Firm Spotlight
WestLB
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.
KEY FACTS
Founded: 1969
Headquarters: Düsseldorf, Germany
Products: Global Financing, Financial Markets, Asset Management, Real Estate Finance
Website: www.westlb.de
WESTLB ON HITC
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Firm 'Deceased' List
MF Global is simply the latest in a long line of firms that either merged, got taken over or simply went belly up.
BNY Mellon, Barclays, Cantor Fitzgerald, Deutsche Bank, WestLB
Here are a few links to some interesting BBC, Bloomberg, New York Times, Reuters and Telegraph stories currently doing the rounds.
Top Firm Said Defiant In Face Of Defections
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).
The 12 Banks Sued For Alleged LIBOR Manipulation
European fund manager FTC Capital has sued 12 firms for alleged manipulation of LIBOR, the London Inter-Bank Offered Rate between 2006 - 2009.
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.
Top Firm Should 'Shut Down' FICC Business, Another Firm Cuts Equities Jobs
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.
FROM THE WEB
- Reuters UK: STOCKS NEWS EUROPE-Centrotherm plunges on WestLB downgrade
- Reuters Blogs: Risk of contagion if Greece exits euro: WestLB
- Wall Street Journal: China's CCB Eyes WestLB's South American Assets
- Bloomberg: WestLB Seeks to Win FMS Contract With HP, FT Deutschland Reports
- Reuters UK: Dealtalk: RWE DEA assets face hard sell
- Wall Street Journal: China Construction Bank In Talks To Buy WestLB's South American Assets -Source
- FOXBusiness: China Construction Bank Acquires WestLB's Brazil Assets-Report
- FOXBusiness: China's CCB In Talks To Buy WestLB's South American Assets - Source
- Bloomberg: Sales of Previously Owned U.S. Homes Probably Climbed in April
- Financial Times: Buyout chief takes on Italian heavyweights
- The Guardian: TUI AG narrows loss as tourists return to N Africa
- The Guardian: Corrections and clarifications
- Yahoo Finance: Horizon Technology Finance Announces Financial Results for the First Quarter 2012 and Quarterly Dividend of $0.45 Per Share
- Reuters: Ten-year JGB yields skid to 9-yr low; Europe fears beckon
- Reuters: EURO GOVT-Bunds reverse gains before auction
