Reuters reports that UBS bank analyst Glenn Schorr is predicting that Goldman Sachs is heading for its first quarterly loss in the fourth-quarter since becoming a public company in 1999, on additional writedowns and weaker revenues. The firm's fourth trading period closes out at the end of this month.
CNBC reports that some of the largest US investment banks are preparing to cut around 15% of headcount in the next round of job cuts.
'I'm having the time of my life at the moment. Our bosses are so worried about their own bonuses (or lack of them) and their own job security (or lack of it), that they are spending all their time brown-nosing higher-ups and play internal politics. It's great, coz no-one is taking care of the store anymore, and guys like me are getting away with murder. I haven't done a proper day's work in months!
Bloomberg reports that French bank BNP Paribas has posted a 55% fall in third-quarter profits. Net income came in at $1.17bn. Bad debts and provisions totalled $2.56bn.
Barack Hussein Obama II; (born August 4, 1961) is the junior United States Senator from Illinois and President-elect of the United States of America.
UBS posted its third-quarter earnings Tuesday. As expected, the firm brought in a net profit of $256.3m, it's first profitable quarter in the last five.
Here's the latest contribution by our Highly Placed Professional:
The International Herald Tribune reported last week that the the funds put away for bonuses in the first three quarters equates to bonuses of $210,300 for the 'average' employee at Goldman (down 32% on last year), $138,700 at Morgan Stanley (down 20%) and $110,000 at Merrill Lynch (marginally up on last year). The Guardian now puts some color on the bonus allocations for the period for some of the European players.
The International Herald Tribune reports that Goldman Sachs has set aside around $6.85bn for year-end bonus payouts as at the end of the third quarter - or an average of $210,300 for each employee (down 32% from $339,400 as at the same period a year ago).
Here's a few silly investment banking jokes that have been doing the rounds.