Wanted - 200 Bankers For 'Skinny' Investment Bank
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The news agency quotes unit head Adolfo Lagos, who said: 'Many of our competitors are obsessed by cost and so are we, but in the opposite direction. We're too skinny; we could become anorexic, so I believe we should spend a bit more (and hire)'.
In the meantime, Reuters reports that UK securities regulator The Financial Services Authority has fined Toronto Dominion Bank $11m for repeated system and and control failures relating to credit default swaps.
And The Wall Street Journal reports that Bank of America failed to land Bank of New York Mellon CEO Bob Kelly because the bank couldn't meet his pay demands. Kelly is said to have wanted an annual compensation package of around $15m - $20m, together with $20m to buy out his unvested stock.
Dow Jones Newswires reports that Credit Suisse has confirmed that it is in exclusive talks to buy Fortis Bank's Prime Funds Solutions unit.
The Daily Telegraph reports that US market regulator the Securities and Exchange Commission has fined ICAP $25m for displaying 'ficticious' trades in order to attract customers. The regulator also issued 3 month suspensions to 5 US brokers, and 2 of their supervisors.
Finally, Bloomberg reports that UK taxpayer majority-owned Royal Bank of Scotland is giving staff £10 each towards a Christmas party - just enough for two pints of lager and a (large) packet of crisps.
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