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Monday's Headlines: Protesters target Wall Street, want to "end corporate welfare"

Protestors demonstrated in New York's financial district on Monday for the third day in a row, Bloomberg reports.

The number of protesters dwindled to around 200 from 1,000 this weekend while New York City police continued to block off parts of the financial district. This weekend protestors marched in the financial district carrying signs that read: "end corporate welfare" and "we are too big to fail,"

They want President Obama to create a commission to end "the influence money has over our representatives in Washington," Bloomberg reports, citing the website of Adbusters, the group that organized the protests, calling for demostrators to occupy Wall Street for "months."

Other Headlines:

US regulator says complaints about suspicious trades on Wall Street up sharply this year. [Reuters]

Banks vulnerable due to "conglomerizaton," extreme leveraging, economist says. [On Wall Street]

UBS bonuses threatened as rogue trading estimate rises to $2.3 billion. [Bloomberg]

Major global banks cut Middle East and North Africa research staff to reduce costs. [Reuters]

Asset managers begin to appreciate value of back office services in winning clients. [Financial Times]

Credit Suisse settles German tax evasion dispute for $207 million. [Dow Jones]

Profits at foreign banks in China lag local rivals due to soaring hiring costs. [Wall Street Journal]

Deutsche Bank may cut jobs at BHF Bank to boost profitability, talking to unions. [MarketWatch]

Citibank's Singapore chief says smart regulation, taxes, technology help Singapore attract bank business. [Wall Street Journal]

Lloyds' Banking's Group Finance Director Tim Tookey quits to join Friends Life.

[Financial Times]

Almost 10% of candidates for top UK banking jobs back out after credentials scrutinized by FSA. [Financial Times]

Foreign lending to European banks dropped in Q1, BIS says. [Bloomberg]

Bank of England warns that securities lending makes banks more fragile during turmoil. [MarketWatch]

Germany's top 10 banks need $175 million of capital to be healthy, study says. [Reuters]

AUTHORDalia Fahmy Insider Comment

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