JPMorgan’s board of directors is weighing lower bonuses for CEO Jamie Dimon and other top executives in light of the $5.8 billion trading loss the firm suffered this year, according to The Wall Street Journal; Citigroup is also looking at executive pay in an attempt to appease shareholders.
Kweku Adoboli, the former UBS trader charged Read More
European Central Bank President Mario Draghi won wide support from his board for a plan to buy the sovereign debt of euro zone countries. Rates on Spanish 10-year bonds promptly fell to levels last seen in May, and the corresponding Italian bond fell to its lowest since April.
LightSquared, the wireless broadband company backed by Harbinger Capital founder Phil Falcone, is battling with creditors over control of the firm’s bankruptcy, according to Bloomberg. LightSquared has asked a judge to extend a deadline to file a Chapter 11 plan; the creditors say, “Having nothing to lose, Mr. Falcone wants to pursue a high-risk, high-return strategy.”