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Citi Rocks, Fund Takes $1bn UBS Stake

Rubbing Bank of America's nose in it again, Citigroup showed how being a big global player can help bring in the dosh. The firm's second-quarter profits topped analysts estimates last week, coming in up 18% at $6.23bn. Revenues from Citi's international operations came in up 34% to a record $12.6bn (profit $3.04bn).

Top Firm Denies Subprime Exposure Rumours

Lehman Brothers has been forced to come out and deny that it is going to take a big writedown relating to exposure to subprime lending. The firm's shares came under pressure earlier this week after rumours circulated that the firm has taken a bath.

BofA, Citi, GS, JPM, Jeff, ML, MS, UBS

Reuters reports that Bank of America saw its second-quarter profits rise some 5% to $5.76bn on private-equity gains and an increase in investment banking revenues. Profit at the corporate and investment banking unit increased 27% to $1.67bn from one year ago. The fly in the ointment on the results front was that the bank set aside $1.81bn in the quarter for future credit losses.

Top Firm Reveals Hedge Fund Losses

Bear Stearns Asset Management has now advised the clients who invested in those two in-the-news hedge funds that they have 'very little value' and that the firm is now seeking 'an orderly wind-down of the funds over time'. Investors are thought to have lost out to the tune of a cool $1.5bn.

BofA, John Mack, LBOs

Bloomberg reports that Bank of America (BofA) is likely to suffer because it has remained practically glued to its own backyard in recent years. With the demand for financial services increasing three times as fast overseas, the recent boast of CEO Ken Lewis that 'we do better when we play to our strengths, and our strengths are in the US', is starting to look at bit hollow.

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