Bankers Said To Be In 'Revolt' Over Bonuses
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The bankers are apparently angry that the decision by Deutsche CEO Josef Ackermann to forgo his own bonus for 2008 effectively forced them to do the same.
In the meantime, Bloomberg reports that profits at Deutsche's investment banking unit are thought to have rebounded in the first-quarter, with trading revenues likely to beat the $6.7bn record seen in the first-quarter of 2007.
The news agency also reports that US regulator The Securities and Exchange Commission is to review allegations that Bank of America CEO Ken Lewis deliberating kept mum about the losses sustained by Merrill Lynch in the fourth-quarter at the behest of the Fed and US Treasury.
Reuters reports that Moore Capital Management is to raise up to $500m for two new hedge funds which will be run by former GLG trader Greg Coffey.
Finally, The Times reports that Royal Bank of Scotland is taking legal action against the 17-year-old G20 protester who, earlier this month, allegedly caused $58,000 worth of damage to a branch frontage and computer equipment located inside in a building close to The Bank of England.
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