It's commonly estimated that 170,000 financial markets jobs have already been lost / announced in the last 12 months (at banks, brokers, hedge funds, and asset / mutual funds). Many feel, however, that we are only halfway through, and that another 170,000 jobs will be cut before this crisis has played out.
It's coming up to bonus time, and everyone is trying to get some kind of benchmark on what bonuses are likely to look like this year. We all know that bonus pots will be down on 2007, but it is a question of just how much.
Here's the latest from our Highly-Placed Professional.
The days of the big bonuses are over. Unless, of course, you happen to be a top trader who is responsible for generating substantial revenues for your firm. And these front office types are likely to walk off with the lion's share of this year's (much smaller) bonus pots.
Citigroup's market cap dropped a massive $9bn in New York trading Wednesday, as the shares closed 22% down to $6.45. The stock is now trading at a 13-year low.
The UK media is reporting that Deutsche Bank is set to announce that it is cutting 900 staff from its global markets division as it, too, responses to the economic crisis by getting its costs down.
Wall Street loves to laugh at itself - especially in the bad times, as we use humour to overcome adversity.
Below is the text of Federal Reserve Chairman Ben Bernanke's testimony to the House Financial Services Committee on the financial bailout package.
Below is the text of Treasury Secretary Henry Paulson's testimony to the House Financial Services Committee on the financial bailout package.
The Financial Times reports that Citigroup is to liquidate its Corporate Special Opportunities hedge fund, after it lost 53% of its value last month.