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And Goldman Sachs has come out and commented on all the noise about it paying record bonuses this year. Predictably, and as we pointed out earlier this week, the firm told The New York Daily News that 'we won't know what our compensation...number is until the end of the fourth-quarter, which is at the end of December'. And, as we all know, six months is a long time in the markets!
Citi CEO Vikram Pandit told a group of reporters in Sao Paulo earlier this week that business in emerging markets will drive his firm's growth, as he expects there will be a decoupling of emerging from developed markets as we emerge from the global downturn.
The news agency also reports that the US Justice department has said that there is no basis to a media report which suggested that it is to drop its lawsuit against UBS which wants to force the Swiss bank to release details of client accounts. The disclosures are sought in connection with a probe into alleged tax evasion by US citizens who placed funds offshore.
Finally, The Guardian reports that Royal Bank of Scotland tops The Banker magazine's list of biggest losers, after coming in with a pretax loss of $59.3bn in 2008. Coming in second was Citi on $53bn. The most profitable bank last year was Industrial and Commercial Bank of China, which posted profits of $21.3bn, followed by China Construction Bank.
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