More than 300 leaders from the financial services and business community gathered to honor Vikram Pandit, CEO of Citigroup, at UJA-Federation of New York’s Wall Street and Financial Services Division's Banking and Finance Reception last week, at Gotham Hall in New York City.
As a follow-up measure to the problems plaguing Citibank associated with priority services (Citigold) and credit cards, Bank Indonesia conducted a special audit to confirm violations of prevailing regulations.
As Glencore International heads for its $61bn IPO in London, and the firm's top five shareholders become instant paper billionaires, the smart money is saying that this commodities firm represents the future. What Goldman was once, Glencore is now - the pot of gold at the end of the rainbow.
Bloomberg reports that Bank of America didn't lose any money trading in the first-quarter - and, no, that's not because they reined in their traders and they didn't do any!
Reuters reports that executives over at Goldman Sachs are said to be 'freaked out' over the implications of the 'Volcker rule' on prop trading, which some say will negatively impact the firm's revenues by at least $3.7bn-a-year.
With over $30 billion in new deal announcements this week, worldwide M&A totals $1.1 trillion for year-to-date 2011, an increase of 52% over year-to-date 2010. Targets in the United States account for 44% of overall activity this year, followed by the United Kingdom, China, Canada and France. Energy and power, financials and materials account for 47% of announced M&A so far this year.
New York - As US President Barack Obama was greeted by euphoric crowds when he visited Ground Zero Thursday, administration officials acknowledged that they had discovered evidence of what appeared to be a plot for an al Qaeda terrorist attack in the US to mark the 10th anniversary of 9/11.
The 23rd annual Sunday Times Rich List – the definitive guide to wealth in Britain and Ireland – is published as an extra 104-page magazine, free with the paper on Sunday.
The Wall Street Journal reports that HSBC staff and stockholders are getting ready for CEO Stuart Gulliver's 'revamp' - the latest in a long line of restructurings over the years, which has seen the bank enter and exit businesses (mainly in the investment bank), invest in US subprime and then pull back, and dip its toe in the water in US retail banking.
By Lara Morgan