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Hong Kong stocks end 0.41% lower

Agence France-PresseMay 31, 2013 07:31
Hong Kong stocks closed down 0.41 percent Friday ahead of key Chinese manufacturing data due to be released on Saturday, with investors wary over China's economic outlook. The benchmark Hang Seng Index fell 92.15 points to 22,392.16 on turnover of HK$79.64 billion ($10.26 billion). The index fell one percent for the week, and 1.5 percent for the month. Peter Lai, director at DBS Vickers Securities, told Dow Jones Newswires the decline Friday showed "investors are inclined to take profits and stay on the sidelines ahead of China's economic data".

UBS lifts investment bankers' pay by 9 percent on average: sources

May 30, 2013 17:01
ZURICH/LONDON (Reuters) - UBS <UBSN.VX> is set to raise pay for investment bankers by an average 9 percent to entice staff into staying by lifting salaries to market rates, three sources familiar with the matter told Reuters on Thursday. The Swiss bank, which is cutting 10,000 jobs as it withdraws from vast parts of fixed income trading, is lifting some base salaries among client-facing investment bankers by as much as 25 percent, while other front-office staff are receiving no pay rise, two of the sources said.

Morgan Stanley sues high-producing brokers for jump to Stifel

May 29, 2013 19:46
NEW YORK (Reuters) - Morgan Stanley has asked an Idaho court to prohibit three brokers it says generated over half the revenue at its Coeur d'Alene branch from contacting former colleagues about joining them at a Stifel Nicolaus & Co. office they have set up in the same city

Ex-Wall St. banker Quattrone gives Penn $15M to examine US criminal justice system problems

The Canadian PressMay 28, 2013 15:30
PHILADELPHIA - The University of Pennsylvania has received a $15 million gift to examine the U.S. criminal justice system from someone who has some experience with it: ex-Wall Street banker Frank Quattrone. Penn announced Tuesday that it's establishing the Quattrone Center for the Fair Administration of Justice. Scholars at the research and policy centre will identify, analyze and propose solutions for problems with the justice system.

Credit Suisse warns of U.S. tax spat escalation if talks fail

May 28, 2013 03:01
ZURICH (Reuters) - Credit Suisse's <CSGN.VX> chairman warned that a long-running tax dispute with the United States over hidden Swiss bank accounts could easily escalate and spill over to rivals if not settled. "What looks to be a painful solution at first glance is better for everyone than none at all," Urs Rohner was quoted as telling the Neue Zuercher Zeitung daily on Tuesday.

Bankia sells City National Bank to Chile's BCI for 683m euros

Agence France-PresseMay 25, 2013 04:30
Spain's bailed-out lender Bankia on Friday announced it would sell City National Bank of Florida to Chile's BCI for around 683 million euros ($883 million). The bank said in a statement it had "made provisions in late 2010 to cover losses" of City National, meaning it "hopes for a net capital gain of around 180 million euros" from the sale to Banco de Credito e Inversiones. The sale of Bankia's American subsidiary, brokered by Goldman Sachs and Sullivan&Cromwell, will result in 435 job losses, the statement said.

Credit Suisse names new Chicago co-head after banker departure

May 23, 2013 17:32
NEW YORK (Reuters) - Credit Suisse Group <CSGN.VX> has named Jeff Douthit as new co-head of its investment banking department in Chicago, according to an internal memo to staff that was reviewed by Reuters. Douthit, global head of business and consumer services for Credit Suisse, took the role after senior industrial banker James Nappo left the bank at the end of April to join Jefferies Group, people familiar with the matter said. The sources asked not to be named because the matter is not public.

Ex-Goldman banker Thornton steps down from HSBC board

May 20, 2013 10:46
LONDON (Reuters) - John Thornton, the former Goldman Sachs <GS.N> president who specializes in Chinese affairs, is stepping down from the board of HSBC <HSBA.L> to spend more time on his other business interests, Europe's biggest bank said on Monday. Thornton, who heads HSBC's remuneration committee, will not seek re-election to the bank's board at its annual shareholder meeting on Friday in view of "recent expanded responsibilities within his other business interests," HSBC said.

Initial public offerings scheduled to debut next week

The Canadian PressMay 17, 2013 14:02
NEW YORK, N.Y. - The following is a list of initial public offerings planned for the coming week. Sources include Renaissance Capital, Greenwich, CT (www.renaissancecapital.com) and SEC filings. Week of May 20 Alcobra Ltd. - Tel Aviv, Israel, 2.275 million ordinary shares, priced $10 to $12, managed by Aegis Capital. Proposed Nasdaq symbol ADHD. Business: Israeli drug company developing a non-stimulant ADHD treatment.

Multi-million losses forced out top BNP trader

Agence France-PresseMay 16, 2013 19:16
A senior trader with BNP Paribas left the French bank last year after his US-based unit traded losses of over $10 million, the Financial Times reported late Thursday on its website. Lionel Crassier, US head of equities at the time, was ordered back from New York in March after he lost the bank between $10 million (7.7 million euros) and $25 million, according to sources cited by the newspaper. "We decided in March 2012 to transfer a member of staff from New York to Paris who demonstrated poor trading judgment," the bank told the FT. He subsequently left the bank.
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