COST OF THE LEGAL battle between Equitable Life, its previous auditor Ernst & Young and 15 former directors is expected to exceed £80m unless the case is settled, says the Daily Telegraph.
All three litigants are expected will appear in court today to complete the final legal hurdle before the trial begins later this year.
Part of today’s pre-trial proceedings is expected to reveal costs already come in at £30m each for Ernst & Young and Equitable Life while costs relating to former directors will come in at around £20m.
DEUTSCHE BANK has announced plans to axe more than 6,000 jobs worldwide, including over 1,000 of 8,000 workers in the City, and despite the company reporting one of its best profits in years, continues the Telegraph.
Over 1,900 redundancies – already announced - will affect its German operations but the firm yesterday revealed another 3,280 more jobs would go from other locations and a further 1,200 positions are being shifted to low-wage economies in the Far East or India.
THE GUARDIAN adds the UK asset management business might be sold off as part of its £820m cost-cutting exercise.
Chief executive Josef Ackermann said plans for the asset management division were being “reviewed” according to the newspaper, but he apparently refused to comments on suggestions it would be sold.IFAonline
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