Sunday, 8th November 2009

 

AIG said to hire UBS for auction of Swiss private banking unit

American International Group has recruited UBS to auction its Swiss-based private banking division, AIG Private Bank, sources said, according to a Reuters report.

AIG, besieged by losses on distressed mortgage bets, is seeking to offload assets to repay a huge US government loan.

Tags: AIG Private Bank , American International Group , UBS

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Brummel

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”.

Rich Monitor

Sotheby's 3Q loss widens

Sotheby's third-quarter loss widened as the art auction house posted a worst-than-expected decline in revenue and a tax expense.

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