The Evening Standard reports that accounting firm KPMG recently sent 670 staff e-mails to advise them that they were being made redundant. Staff apparently advised the firm that, rather than face the agony of being called in one at a time to learn their fate, it would be better for all be told at the same time at the press of a button.
The Evening Standard reports that the banker at the centre of the London City airport 'bomb' affair has been found not guilty after his trial collapsed.
The Washington Post reports that a former adult-movie film star has been jailed fo three months after admitting that she was guilty of insider trading.
The Times reports that an angry city banker has been accused in court of claiming that there was a bomb in his luggage, which had already been checked in, after airport officials told him he was too late to catch his flight.
CNN reports that a Bear Stearns' employee pressed too many buttons on Wednesday and sold $4bn in stocks instead of the $4m detailed on the share sale order forms before him. Insiders say that the error was the fault of a clerk rather than a trader.
The Times reports that a spoof e-mail is currently doing the rounds that underlines the fact that JP Morgan Chase chief executive, William Harrison, is having credibility problems as he struggles to come to terms with the difficult issues currently facing his organisation.
Barclays Capital is to continue to expand into China, but, unlike rivals like Bank of America and HSBC, the firm will build up its ranks there mainly from organic growth.
Phillip Bennett, the former CEO of futures and commodities broker Refco, pleaded guilty in New York Friday to bank fraud, conspiracy, money laundering and 17 others charges. Bennett, 59, will be sentenced in May. He faces a maximum of 315 years in prison for his part in the crimes which lead to the demise of the company. Investors, banks and counterparties are thought to have lost around $2.4bn over the affair.
There's been a number of bonus surveys published in the last few days, and many point to the fact that, despite the recent market turmoil, bonuses are generally up and financial markets staff who work in the City are fairly content with their lot. John Lacey, Managing Director of Longbridge Search & Selection, however, thinks that that's a load of nonsense.
Philip Beresford, the author of The Sunday Times annual 'Rich List', and history expert William Rubinstein have turned their attentions to the wealthiest individuals in British history.
Gridlock on London's streets was averted as the controversial Olympic route network took effect on Wednesday morning with many motorists staying away. But congestion on some routes, and further problems on tube and train services, renewed worries about the capital's ability to cope.
A work colleague went into a fervent rant of epic proportions this morning, describing his attempt to motorbike to work along the A4. Today, of course, was the first official day of the Olympic 'Zil Lanes' - 30 miles of London roads which look like becoming no-go areas until August 12th.
Trading surges that temporarily boosted the value of credit derivatives held by JPMorgan may provide clues about whether traders at the bank masked losses that have spiraled to $5.8bn.