UBS CEO Marcel Rohner told shareholders at the bank's annual meeting in Basel Wednesday that UBS's investment bank will be slimmed down, and will no longer try to offer all things to all men.
The Wall Street Journal reports that Credit Suisse announced a $2.1bn first-quarter loss Thursday, after an additional $5.2bn in writedowns related to mortgage-backed securities and LBO loan provisions.
Oh, how the mighty have fallen!
Tony Tan, the deputy chairman of the Government of Singapore Investment Corporation (the sovereign wealth fund which has invested some $18bn in the likes of Citi and UBS), told employees this week that 'we could be facing a recession which is longer and deeper and wider than any recession we have encountered in the last 30 years'.
UBS released its 50-page report to the Swiss market regulator Monday (about the small matter of those $37bn asset writedowns), and seemed to be pointing the finger of blame at Huw Jenkins, its former investment bank CEO. Jenkins, still a consultant with the bank until October, was ousted late last year after the losses started to come to light. He is a decent bloke, much-respected by those who worked for him - but it looks like he is now being hung out to dry.
Reuters reports that Nomura Holdings has come out and confirmed that Japan's market regulator, the Securities and Exchange Surveillance Commission, is investigating one of its employees who, with two others, is suspectd of making $485,000 from insider trading.
The New York Times reports that up to 250 graduates who bagged a job at Bear Stearns in the US are having to come to terms with the fact the their dream jobs are no more. Although JPMorgan Chase has taken some of the graduates onto its own payroll, many have been told that they just can't be accomodated.
Citi came out Friday with that $5.1bn first-quarter loss, and confirmed that 9,000 further jobs would go - 7,000 in its consumer banking division and 1,700 more over at the investment bank.
The Sunday Times reports that Royal Bank of Scotland (RBS) is expected to come out this week and announce US subprime lending-related writedowns of between $10bn - $14bn. The firm has already written down some $4.8bn.
A few months back we asked you to send in the names of folks who worked in the financial markets and who have 'celebrity' names. We were inundated with responses - it seems that there's a Indiana Jones most everywhere! Well, now here's a chance for those financial markets 'celebs' to have their photos taken by a professional and feature in an exhibition.
An Olympic effort indeed (access the article link to view the picture).
Follow these simple instructions to find out whether your firm passes the 'smell test'.
'The U.S. 'is still the land of the free and the home of the brave and, every now and then, just a tiny bit high-handed in her treatment of other nations', London Mayor Boris Johnson writes in the Spectator.