The Wall Street Journal reports that Barclays President Bob Diamond has moved to allay fears that there might be some US subprime skeletons in BarCap's cupboard. Diamond said that 'year-to-date performance through September at Barclays Capital, Barclays Global Investors and Barclays Wealth was strong with income and profits well ahead of last year'. The Evening Standard reports that analyst responses to Diamond's remarks were, however, muted. Simon Williams, from NCB Stockbrokers, said 'the market has been living in fear about Barclays for some time. This might be marginally positive news, but I am not inclined to read too much into it'.
Bloomberg reports that Morgan Stanley traders took a bath, had a bad hair day and lost a mint one day in August. According to a US regulatory filing, the firm lost $390m in a single trading day during that month.
Here's a little something sent in by one of our readers:
The axe continues to fall at some of the biggest firms, and we have seen more senior casualties this week.
Here's a note of ABN's proposed executive team now that the bank is being acquired by the Royal Bank of Scotland consortium. Rijkman Groenink, the bank's current CEO, is off on his bike (with his huge exit package), as expected.
Here's the announcement made Thursday by Citi which confirms that the firm is merging its banking and markets unit with alternative investments. Heading it up is former Morgan Stanley executive Vikram Pandit, who recently joined the company to run Alternative Investments. Out is Tom Maheras, who ran Citi's capital markets businesses.
Here's a little something that was posted on thestudentroom.co.uk - it just goes to show it's tough at the top.
While the London recruitment market appears to be going through a bit of a pause after 2 years of hiring frenzy, it's all hands to the pumps over in the US.
Hedge fund manager Albert Hsu, 43, co-founder of Anchor Point Capital (he no longer works there), has been sentenced to two-and-a-half years in clink for impersonating his ex-mistress and posting an advertisement on a website asking that someone abduct and rape her. (How sick is that ?)
The Times reports that ABN AMRO CEO Rijkman Groenink is to step down after the Royal Bank of Scotland consortium won the fight to take over his firm. A date has yet to be agreed, but it won't be long. But fear not, Groenink will walk off with a cool $36.7m in share options and various other bits and pieces. Not bad for screwing up.