The Financial Times reports that Fidelity Investments is to pay $42m to its mutual funds following an internal probe over improper gifts provided to some of its traders. John Martin, the former New York judge who headed up the probe, said that although is wasn't possible to quantify exactly how certain of the trader's subsequent actions resulted in higher costs to the funds, it was clear that 'certain traders had misdirected order flow'.
Bloomberg reports that Lloyd Blankfein, Chairman and CEO over at Goldman Sachs, received $53.6m in cash, stock and options by way of bonus for his efforts in 2006. His salary remained at $600,000. Firm co-presidents Gary Cohn and Jon Winkelreid got a bonus of $25.7m each, CFO David Viniar got $19.1m, John Weinberg (co-head of investment banking) got $15.1m, and CAO Edward Forst received $16.5m.
The Independent reports that Claire Bright, the former head of asset and liability management over at HBOS Group Treasury, has dropped her employment tribunal claim against the bank. The newspaper quotes from an HBOS statement which said that 'Ms Bright has accepted that her allegations of discrimination, victimization and bullying against HBOS or any of its employees during the course of her employment or afterwards were unfounded, and they have been withdrawn without any compensation in respect of the allegations'.
The Daily Telegraph reports that Michael Taylor, the head of equities over at Threadneedle Investments, has slagged off HSBC chairman Stephen Green. The newspaper quotes Taylor saying that 'we had Stephen Green in here two weeks ago, and, cor, he was sleep on the job is how I would describe it. He's just not up for it'. It has since been claimed that Taylor was not actually present at the lunch.
And Bloomberg reports that Peter Lewis, the banker who was (for a short time) head of equities over at HSBC, has lost his appeal after he claimed he was fired for being gay. The bank issued a statement which said, in part, that 'HSBC has always maintained that Mr Lewis was dismissed for gross misconduct following a complaint of sexual harassment made against him by another member of staff, and for no other reason'.
Finally, The Wall Street Journal reports that assets in the JPMorgan Prime Money Market Fund have now topped $100bn, making the fund the largest of its kind in the world.
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