- Merrill Sued by U.S., Accused of Anti-Iranian Bias
- Goldman's Schwartz, Fund Unit Co-Head, to Step Down
- Lehman Brothers loses senior man
- JPMorgan hires Credit Suisse banker for India
Merrill Sued by U.S., Accused of Anti-Iranian Bias - Bloomberg
Merrill Lynch & Co., the world's third-largest securities firm by market value, was sued by the U.S. government and accused of discriminating against a vice president because he was an Iranian Muslim.
The Equal Employment Opportunity Commission claimed today in a complaint in New York that Merrill discriminated on the basis of national origin and religion. It asked for an order barring the firm from discriminating against employees and for damages on behalf of Majid Borumand, whom the agency called a quantitative analyst. Merrill said he's a senior computer programmer.
``Mr. Borumand was subject to a number of remarks that reflected animus towards his national origin and religion,'' the government said in the Manhattan federal court complaint.
The case is at least the third the EEOC has brought against Wall Street firms in two years. In 2005, the agency accused LaBranche & Co. of illegally forcing a bipolar employee to quit. In 2006, it said Oppenheimer & Co. Inc. discriminated against a woman it thought was a job applicant....
Goldman's Schwartz, Fund Unit Co-Head, to Step Down - Bloomberg
Eric Schwartz, Goldman Sachs Group Inc.'s co-head of asset management, will step down from his day- to-day responsibilities in the next few months after 23 years at the firm, according to an internal memo.
Schwartz, 44, will become a senior director at New York- based Goldman, according to the memo, which was confirmed by spokesman Peter Rose. The memo didn't give a reason, and Schwartz, a member of the firm's management committee, declined to comment. Peter Kraus, 54, is the other head of the fund unit.
Schwartz, who helped run equities before joining the investment unit in 2003, is the third management committee member to leave in the year since Lloyd Blankfein, 52, became chairman and chief executive officer. Suzanne Nora Johnson, a vice chairman and the firm's highest-ranking woman, and Scott Kapnick, an investment banking co-head, both left after 21 years....Marc Spilker, who oversees the alternative-investments unit, may replace Schwartz, Pensions & Investments magazine reported earlier today, citing speculation. Spilker didn't return a call seeking comment.....
Lehman Brothers loses senior man - The Times of London
Amid expectations of more big deals in the energy sector, James Metcalfe, the head of power mergers and acquisitions at Lehman Brothers, is leaving the firm to become global head of power banking at UBS.
Mr Metcalfe, who was among the bankers advising Kohlberg Kravis Roberts and Texas Pacific Group in their $45 billion buyout of the Texas utility TXU, will join UBS in its New York office, where he will take the role of the currently held by Walter Hulse, UBS said. Mr Hulse will beco...
JPMorgan hires Credit Suisse banker for India - Reuters
U.S. bank JPMorgan has hired bankers from Credit Suisse and ICICI Securities to boost its investment banking team in India, a company memo seen by Reuters on Wednesday showed.
Ranjit Lakhanpal of Credit Suisse, who had also worked for Goldman Sachs, would join as managing director of corporate finance, and Mehul Savla of ICICI Securities would join as an executive director in the equity capital markets division, the memo said.
Global banks such as Credit Suisse and Lehman Brothers have been hiring aggressively to tap ballooning fund-raising and mergers and acquisitions advisory businesses in Asia's third-largest economy....
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