Since it was revealed earlier this week that an unnamed investment banker had had the balls to call up Citi and suggest that it might consider a 'merger' with Bank of America, thoughts have turned to what might end up being the biggest bank merger of all time - a tie-up between Citi and JPMorgan Chase!
The NatWest Three were back in the headlines this week, after pleading guilty to an Enron-related crime in exchange for a lenient sentence. A dodgy extradition was followed by 17 months in the US away from their families and the prospect of up to 35 years in clink if they were convicted as charged - little wonder they coughed. Anyway, here's our 'Highly Placed Profesional's' take on the affair.
Doing the rounds on the wires earlier this week was a little item first published by The New York Post.
Spare a thought for those folks over at Bear Stearns who got canned Wednesday - just two days before the firm's year-end. There's never a good time to lose your job, but possibly also losing out on a bonus after working 362 days of the fiscal year just about takes the biscuit.
Here's the latest missive from our very own 'Highly-Placed Professional'.
Here's a little something sent in by one of our readers.
Bloomberg reports that Fortress Investment Group is to start a commodities hedge fund, which will seek returns of 15-20% annually.
The Wall Street Journal reports that a well known investment banker is said to have called Citigroup after Chuck Prince stepped down as CEO earlier this month and suggested the possibility of a merger with Bank of America - imagine the fees on that one!
Here Is The City is compiling a report to assess how firms operating in the financial markets shape up in the corporate & social responsibility (CRS) stakes. We already have extensive research from a number of sources, but are also looking for firms themselves to come forward and contribute to the report. We want to know what you are doing to ensure that you can be regarded as good corporate citizens.
Reuters reports that shares in Citigroup fell below the $30 mark for the first time in 5 years Monday, on fears about more subprime-related losses and massive job cuts. The shares closed 6% down at $29.80, and have now fallen some 46% this year, wiping out around $129bn of market value in just 11 months. The news agency quotes Ganesh Rathnam, an equity analyst at MorningStar Inc., who said that the company's current 'stock level is 100% based on fear'.