The fourth-quarter was a really tough one for most of the firms operating in the financial marlets. Here's a note of who won (and who didn't) in the last trading period:
For those of you with the stomach to plough through this, here's the preliminary internal report compiled by Societe Generale in connection with that $7.1bn rogue trading affair:
Credit Suisse is busy investigating the extent of those errors and mispricing of assets which resulted in that unexpected $2.85bn asset write down announced Tuesday. And, although fraud cannot be ruled out at this stage, there is said to be currently no evidence to suggest that this might have been the case.
Reuters reports that Bank of Montreal is to take write downs of some $324m in the first quarter, relating to trading losses and valuation adjustments at its BMO Capital Markets division.
Peter Wuffli (UBS), Stan O'Neal (Merrill Lynch) and Chuck Prince (Citi) all stepped aside or were fired in the last year or so. Jim Cayne at Bear Stearns was kicked upstairs to the Chairman's office. Will Brady Dougan, Credit Suisse's popular CEO be next to suffer at the hands of the US mortgage securities crisis ?
The wags are at it already. See the photo immediately to the right.
Well, another shoe dropped Tuesday, as Credit Suisse announced that it had overvalued its asset backed securities by at least $2.85bn, blaming 'mismarkings and errors' by 'a small number of traders' in structured credit trading. It's now the turn of staff over at rival UBS to smirk - at least for now, the heat is off their firm.
Here's another one of those 'messy' banking stories that our readers appear to love.
Here are some corporate buzzwords which we found in Luke Johnson's excellent book 'The Maverick':
Here's the latest missive from our 'Highly Placed Professional:
A group of banks being investigated in an interest-rate rigging scandal are looking to pursue a group settlement with regulators rather than face a Barclays-style backlash by going it alone, people familiar with the banks' thinking said.
At least 12 people have been killed and 38 injured in a shooting at a cinema showing the new Batman film near the US city of Denver, Colorado.
It ain't pretty.