BofA Dragged Into 'European Enron' Affair

Few outside of Italy will have probably heard of Italian food multi-national Parmalat. That's about to change. Almost $5bn appears to have disappeared from the group's coffers and Bank of America has been pulled into the scandal. The affair is already being called 'Europe's Enron' in the press.

Another 'Superwoman' Off

Robin Saunders, WestLB's star principal finance banker, is off. The move will surprise no-one. She will officially leave the bank at the end of the year and is said to be taking a deferred bonus of up to £1m with her when she goes.

Top Firms Post Strong Q4 Figures

Goldman Sachs, Lehman Brothers and Morgan Stanley posted strong quarter four figures last week. The firms' net revenues were up 91%, over 100% and 42% respectively on the same period 12 months ago.

Lehman Not Finished With India

Despite the news last week that Lehman Brothers had pulled back some jobs from India to the US, the firm has confirmed that it is not giving up on India and has plans to transfer more jobs there.

Merger Progress Questioned After Top Man Goes

The Wall Street Journal reports that many are beginning to wonder what progress has actually been made integrating Credit Agricole and Credit Lyonnais following their merger earlier this year. The resignation last week of Credit Agricole's deputy chief executive, Dominique Ferrero, the man tasked with spearheading the merger, has made some think that not very much progress has been made.

Final Bill For Fund Manager May Reach $600m

CBSMarketWatch reports that the final settlement between Alliance Capital and US state and federal regulators may cost the firm as much as $600m. Alliance has been charged with secretly permitting certain clients to execute market-timing trades.