Latest Merger Rumour Causes Firm Shares To Rise

The London Evening Standard reports that shares in Man Group close up over 5% Thursday on rumours that the firm is a possible takeover target for Bank of New York Mellon.

There's been a lot of chatter about Man being acquired in the last few months, and the firm's stock has been enjoying a good run in the last few days.

In the meantime, Reuters reports that the US Federal Reserve has issued an order against HSBC North American Holdings requiring the firm to improve country-wide risk management procedures, including practices to prevent money-laundering. The firm is also required to submit to the Fed a full compliance risk-assessment.

The news agency has also reported that RBS Coutts has continued boosting its private banking presence in Asia (it has hired around 150 staff there in the last year), by picking up a further 8 staff for its Southeast Asian team. The bankers include Bruno Merlino from UBS, who will run the Indonesia desk.

And Bloomberg reports that former Bank of America computer programmer Rao Chalasani has been accused in a US lawsuit of stealing 21 confidential files the day before he was laid off. Chalasani, who worked in New York as part of the firm's global markets portfolio management group, is alleged to have e-mailed the files to himself the day before Bank of America embarked on the recent culling of around 400 staff.

Finally, sad to report the death of Sidney J. Weinberg Jr, who headed up Goldman's investment banking unit for 10 years from 1978. Weinberg, 87, was the son of former Goldman managing partner Sidney J. Weinberg, who died in 1969.

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