Firm's Getting Used To Being Sued Over Bonuses (Or Lack Of 'Em)
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And as Bloomberg reports, the four cases are among six in total which have been filed in London and Frankfurt. The bankers are suing as Dresdner / Commerzbank cut 2008 bonuses by up to 90% of what were originally envisaged for the year, due to Dresdner Kleinwort's overall dismal financial performance. Although the sums at issue have not been revealed, they are said to be 'very substantial'. A lawyer acting for Commerzbank told the court that due to the financial crisis and the unit's poor performance the bank was 'entitled to use our discretion to reduce the bonuses'.
In the meantime, The Times reports that AIG plans to raise $25bn to repay the US taxpayer by IPOing two of its life insurances businesses. Up for a float will go American International Assurance and American Life Assurance.
And Reuters reports that Sumitomo Trust & Banking is in final talks to acquire Citi's Nikko Asset Management unit in a deal that could reach $1bn.
The news agency also reports that, according to unnamed 'people familiar with the matter', the London Stock Exchange is to cut up to 10% of its workforce to save costs.
Bloomberg reports that all is well in the Standard Chartered empire. The bank said Thursday that it was earning most of its profits from emerging markets, and that its wholesale banking unit was putting in a strong performance.
And finally, The Financial Times reports that financier Sir Allen Stanford pleaded not guilty to 21 criminal charges (including one of running a Ponzi scheme) in court in Texas Thursday. Bail was set at $500,000, and Stanford will be required to wear a global satellite tag while he remains at large.
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