WestLB AG is a commercial bank domiciled in North Rhine-Westphalia, Germany's most densely populated federal state and it is one of Germany´s leading providers of financial services.

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Top Firm Said Defiant In Face Of Defections

Departure

UBS is still putting a brave face on the number of staff defections it's had in recent months in M&A. Clearly you'd expect nothing else (and to be fair, the firm had bagged some high-profile hires of its own into the unit during this time as well).

Firm Expected To Cut 4,000 Staff

Scalpel

The Wall Street Journal reports that Germany's WestLB, which almost collapsed during the financial crisis 'has accepted European Union demands that it reduce its balance sheet and operations, with the lender expected to cut 80%' of its 5,000 staff.

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Who's Been Hired Or Is On The Up ?

Citigroup has hired Carl Scott to head up its European interest rates exotic trading division. Scott, previously at WestLB, will replace Marco Arosio, who is taking up a new role in Citigroup's interest rate structuring team.

Robin Saunders - So What If She Made Millions ?

Now it's fashionable to write off Robin Saunders. She is said to have left WestLB under a cloud and there are plenty of critics out there who are jumping up and down pointing at the millions she earned, seemingly at the bank's expense. But Saunders is a proven dealmaker and continues to have strong relationships with certain key clients. And why should she be knocked just because she negotiated a good compensation package for doing her stuff ? Why should she be kicked just because a deal goes wrong ? Wasn't it Ms Saunders' job to bring deals to the table and her employer's responsibility to assess the risk and make a judgement about their commercial viability ?

WestLB Settles Sexual And Racial Harassment Claim

48 year-old Angie Roberts claimed that a WestLB managing director made unwelcome advances towards her, which she rejected. According to the Daily Mail, a senior bank official is alleged to have showered Mrs Roberts, a former WestLB settlements officer, with compliments and 'pestered' her to ride with him in his car. During a car journey, the bank boss was said to have become 'amorous' and 'fondled her thigh whenever the car slowed'. Mrs Roberts says she eventually got out of the car after being asked to be dropped home. She then claims that the next Monday she was called into her boss's office and offered £10,000 to leave the bank.

Top Firm Said Able To 'Clawback' Cash Bonuses Too

The Sunday Telegraph reports that Credit Suisse has told Managing Directors across the group, and directors and above over at its investment banking unit, that, under the terms of its new compensation scheme, it will be able to 'clawback' some, or all, of their cash bonuses should they leave or are fired (presumably with cause) within 2 years of the payout date.

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