Page 2307 


Merrill Pay Ruck, Grounds Private Jets To Save On Costs

Bloomberg reports that Merrill Lynch CEO John Thain is now getting it in the neck for hiring Thomas Montag, who comes aboard as global head of sales and trading in August. Montag, who once worked at Goldman, is believed to be on a year-one comp totalling some $80m.

Pandit Or Thain - Who's Doing The Best Job ?

Citi boss Vikram Pandit has been painted as a bit of a plodding clown, writing silly memos to staff whilst his firm implodes. Merrill Lynch CEO, John Thain, on the other hand, has been seen as a man-of-action, calming going about solving his firm's problems. Impressions of the pair changed, however, last week, when Merrill and Citi announced their second-quarter earnings.

Top Firm's Board Urged To Break-Up The Empire

The Financial Times reports that activist US union the American Federation of State, County and Municipal Employees has called on Citi's board to break-up the company, which it claims has become 'too big and unwieldy to properly oversee'.

JPMorgan, Bear, Barclays, Dresdner, Aberdeen, HSBC

Reuters reports that JPMorgan has instructed property services firm Knight Frank to offload 5 Churchill Place, a new building that was to be Bear Stearns' European headquarters. Unfortunately Bear was finished before the building, and, as JPMorgan is planning to build its own new European HQ in the City, Churchill Place is now surplus to requirements.

The 'H-E-D-G-E' Song

Here's another little ditty about the current turmoil in the financial markets. This one sung by a character known as 'Merle Hazard'. Enjoy.