The Financial Times reports that on the evening of 24th October Lloyd Blankfein, the CEO over at Goldman, will pick up the phone and talk to the newest recruits to the firm's partnership pool (Doubt if he'll call those who didn't make it).
Bloomberg reports that Credit Suisse Group lost around $120m trading South Korean derivatives in the third quarter, as equity traders 'failed to protect (themselves) against swings in the value of Korean stock options'. The loss is said to represent around 13% of Credit Suisse's revenues from equities trading in the period.
Bloomberg has an interesting article about Merrill Lynch. The story goes that Merrill, lagging behind the likes of Bear Stearns, Goldman, Lehman and Morgan Stanley in the return-on-equity stakes, has been pumping more dosh into leveraged buyouts, and taking larger prop trading punts in an effort to boost profits.
The Times reports that, according to Fauchier partners, a firm which manages $4.3bn in hedge fund assets, the collapse of hedge fund Amaranth Advisors was 'anything but unforeseeable'.
Reuters reports that Bank of America's investment banking unit is considering getting rid of its European private equity and North American venture capital businesses. The news agency quotes an unnamed source, who says that no firm decisions about the possible sales have yet been made, and the bank well decide to retain a small stake in the businesses in the event that deals do go through.
Although all the fuss over Aleksey Vayner's classic video titled 'Impossible Is Nothing' (or alternatively 'Your So Vayner') is dying down, we thought we'd do you a quick update while the story has still got some legs.
Here's a Friday joke, sent in by one of our readers:
Detailed below is said to be a copy of the internal e-mail sent by former Morgan Stanley economist Andy Xie to colleagues. The mail is thought to have cost Xie his job, and two other Morgan Stanley staffers are also believed to have now left over the affair. As you will see, the mail contains some not very flattering comments about Singapore - a place where Morgan Stanley does much business.
Bloomberg reports that 34-year-old British Muslim Dhiren Barot has pleaded guilty at Woolwich Crown Court of plotting to carry out 'dirty' bomb attacks on targets in the US. Barot was one of several men arrested by UK police in August 2004, and has been in custody ever since.
Two more Morgan Stanley bankers are said to have been asked to resign following a probe into the distribution of an internal e-mail authored by firm economist Andy Xie, which is said to have been critical of Singapore and gave 'trenchant' views on the state of the US, Japanese and Eurozone economies.