Paritosh's Feed
Jan 28, 2012

Bankers resist regulatory restraint on bonuses

DAVOS, Switzerland (Reuters) – Budding bankers expecting the bumper bonuses of years gone by will have to think again, with only the top performers likely to be paid top dollar.

Business leaders and bankers at the annual Davos forum were largely dismissive of attempts to cap or restrict compensation in the financial services industry through regulation.

Jan 27, 2012

NYSE CEO sees low odds for D.Boerse deal but hopeful

DAVOS, Switzerland (Reuters) – NYSE Euronext (NYX.N: Quote, Profile, Research, Stock Buzz) Chief Executive Duncan Niederauer sees a 10 percent to 20 percent chance that his $9 billion merger with Deutsche Boerse (DB1Gn.DE: Quote, Profile, Research, Stock Buzz) will be approved, but the low odds do not mean he is giving up hope yet.

Niederauer has spent the last few days meeting European antitrust commissioners and policy makers in Davos, Switzerland, to make a case for why the deal should be allowed to go through.

Jan 26, 2012

Barclays investment bank bonuses seen down 30 pct-source

DAVOS, Switzerland, Jan 26 (Reuters) – Year-end
bonuses at Barclays Plc’s (BARC.L: Quote, Profile, Research) investment bank are expected
to be down about 30 percent this year, on average, a source
familiar with the matter said on Thursday, making the UK bank
the latest to cut back banker pay.

The cash portion of employee bonuses is expected to be
smaller and may be capped, while the deferred stock component
would be higher, the source said.

Jan 26, 2012

Barclays investment bank bonuses seen down 30 pct-source

DAVOS, Switzerland, Jan 26 (Reuters) – Year-end
bonuses at Barclays Plc’s (BARC.L: Quote, Profile, Research) investment bank are expected
to be down about 30 percent this year, on average, a source
familiar with the matter said on Thursday, making the UK bank
the latest to cut back banker pay.

The cash portion of employee bonuses is expected to be
smaller and may be capped, while the deferred stock component
would be higher, the source said.

Jan 26, 2012

AIG debates if it could buy back AIA

DAVOS, Switzerland, Jan 26 (Reuters) – American
International Group Inc (AIG.N: Quote, Profile, Research) Chairman Steve Miller said on
Thursday the bailed-out insurance company may eventually want to
buy a life insurer outside the United States, including possibly
a larger stake in the spun-off Asian unit AIA Group Ltd
(1299.HK: Quote, Profile, Research), as confidence in its turnaround grows.

Miller said in an interview on the sidelines of the World
Economic Forum in Davos, Switzerland, that any decision was
probably two to three years down the road, but as the company
thought about possible alternatives, rebuilding a global life
insurance business was logical.

Jan 26, 2012

Top bankers say more optimistic on euro crisis

DAVOS (Reuters) – The World Economic Forum’s signature closed-session on banking saw financiers increasingly hopeful that the euro zone’s debt crisis can be resolved and confident of a deal to ensure Greece’s now inevitable debt default will be orderly.

The private meeting of financial services CEOs from major players including JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz), Barclays (BARC.L: Quote, Profile, Research, Stock Buzz), Citigroup (C.N: Quote, Profile, Research, Stock Buzz) and UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz), acknowledged that progress had been made, participants said on Thursday.

Jan 26, 2012

AIG debates if it could buy back AIA in future

DAVOS, Switzerland (Reuters) – American International Group (AIG.N: Quote, Profile, Research, Stock Buzz) Chairman Steve Miller said on Thursday the bailed-out insurance giant may eventually want to buy a life insurer outside the United States, including possibly a larger stake in the spun-off subsidiary AIA Group (1299.HK: Quote, Profile, Research, Stock Buzz), as confidence in its turnaround grows.

Miller, in an interview on the sidelines of the World Economic Forum in Davos, Switzerland, said any decision was probably two to three years down the road, but as the company thought about its possible alternatives in the future, rebuilding a global life insurance business was a logical issue to consider.

Jan 25, 2012

As Myanmar opens, hoteliers see prospects

DAVOS, Switzerland, Jan 25 (Reuters) – Travellers
hoping to glimpse the golden pagoda of Rangoon or hear the
“tinkly temple-bells” of Kipling’s Road to Mandalay may soon be
able to book into a Westin or a Marriott, thanks to Myanmar’s
re-emergence from political isolation.

Starwood Hotels & Resorts – which runs chains such
as Westin, Sheraton and W – and Marriott International
both said during the World Economic Forum in Davos they wanted
to start running hotels in Myanmar.

Jan 25, 2012

Global firms sharpen currency hedging on euro concern

DAVOS, Switzerland, Jan 25 (Reuters) –
International firms are spending more time at the highest levels
discussing how to hedge currency risk, particularly
euro-denominated earnings and transactions, in readiness for a
worst case scenario of a euro zone breakup.

Companies are scrutinising the inbuilt protections in their
hedge contracts and robustness of the settlement process if the
euro were to collapse, bankers and executives said in interviews
leading up to and during the World Economic Forum in Davos.

Jan 18, 2012

BankUnited aborts sale, to stay independent

Jan 18 (Reuters) – BankUnited Inc’s private
equity owners abruptly pulled the lender off the market on
Wednesday after a brief sale process drew offers below
expectations, and will instead focus on expanding in Florida and
New York.

The bank — which has Wilbur Ross’s WL Ross & Co, Blackstone
Group LP and Carlyle Group among its owners –
wanted an offer in the high $30-per-share range, a source
familiar with the situation said. It has a market value of about
$2.5 billion.