Reuters reports that rumours have been circulating that HSBC might be interested in having a run at Dutch bank ABN AMRO.
Bloomberg reports that, some 6 weeks after surviving a car accident in which he wasn't wearing a seat selt, former Goldman co-CEO (and current New Jersey Governor) Jon Corzine has admitted on US public service television that he shouldn't really be around.
Barclays announced last week that its profit before tax in the first quarter was up 15% on the same period 12 months ago. And the star performer, as usual, was Barclays Capital, which has just enjoyed its best ever quarter.
The Evening Standard's 'CitySpy' column ran a gem of a story about Goldman Sachs earlier this week, and Here Is The City decided to do some investigating.
There will clearly be some nervous staff over at Dutch bank ABN AMRO. As the company board goes about the process of selling itself / merging in the same manner it has operated the bank for the past 6 years (in a muddled and inefficient way), some of the firm's staff, especially those working in the investment bank, will be eyeing the exits - but they don't really have much choice about where they can move to next.
Merrill Lynch hit the news earlier this week when word leaked out that the firm has told US employees that it was slashing their annual sick leave tolerance from 10 periods of 4 days. Anyone absent for 4 days or more, it seems, could now lose pay. And termination could be on the cards after just 9 days. (Can you imagine this being adopted in Europe ? In France and Germany you seem to only have to WORK 9 days a year!)
Spare a thought for JPMorgan. According to The Financial Times, the firm has been dragged into a scandal in Greece 'about the way that complex financial instruments have been sold to local pension funds'.
A former Managing Director at Barclays Wealth Management in San Francisco was sentenced to 3 years in prison last week after a 2005 hit and run accident which resulted in the death of a middle-aged female.
Reuters reports that US compensation consultants Johnson Associates released a new study Tuesday which suggested that 2007 bonuses for many traders are likely to rise by up to 15% on last year. Bankers operating in the private equity space can expect to see their wads rise by up to 20%.
The battle for ABN AMRO has put the focus back on big bank mergers this week. And there's been plenty of comment on this subject in the press.