No Chinese Takeaway For Goldman
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According to the news agency, Goldman, Citi, Merrill Lynch and Morgan Stanley have all been criticized by Chinese authorities of providing 'extremely complicated' and difficult to understand derivatives products.
And The New York Post reports that Morgan Stanley has been sued by a Virgin Islands pension fund, which accuses the firm of conspiring with rating agencies Moody's and Standard & Poor's to sell it CDO assets that it knew were far riskier than the ratings suggested.
In the meantime, Bloomberg reports that UBS is on the lookout for up to 800,000 square feet of office space to rent in New York City, as the firm has a number of leases up in 2013.
Reuters reports that Aberdeen Asset Management is interested in buying Royal Bank of Scotland's funds arm, which could go for up to $100m.
And The Financial Times reports that a London-based CIBC senior derivatives salesman has won an age discrimination case against the firm. A UK employment tribunal has found that CIBC orchestrated a 'sham' redundancy situation in order to replace then 42-year-old Achim Beck with a younger person. Damages will be determined at a later date.
Finally, Bloomberg reports that Morgan Stanley predicts that M&A is likely to make a 'gentle recovery' in 2010, and says that it will take a couple more years to get back to peak volumes.
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