Monday's Headlines: Investment Banks Vary In Adoption Of New Pay Rules
The top investment banks are split on adopting new rules on bonus payments, with only some such as Citigroup, JPMorgan and Goldman Sachs following them as outlined.
Bank of America plans to reduce headcount further in 2011.
UBS has added staff to rebuild its fixed income, currencies and commodities businesses. [Financial News]
An ongoing federal investigation reveals that hedge fund consultants willing to pass on confidential corporate information are sometimes earning double their salaries by moonlighting with an expert network firm. [Reuters]
Morgan Stanley's James Gorman received $7.4 million in stock and options in his first year as chief executive of the investment bank. [FT]