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Northern Trust CEO Tells Barney Frank To Shut It

An emotional, ill-thought out letter sent to Northern Trust CEO Frederick Waddell by Barney Frank, Chairman of the House Financial Services Committee, on the subject of The Northern Trust Open got the response it deserved. Waddell simply told Frank (politely) to get back in his crib, and get his facts straight.

Citi - What The Smart Money Says

As the US government confirmed Friday that it is to take a 36% equity stake in Citi by agreeing to convert up to $25bn of its preferred stock into common, and the firm's shares fell 40%, here's what the smart money had to say about the deal:

Citi's Third Government Rescue - Press Release

Friday - 'Citi today announced it will issue common stock in exchange for preferred securities, which will substantially increase its tangible common equity (TCE) without any additional U.S. government investment. The transaction is intended to build Citi's TCE to a level that removes uncertainty and restores investor confidence in the company.

Top Firm Cutting Up To 2,000 Investment Bankers

Jamie Washington

Reuters reports that JPMorgan Chase confirmed Thursday that it is to cut 14,000 jobs, more than previously disclosed. The firm is to cut up to 2,000 positions over at its investment banking unit, and 12,000 jobs as its integrates Washington Mutual.

Northern Trust Comes Out Fighting Over Sponsored Golf Tournament

Good old Northern Trust. The firm got it in the neck earlier this week for its continued sponsorship of The Northern Trust Open, an event won last week by Phil Mickelson, given that it got $1.5bn in US government bailout money. Rumours were rife that the firm actually entertained clients at the event, and had the audacity to use the opportunity to try and generate business!

Trader Sues Top Firm For $19.6m Severance

The Wall Street Journal reports that Maximilian Coreth, who managed Lehman's North American gas and power trading business, is suing Barclays Capital for $19.6m, claiming that a clause in his employment contract specified that he was due to receive that amount in the event that he was let go prior to February this year.



Another Bad Week For Barclays

Barclays has form as a clever-clogs deal-doer. In the infamous Protium transaction in 2009 it cast off a $12.3bn collection of toxic assets to a Cayman Islands-registered fund, led by departing Barclays employees, which borrowed a cool $12.6bn from Barclays itself to do the deal.