UBS Reviews Pay, Nomura Reviews Headcount, Citi Close To Selling Units
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Although UBS is believed to be one of the first major firms to hike up MD base pay (after several years of zero or nominal increases), investment banks generally have been looking at ways to lock in top talent, and several other firms are thought likely to follow UBS's lead
In the meantime, Reuters reports that Swiss President Hans-Rudolf Merz has asked the US Treasury to agreed to drop its legal case for alleged tax evasion facilitation against UBS in exchange for the introduction of a new tax accord between the two countries.
And The Sunday Times reports that Masafumi, Nomura's CFO, confirmed Friday that the firm would continue to manage its headcount in the light of future revenue projections. Further job cuts seem likely in the wake of the firm's $2.2bn loss for the quarter ended 31st March. Financial News also reports that Nomura is to look to its derivatives, global trading infrastructure and fixed income franchise to boost future profits.
Bloomberg reports that Sumitomo Mitsui Financial has won the exclusive right to acquire Citi's Nikko Cordial Securities unit. Nikko Asset Management, however, is now thought likely to be auctioned off separately.
And The Wall Street Journal reports that California's attorney general has filed a $1.5bn lawsuit against Wells Fargo, claiming that the bank misled investors when selling auction-rate securities.
Finally, CNBC reports that, according to an unnamed 'industry source', at least one of the 19 large financial institutions that undertook those stress tests will actually require additional capital. Any bets on who that is ?
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