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.

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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.

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