Goldman tapped 94 folks on the shoulder and invited them to become partners in the firm. The number is down from the 115 who were named two years ago. Whether being a Goldman partner is still a ride on the gravy train, however, remains to be seen.
This is a copy of an e-mail sent by staff at a major US investment bank to the CEO, asking for the firm to withhold bonuses and cut pay, rather than make another round of headcount reductions.
The New York Post reports that 33 year-old investment banker Keenan Altunis has won $1m-a-year for life in a New York scratch card game, but commented: 'Is it going to materially change my life ? No. I have been a very blessed and fortunate person'.
Reuters reports that Deutsche Bank has posted a surprise profit in the third-quarter. The pretax profit, at $118.5, was however down to a change in European accounting rules. The investment bank posted its third straight loss - at $1.2bn, after sustaining debt and equity losses of $1.5bn.
Bloomberg reports that Credit Suisse has confirmed that it is to axe another 500 investment banking jobs.
Hedge funds were already facing up to October being the worst month for returns in over a decade, but now many face possible extinction over losses sustained in shorting Volkswagen stock.
Bloomberg reports that, according to 'two people with direct knowledge of the situation', Deutsche Bank has lost more than $400m on equity derivatives trades, almost half of the bank's second-quarter revenues from equity sales and trading.
JPMorgan has joined the likes of BarCap, Deutsche Bank, Merrill Lynch, Nomura International and Royal Bank of Scotland and cut IT contractor pay. The firm is requiring IT contractors to take a 15% cut with effect from 1st November.
Here's something that's been doing the rounds in the last few days. Further proof that you should be careful what you stick up on social networking sites - as you never know who's checking in.
Based on the size of holdings as per a June 30th 13F filing with the Securities and Exchange Commission, The New York Post reports that Eddie Lampert's hedge fund ESL Investments has seen its holdings in eight of its largest investments (including AutoZone, AutoNation, Citi, Home Depot and Sears Holding) fall an average of $193m in each trading day in the last 26, which translates into a paper loss of $30m an hour (allowing for a 6.5 hour trading day) over the period.
This could end up being the most expensive cab ride in history.
It's usually the emails that gets 'em.
UBS announced today that its Board of Directors has authorized settlements with the US Department of Justice (DoJ) and Commodity Futures Trading Commission (CFTC) in connection with their investigations of benchmark interest rates.