ARAFT of major overseas banks [...]; Business IN BRIEF.A RAFT of major overseas banks with UK bases are backing tougher international rules to curb pay and bonuses. The Treasury said 11 banks, including Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. and JP Morgan Morgan, American family of financiers and philanthropists. Junius Spencer Morgan, 1813–90, b. West Springfield, Mass., prospered at investment banking. , signed up to the G20 recommendations drawn up last month. The move follows a series of meetings held by City minister Lord Myners with international banks as part of efforts to prevent a return to the pre-crisis excessive bonus culture. Investment banking giant JP Morgan had yesterday kicked off the US third-quarter bank reporting season with a bigger-thanexpected surge in profits. Now the largest US bank, JP Morgan, posted pounds 2.3billion in net income for the three months to September, up from pounds 330million for the same period last year. But the bank were staying tight-lipped on pay and bonuses plans for the year. |
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