The Evening Standard 'City Spy' column clearly does have a mole at Commerzbank. Just a week after reporting that staff at the bank's securities division learned, earlier this month, of their department's fate via a live internal TV broadcast, the column has some more interesting gossip about the firm's remaining traders.
According to 'City Spy', there are actually still a few traders left on the premises, although, it is said, they are not actually doing any work. Described as the City's 'undead', the dealers are said to be sitting around reading GQ magazine and taking calls from headhunters while they wait to be given final details about their redundancy packages. The Commerzbank 'dead' are presumably the hundreds of City staff who are already believed to have been given their marching orders.
Yet another senior member of JP Morgan's bond division has left the firm. Jeremy Barnum, who was co-head of North American credit derivatives trading, is said to have left on Monday. According to media reports, six other senior staff left the division last week, following a 44% fall in the bank's third-quarter fixed income trading profits.
And finally, Frank Quattrone. The former CSFB IPO King has now been barred from the securities industry for life by The National Association of Securities Dealers, for allegedly failing to co-operate with an investigation into his old IPO unit's activities. Quattrone's lawyer confirmed that Frank would appeal the ban.