Here's a post from a senior investment banker based in Dubai.
The Financial Times reports that Citi is to finally get to grips with the myriad IT systems which form part of the firm's technology platform. Citi is thought to have hundreds of different systems, many inherited following acquisitions, and management now believe that a concerted effort to rationalize the IT infrastructure could result in cost-savings of over a $1bn a year.
The Wall Street Journal reports that Morgan Stanley has 'said it would raise the base salaries of most of its top officers and many top-earning employees in an effort to reduce the importance of their annual bonuses'.
Reuters reports that UBS looks likely to be free to decide the size of its bonus pot this year, unlike 2008, when bonuses (which were around 90% down) were paid soon after the Swiss government bailout.
The latest instalment from Amazing Grace, the former Lehman Brothers fixed income salesperson who went on to become an exotic dancer (and more), is now available online. Scroll down for Episode 4.
Bloomberg reports that UBS has upped the base salary of MDs across the board over at its investment banking unit by an average of 50%, as it tries to retain talent in the face of competition for its staff from rivals. More junior staff are also said likely to be in line for salary increases.
Graduate Solutions, providers of bespoke graduate recruitment outsourcing solutions for financial markets / services firms, were sponsors of the inaugural Here Is The City 'Best Firms For Graduate Recruitment & Development' Awards.
Reuters reports that, according to a new report released by a New York City fiscal monitor, only 3,800 new jobs will be created for the City's securities professionals between now and the fourth-quarter of 2013 - that's just under 23 a week!
The jury is still out about the likely extent of further consolidation in the banking industry. Some say that the market has now been divided into two camps, and that the strong (the likes of JPMorgan) will devour the weak.
Bloomberg reports that senior management over at Bank of America have made paper profits of around $6.57m after purchasing their firm's stock in those dark days for shares during January. Among the winners is CEO Ken Lewis, who is looking at paper gains of around $2.5m.