More Job Loss & Other News

The Observer reports that at least 1,250 staff who work for Citi is London's Canary Wharf financial district are likely to be told that they will have no job this week. Most of the losses are expected to come from the firm's investment banking unit.

And Bloomberg reports that Barclays Capital is axing around 100 jobs in its prime brokerage unit in New York, as the hedge fund industry contracts.

The New York Post reports that Goldman traders have been told that they will receive bonuses this year, even though the size will be down on previous payouts. The newspaper quotes one unnamed trader who said: 'At a partner meeting last Wednesday, I breathed a sigh of relief (when ) we were told we would be getting bonuses'.

Reuters reports that Daniel Zuberbuehler, Director of the Swiss Federal Banking Commission, has said that UBS could need additional capital from the Swiss government to beef up its balance sheet. Zuberbuehler was speaking in an interview with Swiss newspaper SonntagsZeitung.

The BBC reports that Bank of Canada Governor Mark Carney has said that he believes that the financial crisis was caused in part by banking executives who were more concerned with opera and skiing than they were of taking care of the store.

And Reuters reports that US billionaire investor George Soros has said that the US economy needs additional government support to the tune of between $300bn - $600bn if it is to stave off financial crisis.

Finally, Bloomberg reports that key managers at Temasek Holdings, Singapore's state-owned investment company, have volunteered to take a pay cut of up to 25%. And the biggest US bank by market value is now.....Wells Fargo, which edged ahead of JPMorgan Chase last week. Both companies are trading at 6-year lows.

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