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The bank said in a statement that 'we deeply regret the activities that have taken place, as they do not reflect the conduct we expect of our team members'.
In the meantime, the BBC reports that US President Barack Obama has warned bankers that 'we will not go back to the days of reckless behaviour and unchecked excess at the heart of this crisis'.
Not to be outdone, UK Prime Minister Gordon Brown said in a BBC interview that he was 'appalled' that some investment banks continue to pay big bonuses, and that the question of bonuses was 'unfinished business'.
And Bloomberg reports that French President Nicholas Sarkozy has apparently threatened to walk out (presumably wearing platform shoes) of the impending G20 Summit unless an agreement is reaches on bonus restrictions.
In the meantime The Wall Street Journal reports that a US federal judge has thrown out the SEC's proposed settlement with Bank of America over the disclosure (or lack of it) to shareholders last December of bonuses to be paid to Merrill Lynch employees. The newspaper also says that, according to an unnamed 'person familiar with the situation', New York State Attorney General Andrew Cuomo is considering bringing civil fraud charges against BofA CEO Ken Lewis.
Finally, The Financial Times reports that Citigroup has engaged the services of investment bankers to see if it is able to raise the finances to sell the US government's 34% stake in the company.
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