Financial Business Review: Lloyds’ NEW Inquiry, Nomura’s MASS Layoffs
Mall owner firm General Growth Properties (NYSE:GGP) is searching for an investment bank to hire, but the reason for the search is unknown, according to Reuters. Around a week ago, Bill Ackman accelerated the pressure on the firm to put itself up for sale, but so far it is uncertain whether GGP is hiring a bank as a defensive strategy or if it agrees with Ackman, who owns 10.5 percent, and wants a sale.
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The United Kingdom’s Financial Services Authority has begun an official inquiry into how Lloyds Banking Group plc (NYSE:LYG) kept up with the commissions it paid to staff members who sold its financial products, says the Wall Street Journal. The investigation follows FSA interviews of over 20 financial institutions, and Lloyds has been found to have been particularly aggressive. The firm already set aside a reserve of £4.3 billion for the allegedly wrongful selling of payment-protection insurance.
American International Group Inc.’s (NYSE:AIG) proposed divestiture of a portion of its AIA Group investment all has to do with repurchasing shares from the United States Treasury, as the board okays a buyback program of up to $5 billion, while the AIA sale could bring $2 billion.
Nomura Holdings, Inc. (NYSE:NMR) in conducting mass layoffs due to regulation, deleveraging, tech, and the firm’s own particular errors mandate another makeover. A trader told Charlie Gasparino that “There is no equities business left”.
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