Reuters reports that Bear Stearns has settled a 2002 case with US regulator the Securities and Exchange Commission in which five salespeople were accused of issuing unauthorized faxes and e-mails containing sales materials about future offerings ahead of regulatory approval declaring them effective.
Financial News reports that profits at Calyon, Credit Agricole's corporate and investment banking unit, increased 16% to $490m in the third-quarter. The figures fell short, however, of market expectations.
Anand Parekh, the global head of equities at hedge fund Citadel Investment Group, is said to have left the unit last week. There were rumours flying around last week that Citadel may have financial worries, but this was vigorously denied by the group. According to The New York Times, Parekh was one of seven business heads at the hedge fund, and was seen as a possible successor to CEO and founder Kenneth Griffin.
Reuters reports that rumours that Citigroup CFO Sally Krawcheck was thinking of resigning are untrue. The speculation started after a CNBC report Thursday which alleged that Ms Krawcheck had been telling unnamed people that she was finding it difficult to work at Citigroup, and that she was not happy in her job.
The news agency also reports that Japan's Securities and Exchange Surveillance Commission (SESC) has called for a penalty to be imposed against Daiwa Securities over a 2005 insider dealing case. An SESC investigation revealed that a Daiwa staff member had breached insider rules when processing orders for Fujipream, a maker of optical filters which is listed on the Jasdaq market.
Finally, Dow Jones Newswires reports that David Berry, the former head of preferred trading at Scotia Capital, has filed a wrongful dismissal claim. Seeking $87m, he says that the bank 'forced him out because members of the board of directors and senior management resented his status as one of the bank's highest paid employees and they were unsuccessful in forcing a reduction in his compensation'.
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