Bloomberg reports that although Barclays President Bob Diamond has said that nothing has yet been decided, he has indicated that up to 4,500 investment banking jobs may go once the dust settles and the proposed takeover of Dutch bank ABN AMRO by Barclays is finally signed-off by shareholders.
Dutch bank ABN AMRO waved the white flag Monday and confirmed that it had agreed a deal to be taken over by Barclays. Whether Barclays ends up walking away with the prize remains to be seen, but, whatever happens, ABN AMRO is no more.
Reuters reports that 34-year-old Bernard Santos, a former corporate actions clerk at ING Financial Services in New York, was arrested last Thursday in connection with an alleged $523,000 fraud.
Bloomberg reports that Barclays has agreed to acquire ABN AMRO in a deal worth $91bn, which represents the world's biggest-ever financial services takeover.
Bank of America posted its first quarter profits last week - net income rose 5.4% to $5.26bn. Profit over at the investment banking unit fell slightly from $1.52bn for the same period 12 months ago to $1.45bn, due mainly to higher compensation costs.
Here's the league table of Fortune magazine's largest US corporations by 2006 revenues:
Here's the list of the most profitable companies in the US for 2006 as compiled by Fortune magazine.
Barclays Bank CEO John Varley said at an investor conference in New York earlier this week that his bank's wealth management operations should be able to generate £500m in profits before too long. The unit posted pre-tax profits of £172m in 2005.
Our quest to find the 'Best IT Recruitment Firm' in the financial markets ends at the close of play Wednesday.
David Evans had everything going for him. He was doing well at Duke University, was Captain of the lacrosse team, and had a Wall Street job offer in the bag. Then his world fell apart.