A new survey undertaken by recruiters Badenoch & Clark has revealed that, despite the credit crunch that is decimating the financial markets, 72% of financial services professionals remain happy at work.
Citi announced its new expense policies and procedures to staff at its Institutional Clients Group (basically the investment bank) last week. It's all here - technology-related purchases, Blackberry usage, office moves and furniture, color copying and printing, travel expenses and entertainment, late night car service and meals, temporary employees, recruiting, management consultants, etc.
12 months on from the start of the credit crunch, we thought it would be interesting to look back at some of the stories that made the news.
Shares in Lehman Brothers fell 13.1% in New York trading Tuesday, on fears that the firm's third-quarter will be really 'ugly', and that more capital raising and the possible sale of asset management unit Neuberger Berman is on the cards.
Barclays President Bob Diamond has consistently said that his bank is not really up for buying an investment bank to merge with Barclays Capital (preferring to grow the business organiclly instead), but, according to the Financial Times, Barclays may make a move on a US wealth management firm.
'Let me start by saying that I've not got it in for my firm, Merrill Lynch. Despite the terrible securities losses that have engulfed our firm these last 12 months, and the resulting job cuts and pressures which have come with this period of turmoil, I still believe in this firm. I believe that, despite a couple of missteps, CEO John Thain is the right man to lead us, and I remain confident that we will emerge from our troubles a better, more focused business.
Just a few days after the publication of a report in which 60% of the 146 banks, investors and hedge funds surveyed said that they felt that there was a strong likelihood of a major financial institution failing in the next 6 months, other naysayers have surfaced echoing the same sentiments.
At least that's what the smart money says. Reuters reports that, according to a new survey of 146 banks, investors and hedge funds undertaken by Greenwich Associates, 60% of respondents said that they fully expect a major financial services firm to collapse in the next 6 months. 15% said that they felt a collapse was likely in the next 6 - 12 months. Only 27% felt that there was not likely to be another collapse like Bear Stearns.
As widely predicted, Fortis announced late Friday that it was parting company with CEO Jean-Paul Votron. Votron, 57, was in the end brought down for bringing Fortis in on the ABN Amro deal with Royal Bank of Scotland and Santander. He was immediately replaced by Herman Verwilst, his former deputy.
Barclays President Bob Diamond (who also runs Barclays Capital, BGI and Barclays Wealth) bagged $29.8m in cash and stock compensation for his troubles last year - 5 times more that Barclays CEO John Varley, the man who beat Diamond to the top Barclays job. Diamond, 55, is also in line for an additional $29m this year from a three-year performance incentive plan. During his decade at Barclays, Diamond is said to have built up a shareholding valued at around $127m.