Du Ronghai received an urgent phone call from his private banker at Industrial & Commercial Bank of China Ltd. about an investment opportunity promising a 10 percent annual return. Only for the privileged few, he was told.
Commerzbank AG wants to sell the former headquarters of Dresdner Bank in Frankfurt and has started looking for buyers, Financial Times Deutschland reported in a preview of an article that will be published tomorrow, without saying where it got the information.
Dresdner Kleinwort former Chief Executive Officer Stefan Jentzsch, who left the investment bank after last month’s takeover by Commerzbank AG, is forgoing his 2008 bonus as the industry grapples with the worst financial crisis since the Great Depression.
More than 100 bankers claim Commerzbank AG broke a pledge by Dresdner Bank, which it bought in 2009, to set aside about $516 million for bonuses and are asking a U.K. court this week to order that they be paid.
Bank of America Corp. is impeding an investigation of its loan modification practices by negotiating settlements with borrowers who must agree to keep them secret and not criticize the bank in exchange for cash payments and loan relief, Arizona officials say.