Bloomberg reports that BlackRock CEO Larry Fink told an audience at the Reuters Global Finance Summit in New York Tuesday that we may be approaching the end of the bear market.
Bloomberg reports that there's a big backlash on Main Street about the so-called Wall Street bailout. The news agency says that the majority of Americans feel that bankers should get NO bonuses at all this year.
My, how times change. This year the equity boys will be doing rather better on the bonus front. But here's what we were singing this time last year - to the tune of Band Aid's 'Do They Know It's Christmas'.
As rumours fly that JPMorgan and Morgan Stanley are likely to ask between 10 - 15% of wholesale banking staff to leave, Reuters reports that both Citi and Goldman Sachs were busy cutting heads last week.
Reuters reports that, as bad as September was for many hedge funds, October was even worse.
The Financial Times reports that Peter Wuffli, the former CEO of UBS, has agreed to forfeit some $10m in bonus payments he is due to receive. Wuffli told Swiss weekly newspaper NZZ am Sonntag: 'I had been thinking long and hard about this step. For me this is a personal decision. High payments to top managers at a company that is in difficulties can't be justified'.
Reuters reports that the board at AIG has been busy meeting with US Treasury officials to thrash out a change in the terms of the bailout of the insurer. Under the new plan, the US government is thought likely to buy $40bn in preference shares, which should ease the cash pressure on the firm and give it additional time to sell assets to repay government loans.
Our Highly-Placed Professional muses on the subject of whether anyone is making any money in the current market turmoil.
It was just after Lehman went belly up in September, and the stock in the two remaining investment banks (Goldman and Morgan Stanley) were under intense pressure, that Here Is The City first suggested that Goldman, a firm that likes to do its business out of the limelight, might take the firm back to being a private-owned company.
Current graduates have, of course, grown up with the Internet and are used to finding what they are searching for quickly. This also applies to the way they go about looking for their first job. Faced with a multitude of industries and hiring firms that compete with one another in each sector, graduates are looking for quick and effective methods to help them identify possible career options.
The recent rash of insider trading cases may be a shock to some on Wall Street, but not to one long-time market player: Bernie Madoff.
There is no point in mincing words.
The pledge made by one UBS trader – "I'm a man of my word" – seems a fine sentiment, until the realisation dawns that the promise he is making is to do "one humongous deal" with a broker to help him manipulate the Libor rate.