Lehman Brothers released its third-quarter earnings a week early Wednesday, in response to a 45% fall in the firm's stock price yesterday. The firm also outlined its survival strategy.
'LEHMAN BROTHERS ANNOUNCES PRELIMINARY THIRD QUARTER RESULTS AND STRATEGIC RESTRUCTURING
As staff at Dresdner Kleinwort mull over their future employment prospects, many will no doubt be interested as we recall the last major investment banking job cull undertaken by Commerzbank - the hundreds of jobs that went in London in 2004, when the bank decided to refocus its securities business.
We've mentioned before that Deutsche Bank CEO Josef Ackermann seems to have an uncanny knack of coming out with banal statements about the current market turmoil. His latest, reported by The Wall Street Journal, takes the biscuit.
Here's a round-up of the non-Lehman news hitting the headlines. It's mostly bad.
Credit Agricole came out Wednesday and revealed details of its new strategic plan for Calyon, its investment banking unit. The plan confirms 500 job losses at the unit, a EUR 300 million cost-cutting exercise, a strengthening of risk management and the exit of high-risk capital markets activities.
Lehman Brothers: 'No comment'.
The Times reports that a connectivity glitch downed The London Stock Exchange (LSE) for seven hours Monday, resulting in millions in lost trading revenues, as traders took their business elsewhere (when they could).
Reuters reports that French newspaper La Tribune has reported that Calyon, the investment banking arm of Credit Agricole, could announce up to 1,200 job cuts this week, when the bank announces its new strategy for the unit.
Despite the tough markets conditions, City bankers are still doing their bit to raise money for charitable and worthy causes.
Commerzbank has won the chance to appeal a U.K. court ruling forcing it to pay about $64m in bonuses to 104 Dresdner Kleinwort bankers.
Barack Obama, the post-partisan candidate of hope who became the first black U.S. president, won re-election today by overcoming four years of economic discontent with a mix of political populism and electoral math.
'He walked out the door the next day and never came back', said one person familiar with the situation.