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.

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More Hiring & Firing News

Bloomberg reports that Minneapolis-based investment bank Piper Jaffray is to cut around 40 of the 70 staff it currently employs in London, as its business model 'was impacted by the lack of capital raisings by...small and mid-cap clients'.

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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.

Robin Saunders - So What If She Made Millions ?

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 ?

You Could Still Be Fired, Even If Your Firm's Doing Well

All this talk of champagne and the good times returning seems to have provided many of those who work in the financial markets with a false sense of security. Some employees appear to feel that, as long as their firm is doing well, they will enjoy job security. That, of course, is not necessarily the case.

Goldman Said To Be 'Obsessed'

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.

No Money Broke

Artworks go on sale as bank is wound down

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.

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