Firm Staff Start To Jump Ship
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The newspaper also reports that executives over at Kleinwort Benson Private Bank are mulling over a management buy-out of the unit from Commerzbank. Commerzbank is required by the EU to divest the unit, after taking state aid from the German government. In the meantime, The Wall Street Journal reports that the likes of Royal Bank of Canada, Schroders and Standard Chartered may also have an interest in the private banking unit.
And Commerzbank itself posted a bigger-than-expected first-quarter loss of $1.15bn last week.
The Journal also reports that the US Federal Reserve 'significantly scaled back' the amount of additional capital it required some of the nation's largest banks to raise following its stress-tests, after executives at Bank of America, Citi and Wells Fargo pushed back at the findings. And it seems that the discussions which followed the stress tests were as stressful as the tests themselves, as voices were raised and tempers became frayed.
MarketWatch reports that Japan's Mitsubishi UFJ Financial Group confirmed Monday that its will acquire an additional $600m in Morgan Stanley's common equity, taking its stake in the firm to just over 20%.
Finally, according to Hedge Fund Research, hedge funds are collectively up 4.2% in the year through April, although some managers who rode the recent rally in equities have seen gains of over 30%.
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