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Report - Up To 4,500 Investment Banking Jobs To Go

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.

Bank Mergers - Is Anybody Safe ?

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.

BofA, Mack, Merrill, Morgan Stanley, Wachovia

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 Is The City News Shorts

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.

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