London Bankers Look For Exits After Tax Raise (Bloomberg)
Apparently the recent push to 50-something-percent was just too much to take; it looks like our London brethren are looking for exits to decidedly less tax-involved areas.
Swine Flu Hits Ernst & Young In Times Square (WCBS)
We always knew the trouble would start* in accounting.
Deutsche Bank To Keep Ackermann (FT)
“The decision to prolong Mr Ackermann’s tenure at the bank until 2013 is a sharp reversal of the bank’s repeated indication that the Swiss-born banker was ready to step down when his current contract ends in May next year.
Clemens Börsig, chairman of Deutsche’s supervisory board, said the decision “secures leadership continuity” for Germany’s largest bank. The bank said the offer to Mr Ackermann was made at the unanimous request of the supervisory board, which met on Monday. Mr Ackermann had agreed to the request, the bank said.”
In related news, Deutsche turned in its numbers:
“Deutsche Bank posted a better-than-expected net profit of €1.19 billion ($1.55 billion) for the three months ended March 31, compared with a net loss of €131 million a year earlier. Analysts polled by Dow Jones Newswires had forecast, on average, a €764 million profit.
The latest results included charges of €1.5 billion, including €1 billion in mark-downs, bringing total crisis-related charges to €10.7 billion. Year-earlier results, the bank’s first quarterly net loss in five years, were hit by additional asset write-downs, lower revenue and a trading loss in a deteriorating market.
Revenue in the first quarter rose 57% to €7.2 billion from €4.6 billion.”
Italy Seizes Millions In Assets From Banks (NYT)
“With municipal bond investigations spreading to Europe from the United States, Italian authorities have seized about $300 million in assets of four global banks — JPMorgan Chase, Deutsche Bank, UBS and Depfa — whose officials have been accused of fraud.”
Wilbur Ross To Join PIPP Effort (WSJ)
Bill Gross just makes it look too magical to pass up, doesn’t he?
Gulfstream, Cessna Sales to Slide for 2 Years as CEOs Shun Jets (Bloomberg)
Damn you, Congress. Damn you to hell.