CNBC has been reporting that Merrill Lynch staff are likely to feel a lot of bonus pain this year-end, as they come to terms with the effects of the huge write-downs their firm made in US subprime lending-related assets.
The Financial Times reports that analysts believe that CIBC may be looking at further US subprime lending-related write-downs of some $1.97bn next year. The firm has already written down almost $1bn, more than any other Canadian bank so far.
The David Beckham Academy European Corporate Cup is being held during the evening of Friday 21st December
The Wall Street Journal reports that Goldman Sach's bet earlier this year that US subprime was heading down the toilet has yielded what the newspaper describes as 'one of the largest windfalls the securities industry has seen in years' - a cool $4bn profit.
There's a great story in The Times 'City Diary' today.
Here's another item sent in by our 'Highly Placed Professional'.
Reuters reports that, according to Dutch newspaper Het Financieele Dagblad, The Dutch Central Bank tried to stop the takeover and break-up of ABN AMRO, but failed to get the political support to do so.
It looks like executives are playing the 'blame game' over at UBS. The $10bn of additional write-downs announced this week seem to have top bosses running for cover, hoping that they can avoid being fingered for the mess.
CNBC's Charlie Gasparino reported Wednesday that, according to internal sources, Citigroup is likely to announce further job cuts of up to 10% of the workforce - some 32,000 staff.
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