Financial Firms Boost Salaries, Cut Bonuses - Survey [Reuters]
More than two-thirds of U.S. and European financial firms surveyed by Mercer said they've raised base salaries while reducing cash bonuses. The change reflects regulatory and public pressure against large cash bonuses in the aftermath of the financial crisis.
Bank of America Lays Off 50 [Tampa Bay Business Journal]
Bank of America plans to eliminate 50 jobs in Florida by the end of August, mostly in its Tampa office.
Norway Attracts Hedge Funds As U.S., EU Step Up Regulation [Bloomberg News, via Pensions & Investments]
In the latest geographic twist on hedge fund job creation, fund firms are responding to Norway's move to relax regulations while both the U.S. and the European Union clamp down on the industry. Since Norway removed a ban on sales to institutional investors at the start of this month, five Norwegian and three foreign firms have applied to start or market hedge funds in the country.
Apple's iPad Wins Corporate Converts at Wells Fargo, SAP [Bloomberg News]
Wells Fargo is among several large corporations that quickly embraced Apple's iPad for corporate uses such as demonstrating financial products at an investor conference. That's a contrast with the iPhone, which Wells took two years to approve for its work force.
Securities Regulator Goofs, Sends Out SSNs Of 139,000 Advisers [Investment News]
Here's an occupational hazard you probably didn't bargain for. The Massachusetts Securities Division notified financial advisers in the state that it had accidentally released their Social Security numbers and other identifying information to a trade publication.
City Heavyweights Aim To Set Up New Bank [FT]
A handful of London banking notables plan to set up a new bank that would eventually bid for various UK bank assets including the government-controlled Northern Rock and branches of Lloyds Banking Group. Principals behind the as-yet-unnamed venture include Sir David Walker and Lloyd's of London Chairman Lord Levene.
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