Banks

deutsche-bankDeutsche Bank AG , which has struggled to overcome investor concerns about its financial strength, is replacing its longtime finance chief with a Goldman Sachs Group Inc. partner, according to people familiar with the matter. Stefan Krause , who has faced criticism from investors over his financial leadership of the giant German bank, will take a newly created position within Deutsche Bank, with responsibilities including strategy, cost-cutting and other issues, the people said. His replacement, Marcus Schenck, was the finance chief of German utility E.ON AG from 2006 through 2013. He joined Goldman Sachs last year. [WSJ]

According to a court filing by his soon-to-be ex-wife, Christina, Jefferies Global Head of Healthcare Sage Kelly (he of “I have never defecated or urinated in bed, on the floor or a wall“) allegedly “develope[d] and expand[ed] his relationship” with a principal at Aegerion Pharmaceuticals by having sex with the guy’s girlfriend and offering up his wife in exchange. Read more »

Sage KellySome words you don’t often hear senior Wall Street execs say aloud are “I have never defecated or urinated in bed, on the floor or a wall.” And yet, Sage Kelly, Global Head of Healthcare Investment Banking at Jefferies, said exactly that in court papers this week, in response to allegations by his wife that he’s mistaken all of those places for a toilet, in addition to other stuff re: copious drug use, “foursomes,” and “wife-swapping.” Read more »

UBSSince 2011, UBS has openly discussed/threatened the possibility of moving out of its building Stamford, CT, which houses the world’s largest trading floor, to points unknown in New York City. The thinking behind the relocation was that the bank’s morale and profit issues boiled down to people not wanting to work in Connecticut, and that everything would turn around should they find themselves further south. Recently, though, UBS hasn’t said much at all re: leaving the Nutmeg state, which makes this turn of events slightly awkward: Read more »

Lloyd Blankfein Gary CohnGoldman commissioned its own study re: certain allegations of gender discrimination and the results show there’s a lot that went over Cristina Chen-Oster and Shanna Orlich’s heads. Read more »

  • 22 Oct 2014 at 4:01 PM

That’s ‘Professor Dimon,’ Thank You Very Much

After beating cancer, Jamie Dimon — like many survivors — is looking to give back after a life in banking. The 56-year-old JPMorgan Chase chief executive is considering philanthropy and teaching when he leaves the bank he’s helmed for 10 years, he said during his first public appearance in New York since finishing the cancer treatment last month. “I still want to make it a better world,” he said Tuesday at the Javits Center for an industry conference. “I think when I’m done with this, I’m going to do it more directly.” [NYP]

rbsIf you’re going to team up with other banks to manipulate interest rates and engage in other shady behavior, just make sure to be the first one to go to regulators and let them know what you’ve all been up to. Read more »

ubs1When Christie’s auctioned off Edgar Degas’s “Danseuses” for nearly $11 million in 2009, the catalog noted that the masterpiece was being sold as part of a restitution agreement with the “heirs of Ludwig and Margret Kainer,” German Jews whose vast art collection was seized by the Nazis in the years leading up to World War II. But now a dozen relatives of the Kainers are stepping forward to object. Not only did they fail to benefit from that sale, they say they were never even told about it, or any other auctions of works once owned by the couple, including pieces by Monet and Renoir. It turns out that the Kainer “heir” that has for years collected proceeds from these sales and other restitutions, including war reparations from the German government, is not a family member but a foundation created by Swiss bank officials. In lawsuits filed in New York and Switzerland, the Kainer relatives contend that officers of the bank — now part of the global banking giant UBS — never made a diligent effort to find them, and worse, used the family name to create a “sham” foundation ostensibly organized to support the health and education of Jewish youth but actually formed, they say, to cheat them out of their inheritance. [NYT via Matt]