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.

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.

Firm Expected To Cut 4,000 Staff

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.

Robin Saunders Pulled Into WestLB Probe ?

The Financial Times reports that Robin Saunders, WestLB's head of the bank's London-based principal finance business, looks like being drawn into the German probes into the bank's exposure to the BoxClever TV rental company. The BoxClever deal has cost the bank dearly, with loan provisions which could eventually be as high as £500m. German state prosecutors are said to be looking at whether any of the bank's officials are guilty of 'breach of trust' for not having enough collateral in place when the deal was done.

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 ?

Is The Jig Up For Guy Hands ?

The Independent reports that it is only just over a year ago that Guy Hands went solo. Since then he has suffered a number of setbacks and has been eclipsed in the City by 'rival financier' Robin Saunders from WestLB. Is his star on the wane ?

Deutsche, Morgan Stanley, WestLB, UBS

Deutsche Bank and UBS have been served with $2.7bn in damage claims in connection with the collapse of Italian dairy company Parmalat. Italian authorities have alleged that the banks provided false information about the company's financial position before it was forced into bankruptcy in late 2003. Both banks say that the allegations are false.

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