Press Round-up – February 10

February 10, 2012

RBS pensioners latest victims of cost cutting
Pensioners of Royal Bank of Scotland have become the latest victims of the state-backed lender’s push to cut costs after being informed the annual lunch programme for former staff had been cancelled. (Telegraph)

Barclays wins role in Glencore merger
Last-minute lobbying by Barclays has secured it a role advising on the mega-merger of trading giant Glencore and miner Xstrata after originally being left off the advisory roster for the £54 billion deal. (Telegraph)

Libor probe discovers Citigroup took big hit
Citigroup was forced to write off $50 million after two traders accused of attempting to influence global lending rates left the bank, according to people familiar with a worldwide investigation that is gathering pace. (FT)

Indonesian Bumi investors confident of compromise
The Indonesian shareholders in coal miner Bumi are open to a compromise that would see financier Nat Rothschild stand down as co-chairman of the company but remain on its board, according to people familiar with the matter.  (FT)

Rio Tinto chief waives bonus
Rio Tinto’s chief executive has decided to waive a bonus of up to 2 million pounds because of a disastrous acquisition that happened on his watch. (Times)

Paris to invest directly in Dexia to salvage deal
The French government is to invest directly in the municipal finance unit of Dexia, the stricken Belgian bank, in order to salvage a deal to regularise lending to cash-strapped French local authorities.   (FT)

Lehman estate sues Citi
The Lehman Brothers estate has sued another of the defunct investment bank’s former counterparties, this time Citigroup, for $2.5 billion for cash taken in the period leading up to its bankruptcy that it wants returned.  (FT)

Alcatel-Lucent preparing for job cuts
Alcatel-Lucent is planning to cut up to 1,800 jobs in Europe, French union leaders have claimed, in the latest sign of the rapid scaling down of the European and U.S. telecoms equipment industry. (FT)

European banks plan new capital measures
European banks are proposing capital-raising measures that go beyond regulators’ demands and would cut only a small amount of lending to the real economy, according to a preliminary assessment of the plans by the European Banking Authority. (FT)

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