The Wall Street Journal reports that John Pickett, the man who ran Citi's London-based hedge fund CSO Partners, filed a UK Employment Tribunal complaint last month, seeking unspecified damages from the company for forcing him out of the unit. Pickett left earlier this year as CSO ran into difficulty after too much money was placed into a single investment that subsequently went bad. The fund eventually failed.
Reuters reports that Morgan Stanley analysts expect Citi to take an additional $7bn in CDO-related writedowns this year, and to raise $11bn more in capital. The analysts have, however, upgraded Citi to 'equal-weight' from 'underweight'.
Overall 50.8% of the respondents to our 2007 Martin Ward Anderson-sponsored 'Bonus Satisfaction' poll said that they were at least satisfied with their bonus lot last year - that's up from 38.8% last year.
We received the following missive from a concerned JPMorgan employee earlier this week:
Here Is The City has a new blogger. 'Bud Momus' is an analyst finding his feet in investment banking, having graduated not too long ago. By day he works for 'the man', by night he occasionally dreams of liberation and a job doing more noble things for mankind. His innocence was quickly lost, and he already finds himself held prisoner by the relatively large amounts of cash that come his way for selling his soul.
Bloomberg reports that Janus Capital Group has posted a 36% increase in second-quarter earnings to $66.3m. In the period, the US-based fund manager attracted its biggest inflow of new cash from investors in 8 years ($5bn).
The irrespressible Cityboy has got a new single out, complete with the obligatory video. It's so bad, it's, well, bad - but at least any dosh he makes from it will be donated to the homeless charity Shelter.
Financial institutions pre-employment screening company Powerchex has just released the results of a study which took into account 3,876 job applications submitted to financial insitutions in the UK between June 2007 and May 2008. When compared to a sample of 2,960 applications made the year before, the results showed an increase of 30% in the frequency of discrepancies on CVs. The study reveals that some 17% of job applicants within financial services are prepared to tell porkies on their CV.
Another day, another Lehman story.
The Financial Times reports that 63-year-old Malcolm Calvert, a former partner at UK stockbroker Cazenove, is facing an insider dealing prosecution by UK market regulator The Financial Services Authority. Calvert is due in court Thursday. The case is not believed to relate to any activity at his old firm.