Bloomberg reports that at a series of meetings starting in March, Peltz and Ed Garden, one of his co-founders at Trian Fund Management LP, told Lazard Chief Executive Officer Kenneth Jacobs the firm paid bankers more than deal flow or productivity merited, said the people, who asked not to be named as the talks were private.
In the meantime the news organisation also says that Goldman CEO Lloyd Blankfein has said the firm will rely on the biggest emerging markets for most of its growth even amid increasing concern economic expansion in Brazil, Russia, India and China may be slowing.
'Eighty percent of the growth of our business is going to come from high-growth areas identified as BRICs', Blankfein, 57, said at the St. Petersburg International Economic Forum in Russia’s second-largest city Thursday. 'Our footprint will correlate with the ring of growth in various places around the world, providing they have good open markets'.
Finally, Reuters reports that Bank of America directors have reached a definitive settlement of litigation by shareholders, who accused the bank of overpaying for Merrill Lynch & Co, a federal judge said on Wednesday.