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AllianceBernstein Extends CEO's Employment Contract

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AllianceBernstein has announced that Peter Kraus, Chairman and Chief Executive Officer, and AllianceBernstein have agreed to extend the contractual term of his employment for an additional five years, commencing in January 2014, when his existing contract expires, through January 2019.


Firm Accused Of 'Blackmailing' Corporate Clients

The Daily Telegraph reports that majority British government-owned Royal Bank of Scotland (RBS) has been accused of 'blackmailing' some of its UK clients by making the provision of credit to large corporates conditional on them signing up to use the bank on future lucrative M&A and underwriting deals - a practice that is illegal in the US, but fine in Europe.

An Open Letter From An RBS Staffer

The announcement this week within the walls of Royal Bank of Scotland (RBS) offices up and down the country has left a bitter taste in the mouths of those staff who feel that they have been falsely accused, publicly tried and now penalised without the chance to defend themselves.

ABN Amro, Amaranth, Deutsche, RBS, Schroders, Asia-Pac

The Wall Street Journal reports that Vietnamese authorities are now seeking $3.7m from ABN Amro, claiming that the bank was a party to illegal FX trading from November 2003 to February 2006, which resulted in losses to the state-owned Incombank. Police have apparently indicated that they now plan to prosecute local ABN staff who have been under house arrest for months, and an Incombank staffer who has been languishing in jail awaiting a prosecution decision.

Amaranth, ABN, DB, GS, Merrill, RBS, John Thain

Bloomberg reports that investors in hedge fund Amaranth are trying to get agreement to collectively set aside any legal claims they feel they have against the firm in a bid to obtain the return of their remaining investments more quickly.