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![Credit Suisse to ‘ring-fence’ Swiss banking operations](/web/20131124150832im_/http://www.afr.com/rw/2009-2014/AFR/2013/11/21/Photos/14526e3e-52ec-11e3-b88c-3db3d2899978_creditsuisseflag--646x363.jpg)
Credit Suisse to ‘ring-fence’ Swiss banking operations
Credit Suisse plans to separate its retail and private banking business in its home market from its riskier investment banking and trading operations in Britain and in the United States.
![JPMorgan aims to keep pay roughly flat, sources say](/web/20131124150832im_/http://www.afr.com/rf/image/2009-2014/AFR/2013/11/21/Photos/82473d8c-52ee-11e3-b88c-3db3d2899978_syd-5loyqw8zd94ny1h78yv--180x120_5_0_2512755663--U603984715316mvH-288x110_6_0_3998075260-448--236x160.jpg)
JPMorgan aims to keep pay roughly flat, sources say
JPMorgan Chase & Co plans to keep overall compensation roughly flat this year from last year, in a sign that employees will feel at least some pain from the bank’s recent legal settlements, according to two sources familiar with the matter.
NAB loses $25bn client to archrival JPMorgan
National Australia Bank’s custody division has lost one of its biggest clients after the $25 billion Cbus superannuation fund switched to archrival JPMorgan.
![Why the Aussie market is best for debt](/web/20131124150832im_/http://www.afr.com/rf/image/2009-2014/Capital/2013/11/21/Photos/769d84aa-52df-11e3-b88c-3db3d2899978_hundredshands--236x160.jpg)
Why the Aussie market is best for debt
Even bankers paid to take local corporations to offshore debt markets concede the Australian market has been the best place for non-financial companies to issue debt, despite local companies slowing their debt raising in 2013.
![ACMA wouldn’t object to News Corp takeover of Ten](/web/20131124150832im_/http://www.afr.com/rf/image/2009-2014/AFR/2013/11/21/Photos/02625d20-52f0-11e3-b88c-3db3d2899978_456_6_0_3861295442--236x160.jpg)
ACMA wouldn’t object to News Corp takeover of Ten
The Australian Communication and Media Authority has shed light on its likely treatment of any attempt by Rupert Murdoch’s News Corp to take over struggling broadcaster Ten Network Holdings, chaired by Mr Murdoch’s son, Lachlan.
![US to exit GM by year-end, sees $10bn loss](/web/20131124150832im_/http://www.afr.com/rf/image/2009-2014/AFR/2013/11/21/Photos/3ff21e4c-52f4-11e3-b88c-3db3d2899978_717891--U30759409283NwC-438x266_3_0_765036469--236x160.jpg)
US to exit GM by year-end, sees $10bn loss
The US Treasury Department said it expected to sell its remaining shares of General Motors by the end of the year, a plan that may leave taxpayers with a shortfall of about $US10 billion on the auto maker's 2009 bailout.
Transurban targets Cross City Tunnel
Transurban might be the logical buyer for Sydney's Cross City Tunnel, says Chanticleer's Mike Smith, given it could join the troubled asset to its other motorways. More AFR TV
Currency intervention
RBA governor Glenn Stevens declared large-scale currency intervention to be part of the central bank’s “tool kit” to boost the economy, but warned it could come at a potential cost to government revenue.
M&A
Pos | Name | Value ($m) | No | % share |
1 | Goldman Sachs | 26,558 | 29 | 29.5 |
2 | Macquarie Group | 23,787 | 27 | 26.4 |
3 | Lazard | 14,457 | 10 | 16.1 |
ECM
Pos | Name | Value ($m) | No | % share |
1 | UBS | 5,634 | 30 | 32.5 |
2 | Macquarie Group | 2,511 | 29 | 14.5 |
3 | Goldman Sachs | 1,253 | 13 | 7.2 |
DCM
Pos | Name | Value ($m) | No | % share |
1 | ANZ | 24,685 | 123 | 17.1 |
2 | Westpac | 22,640 | 86 | 15.6 |
3 | Commonwealth Bank of Australia | 17,057 | 71 | 11.8 |
Syndicated Loans
Pos | Name | Value ($m) | No | % share |
1 | ANZ | 10,983 | 100 | 12.9 |
2 | National Australia Bank | 9,738 | 82 | 11.4 |
3 | Westpac | 9,598 | 77 | 11.3 |
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