October 2008 turned out to be quite a month. The Dow Jones Industrial Average fell 14%, its biggest decline since October 1987, and it had the most down days in a month since August 1973.
As the downturn bites, bankers around the world, seriously concerned about their future employment prospects, are faced with the age-old dilemma - should they take a lunch break ?
Born in Palm Beach, Florida, to Marianna Gallaeur and Henry Merritt Paulson, a wholesale jeweler, Henry ('Hank') Paulson was raised in Barrington Hills, Illinois. He was raised as a Christian Scientist. Paulson attained the rank of Eagle Scout in the Boy Scouts of America.
Here's the 'bonus' letter sent to the CEOs of Bank of America, Bank of New York, Citi, Goldman Sachs, JPMorgan Chase, Merrill Lynch, Morgan Stanley, State Street Corp. and Wells Fargo by Henry Waxman, Chairman of the US Congress Committee on Oversight & Government Reform.
The Straits Times reports that French police have questionned a trader at Caisse d'Epargne over the $975m trading loss incurred earlier this month. Police are said to have visited the trader's home Wednesday and are thought to have seized documents during the search of the premises.
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.