Firm Wins Bonus Case
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The court ruled that Commerzbank was quite within its rights to reduce indicative bonuses by 90% last year, after discovering the true extent of Dresdner Kleinwort's losses (Dresdner Bank was taken over by Commerzbank earlier this year).
The Wall Street Journal reports that Credit Suisse has posted a third-quarter profit of $2.33bn, with fixed income revenues coming in at an all-time high. Group CEO Brady Dougan said: 'We are confident about our business model and our competitive position....Even if markets become more difficult, we believe Credit Suisse is well-positioned to perform well'.
And Reuters reports that strong fixed income and underwriting revenues helped Morgan Stanley return to profit in its third-quarter. Net income in the period came in at $498m. The firm has confirmed that it is halfway through a hiring spree that will eventually see an additional 400 traders and sales staff added to the payroll.
Finally, The New York Post reports that Rochdale Securities analyst Richard Bove has downgraded Wells Fargo to a 'sell' from 'neutral', saying that he feels the current level of the bank's profts are unsustainable. The firm posted third-quarter profits of some $3.24bn. Its stock closed over 5% down Wednesday following the downgrade.
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