The Financial Times reports that more than a dozen traders and brokers in London and Asia have been fired, suspended or put on leave by their employers as a multinational probe into alleged manipulation of crucial global lending rates accelerates.
The firms concerned are said to include Citi, Deutsche Bank, ICAP, JPMorgan Chase and Royal Bank of Scotland.
In the meantime, the newspaper reports that JPMorgan and State Street have withdrawn from the auction process that is driving the sale of Deutsche Asset Management, making it more likely that the unit will have to be broken up and sold in pieces.
And Reuters reports that Goldman Sachs has agreed to acquire Dwight Asset Management, which had $42 billion in assets as of December 31, and is an institutional fixed income asset manager that specializes in stable-value funds for retirement plans. The acquisition represents an attempt by Goldman to become a bigger player in the defined contribution space.
Finally, the news agency also reports that ING has decided to split the sale of its Asian insurance business by auctioning its investment management business separately, in a move that allows a focused group of suitors to bid for the unit.
image: © Aiden
High Finance: A Wall Street Novel
50 Shades of Embarrassing
