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Firms Getting Tough On Comp

Interesting times ahead for bankers, as firms lick their wounds in the wake of the recent market turmoil, and scratch their heads working out how they can retain key staff in the midst of firings, restructurings and smaller bonus pools. But the signs are that firms will play hardball on bonuses this year-end.

Top Firm Writes Down $1.9bn

Credit Suisse posted its third-quarter profits Thursday. Like Deutsche, there were no real surprises, although in addition to $1.9bn of write-downs related to the firm's leveraged loan portfolio and structured products, Credit Suisse also took a $258m loss in quant trading in the period.

Deutsche's OK, But Investment Bank Struggles

No surprises at Deutsche Bank, as the firm announced that tax credits and asset sales help it to a third-quarter profit rise of 31% to $2.34bn. As we know, however, the investment bank posted its first quarterly loss ($258m) for five years.

CEO Sack Race - Updated With Your Comments

Merrill CEO Stan O'Neal is toast, and is expected to stand down any moment now. Citi boss Chuck Prince is stubbornly hanging on, and Bear Stearns CEO Jim Cayne appears to have survived. ABN AMRO boss Rijkman Groenink walks off into the sunset later this week, and former UBS CEO Peter Wuffli was forced to walk the plank a few weeks back. So, there's a lot been going on in the CEO space at the moment.

More Losses Possible In Q4 At UBS Investment Bank

Reuters reports that UBS has posted a $622m loss in the third-quarter, after $3.6bn in write-downs sustained on US subprime-related assets in the period. The bank said that, although all business units currently remain profitable in the fourth-quarter, the fixed income, currencies and commodities business 'remains exposed to further deterioration in the US housing and mortgage markets'. A Q4 loss over at the investment bank cannot therefore be ruled out.

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