JPMorgan has come out and estimated that European investment banks are likely to writedown an additional $18.9bn in the fourth-quarter.
I'd like to wish all our readers the best for 2009 - even though we all know that next year is shaping up to be the most horibillus annus of them all! But let's leave it at that.
Bernard Leon Madoff was the chairman of Bernard L. Madoff Investment Securities, which he founded in 1960. The firm was one of the top market maker firms on Wall Street, and also had an investment management business.
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'.
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.
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.
For those of you who love to get into the detail, here's the complaint filed against Bernard Madoff.
Reuters reports that fund manager James O'Shaughnessy warned bosses at Bear Stearns in 2007 that the firm's investment funds were taking on unnecessary risks, but he was 'politely told to mind my own business'.
The New York Daily News reports that strip club / lapdancing empire Scores is to close its doors for the last time before the year end, as the downturn bites and laid-off bankers stay at home with their wives.
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.
Nothing lasts forever: if history has any lesson for us, it is this.
It would be nice to have £53m in bonuses to lose!
Financial-services firms are on track to cut the most jobs in January since the start of 2009 as Europe struggles to emerge from the debt crisis and regulators impose tougher capital rules.