2008.
Are middle office folks (those product controllers, compliance types and risk management professionals) taken for granted ? Some feel that they are.
We asked you what the 'S' stood for in Harry S. Truman, the 33rd President of the United States.
Now it's fashionable to write off Robin Saunders. She is said to have left WestLB under a cloud and there are plenty of critics out there who are jumping up and down pointing at the millions she earned, seemingly at the bank's expense. But Saunders is a proven dealmaker and continues to have strong relationships with certain key clients. And why should she be knocked just because she negotiated a good compensation package for doing her stuff ? Why should she be kicked just because a deal goes wrong ? Wasn't it Ms Saunders' job to bring deals to the table and her employer's responsibility to assess the risk and make a judgement about their commercial viability ?
48 year-old Angie Roberts claimed that a WestLB managing director made unwelcome advances towards her, which she rejected. According to the Daily Mail, a senior bank official is alleged to have showered Mrs Roberts, a former WestLB settlements officer, with compliments and 'pestered' her to ride with him in his car. During a car journey, the bank boss was said to have become 'amorous' and 'fondled her thigh whenever the car slowed'. Mrs Roberts says she eventually got out of the car after being asked to be dropped home. She then claims that the next Monday she was called into her boss's office and offered £10,000 to leave the bank.
Here are a few video highlights from the Finance Professionals City-sponsored Karaoke, which took place on Monday evening in London.
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.
Reuters reports that Merrill Lynch analyst Guy Moszkowski recently met with Goldman Sachs executives, including the firm's Chief Financial Officer David Viniar. He has made some interesting observations following the meetings.