2009 Bonuses - Bankers To Get More, Asset Managers Less
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In the meantime, CNBC reports that respected bank analyst Dick Bove has said that he feels that the big US banks are 'definitely out of the woods', and that 'the markets have changed dramatically in a positive fashion'.
And Bank of America said Wednesday that it was 'well on its way' to raising the $35bn in additional capital it needs, hoping to use 'the majority of the proceeds (from a variety of) initiatives to reduce reliance on government support for the company'.
JPMorgan CEO Jamie Dimon is not as bullish about the immediate future, saying that his bank would be 'lucky' if it is able to boost its dividend by the year end. Dimon also warned about credit card losses over at Washington Mutual, which he said could hit 9% in the next quarter.
Bloomberg reports that $4.3bn hedge fund Pequot Capital Management is to close its doors, due to an ongoing insider trading investigation being undertaken by US market regulator the Securities and Exchange Commission in connection with 2001 trading in Microsoft. Firm founder Arthur Samberg said that 'with the situation increasingly untenable for the firm and for me, I have concluded that Pequot can no longer stay in business.
Finally, The Wall Street Journal reports that the Obama Administration is close to recommending to Congress the creation of one single regulator to oversee the whole US banking system. In Europe, however, UK Chancellor Alistair Darling is said to be preparing for a fight with the EU over plans for a super bank regulator.
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