Here's Thomson Financial's Worldwide M&A league table for the period 01.01.2007 - 30.09.2007.
Well, the sh.t is really hitting the fan this week. First UBS, then Citi, then Deutsche and now (not unexpectedly) Merrill Lynch.
Deutsche Bank has come out, as expected, and announced the losses it made in the third-quarter due to the recent turmoil in the credit markets.
The Wall Street Journal reports that Credit Suisse has confirmed that it is to cut a further 170 positions in fixed income over at its investment banking unit.
According to The Sunday Times 'Prufrock' column, word on the street is that Barclays CEO John Varley has stopped going round using 'T5' (top 5 player) to describe his global aspirations for his bank. Now that the proposed deal with ABN AMRO looks to be in the toilet, the new mantra is said to be 'T10'!
Our thanks to the reader who posted the following:
Coming out under the cover of UBS's announcement of huge fixed income write-downs, job losses and a management restructure, Citi took the opportunity to get some bad news of its own out Monday. The firm said that third-quarter profit was likely to be 60% down on the same period 2006, after write downs of some $5.9bn relating to LBOs, US subprime lending and other costs. Citi also admitted that it had taken a $600m pre-tax bath in fixed income credit trading in the period.
Financial News reports that no less than 20 top executives have left UBS over the last year. Here's the list:
The New York Post ran an interesting story Monday.
Here's a transcript released by UBS of a video question-and-answer session with bank CEO Marcel Rohner on Monday's announcement of the third-quarter losses sustained over at the investment bank.