BarCap is on the move in Singapore. The firm has ambitious hiring plans for the whole of Asia and intends to double its back-office support staff in Singapore to 700 by the end of next year. BarCap also plans to beef up its investment banking presence in that country, and is on the lookout to bring in top talent. The firm currently has around 500 staff in Singapore. Just over 15% of BarCap's staff are now thought to be based in Asia.
Ford Motor Company has agreed to settle a lawsuit which accused its CEO of using his position to profit from the 1999 IPO of the company's investment bankers, Goldman Sachs. The lawsuit alleges that Bill Ford, who was issued with 400,000 shares in the IPO at $53 each, only got the shares because he was Ford CEO and Goldman enjoyed a longstanding relationship with the company. The value of Mr Ford's Goldman holding peaked at $52m, but fell back to $26m. Ford was later cleared by his board of improper dealings, but sold his holding in 2003 and gave his $4.5m profit to charity.
The strange thing about this case is that, although Ford has agreed to settle the lawsuit, Goldman Sachs is paying over the money. Goldman denies any wrongdoing, but is paying Ford $13.4m, of which $10m will go to charity. According to The New York Times, Goldman has earned in excess of $90m in fees from the company since 1996.
And finally, Mellon Financial's Chairman and CEO, Martin McGuinn, has just been ranked the top US bank CEO by US Banker magazine.