German Lender is Suing Everybody; Nomura Cost Cuts Hit Europe Unit; Roundup

IKB Deutsche Industriebank AG is suing everybody, or at least it seems that way: the German lender is suing Citigroup and Goldman Sachs over losses of $137.4 million and $73.2 million, respectively, on mortgage-backed securities. In May, the Dusseldorf-based lender sued Bank of America over losses of more than $200 million on mortgage bonds.

Nomura will cut costs by about $500 million in European business, according to Bloomberg. The Japanese financial firm has said previously it will seek to pare costs by $1 billion in its wholesale business.

Morgan Stanley Smith Barney president Greg Fleming has been shuttling between cities of late to reassure financial advisers that the company is working to fix technology issues that have plagued the firm, according to Bloomberg. According to a Reuters report last week, 40 or so advisers have been threatening to leave the firm.

Wayne Chrebet is changing teams … the former Jets wide receiver is part of a six-member wealth management group that’s leaving Morgan Stanley Smith Barney for Barclays.

Citigroup is launching a European commodity trade finance business, according to The Financial Times, as the region’s banks marshal funds to meet stricter capital requirements.

Nearly one in four Greeks were out of work in June. France’s unemployment rate rose to 10.2 percent, its highest level in 13 years in the second quarter.

Ranji H. Nagaswami, chief investment officer for New York City pensions, is leaving government service for a role at Bridgewater, the world’s largest hedge fund.

Qatar’s sovereign wealth fund remains a thorn in the side of Glencore chief Ivan Glasenberg.

“Just in case it was unclear, you can’t moon your boss and expect to keep your job. Or your bonus.”