Shares in Barclays Bank has doubled since Monday, after the firm's top two executives wrote an open letter about the bank's current financial position, which clearly impressed investors.
Bloomberg reports that Morgan Stanley CEO John Mack, ever-the-prankster, handed out 'electronic blood pressure machines with Velcro wristbands' to three of his deputies last September. Mack and his cohorts doubtless needed the machines over the coming weeks, a time when some felt that the firm was close to collapse.
Here's something sent in by one of our readers.
'To my Merrill Lynch colleagues:
Here's something interesting sent in by one of our readers:
The Times reports that UBS has obtained permission from Swiss financial regulator Finma to pay $1.8bn in bonuses to its staff next month.
Reuters reports that ING has confirmed that it will post a $1.3bn 2008 full-year loss, after fourth-quarter losses of $4.3bn, $2.6bn of which related to losses sustained from structured products.
Responding to the concerns of investors, Barclays' top two executives have taken the unusual step of writing an 'Open Letter', which reveals that the bank expects 'significant' pre-tax profits in 2008, record income levels and has adequate capital resources.
Most banks have rather a lot to worry about during this difficult period, but, according to The Mail-on-Sunday, Deutsche Bank has found the time to enter into a deal with Murdock London to open a grooming salon in its London Wall HQ building. So, it won't be only the firm's front office staff who will be 'taking a haircut', then.
Nothing should really surprise us now.
The mystery is why Alison Carnwath, former chair of Barclays' remuneration committee, waited so long to put it on the record. It has been long known that she disagreed with Barclays' decision to award Bob Diamond, the then chief executive, a £2.7m bonus for 2011. But she didn't mention her disagreement with the other directors when resigning from the board last July. She merely cited her regret that she was no longer able to devote "sufficient time" to her non-executive duties.
You might be surprised - even more than Jamie Dimon.