Top Firm Said To Have Had $65m For Poaching Raid
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The parties have ended up in a High Court in London, as they fight over constructive dismissal claims and non-compete clauses in contracts. Tullett is also seeking hundreds of millions in damages from BGC in the US, after 52 employees defected earlier this year.
Bloomberg reports that UK 'think tank' the Centre for Economics & Business Research has cut back its forecast for the number of City job losses this year - from 29,000 to 18,000. The Centre said that 'the reason for the upward revision .....is the unexpected speed with which the economy has turned the corner'.
And The Wall Street Journal reports that London is expected to be a 'battleground' for FX trading business, as a number of banks (including BNP Paribas, Barclays Capital, Credit Suisse, Nomura and SocGen) gear up in this area.
Reuters reports that RJH International has bought Kleinwort Benson Private Bank, in a deal worth at least $365m. RJH plans to adopt the KB brand for its financial services businesses.
The New York Times DealBook column reports that French bank Credit Agricole will pay back $4.5bn in state aid later this month.
And finally, The New York Daily News has reported that two Bernie Madoff victims have filed a lawsuit against US regulator The Securities and Exchange Commission, claiming that the agency was negligent in its oversight duties.
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