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Greed Is No Good - It Did Us All In

It was on 18th May, 1986 when then-successful arb Ivan Boesky gave the commencement address at the University of California's Berkeley business school. Boesky famously told his audience that 'I think greed is healthy. You can be greedy and still feel good about yourself'.

Job Loss & Other News

The axe is said to have fallen over at Credit Suisse in Canary Wharf last week, with around 650 staff thought to have been given their marching orders following cuts in the firm's asset management and investment banking divisions. Also among those said to have gone are a number of graduate recruits who started just a few weeks back.

Top Firm Said To Have Suffered $1bn Trading Loss

Bloomberg reported Friday that, according to unnamed 'people familiar with the matter', a New York trading desk run by Deutsche Bank credit-trader Boaz Weinstein has suffered a $1bn trading loss. And the final loss may end up even larger as the German bank unwinds the positions.

BofA Confirms Merrill Merger Job Loss Numbers

Bank of America came out after the markets closed Thursday and confirmed the number of jobs likely to go following the merger with Merrill Lynch. The bank said that between 30,000 - 35,000 jobs will go at the two firms in the next 3 years due to the merger and the current weak economic climate. Job losses in investment banking and global markets, however, are thought most likely to be done by the end of the first quarter.

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