The art collection of failed lender WestLB, including a piece by Morris Louis of the Washington Color School movement, is going on sale as the German state seeks to retrieve funds used in the bank’s rescue.
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.
WestLB AG, the 180-year-old German state-owned lender that gained notoriety by trying and failing to make it as a global investment bank, ceased operations last week. Its demise is a lesson in hubris to its peers.
No cutting back on the cutbacks.
Here's an oldie for a Friday.
We thought it would be interesting to see how old some of the firms which operate in the financial markets are.
Here are a few links to some interesting BBC, Bloomberg, New York Times, Reuters and Telegraph stories currently doing the rounds.
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).
European fund manager FTC Capital has sued 12 firms for alleged manipulation of LIBOR, the London Inter-Bank Offered Rate between 2006 - 2009.
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.
Reuters reports that the latest reshuffling of the ranks over at UBS Investment Bank has given rise to further thoughts that the Swiss bank might be better off without at least some of it.
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.
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.
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 ?