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More Job Losses Announced

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.

Barclays, Citi, Nick Leeson, Morgan Stanley, Hedge Funds

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'!

More Pain As Citi Takes $5.9bn In Write-Downs

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.

UBS CEO Q&A Transcript

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.