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DrKW - Wass In A Name ?

On September 18th, 2000, Dresdner Bank proudly announced that it had entered an agreement to buy Wasserstein Perella & Co for $1.37bn. The 12 year-old independent investment banking firm had 11 offices, employed around 600 staff and was run by legendary dealmaker Bruce Wasserstein. The German bank was happy and so was Bruce - he is said to have personally made $600m from the deal. Dresdner's investment banking arm soon changed its name to DrKW (Dresdner Kleinwort Wasserstein) to reflect new realities.

Firm Accused Of Losing Shareholders $45bn

Flying Pig

Bloomberg reports that German insurer Allianz might have saved its shareholders a $45bn loss in market value if traders at Dresdner Kleinwort had been forced to heed the warnings PIMCO (part of Allianz Global Investors) gave to Allianz some 12 months ago that US subprime lending was likely to implode, resulting in massive industry-wide losses.

It's Easier To Get Into JPMorgan Than Be A Cabbie

Taxi

Time Out in New York has a nice little item about an analyst at JPMorgan, who also happens to moonlight as a New York cabbie on the weekends. The guy claims it was easier to get onto the firm's analyst program than it was to get his cab licence!

Join MI6 As An Operational Officer

Terrorism, regional instability, the proliferation of weapons and narcotics trafficking are some of the major problems facing the UK in the 21st Century. SIS exists to help make sure the Government has the information it needs to counter these threats effectively.

The Latest Market News

Bloomberg reports that, according to a survey undertaken for the National Association for Business Economics, the proportion of US economists who are now forecasting a recession in the US this year has more than doubled in some three months - to 45%. The poll sought the views of 49 professional forecasters between January 25th and February 13th.

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