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Citi to pay allowances for limiting bonuses

Citigroup has told senior staff in Europe that they would receive fixed monthly pay in addition to their salaries in an attempt to compensate for rules that limit bonuses to up to twice the level of base salaries, the Financial Times reported, citing several people.

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BofA seeks 'Hustle' re-trial

Bank of America on Thursday asked a federal judge to throw out a jury verdict finding it liable for fraud over defective mortgages sold by its Countrywide unit that resulted in a $1.27bn penalty.