Sunday, 22nd November 2009

 

12 November 2008 - Press Briefing

US property tycoon sues as credit is blocked

Property baron Donald Trump has filed a lawsuit against Deutsche Bank and other lenders as the credit crisis hits his plans to build US’ second-biggest tower, according to a report in Daily Mail, London.

The suit, which apparently seeks $3bn (€2.4bn) in damages, alleges that Deutsche Bank, along with Merrill Lynch, Union Labor Life insurance, real-estate investment trust iStar Financial and a unit of Highland Capital Management, blocked Trump’s request for an extension to a $640m credit.

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Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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