Friday's Headlines: Bank of America's new legal chief gets $4 million
Bank of America has paid its new chief legal officer a signing bonus worth more than $4 milion DealBook reports. Gary Lynch, formerly head of legal at Morgan Stanley, has been given 415,000 stock options that will vest over annual intervals beginning in February 2012, the article says. If exercised today, the options would be worth $4.1 million. Lynch will be in charge of running legal, compliance and regulatory relations.
"In his new position, he will guide Bank of America through its myriad legal problems, including claims stemming from its ill-fated 2008 acquisition of Countrywide Financial, the subprime mortgage giant," DealBook writes. The article notes that before joining Morgan Stanley, Lynch was a Securities and Exchange Commission enforcement director.
Credit Suisse investigated by US regulators for allegedly helping wealthy Americans evade taxes. [Reuters]
Deutsche Bank sued by European lender over alleged fraud in $1 billion securities deal. [BusinessWeek]
JP Morgan CEO Dimon says 'everybody is going to sue' over old mortgage claims. [Bloomberg]
SIFMA outlines new fiduciary standard for SEC to help broker-dealers. [Investment News]
EU hopes stress test will allay investor fears over Greek debt default. [Associated Press]
Capital One, Wells Fargo bid on HSBC US credit card business. [Reuters]
US banks safe from Italian debt woe contagion, so far. [CNN Money]
Deutsche Bank union wants CEO Ackerman to remain as board chairman. [Wall Street Journal]
JP Morgan to reduce $154 billion mortgage portfolio to almost 'zero'. [BusinessWeek]
Barclays tops Australia M&A tables after BHP-Petrohawk deal. [Bloomberg]
Citigroup may decide to keep its private-label credit card business. [Financial Times]
Financial advisors could lose $90 billion in fees after News Corp bid for BskyB collapses. [Bloomberg]