Not quite the household name that Nick Leeson became, Toshihide Iguchi was, however, Japan's equivalent of Leeson - the major difference being that his bank, Daiwa, was big enough to survive his losses. Here is Iguchi's story.
FT.com reports that Credit Suisse is set to cut up to 500 jobs in its private banking operations as part of a restructure of the business.
Goldman Sachs is said to have earmarked $13.9bn for bonuses from its profits for the first 3 quarters of 2006. For the full year (which clearly depends on the firm's performance in the coming few weeks), some are predicting that the average bonus pay out to Goldman Sachs staff (including secretaries) will be around $726,000 - up some 50% on 2005.
Even though Goldman Sachs has posted greater revenues in the first 9 months of the year than any other investment bank has done in a full 12 month period (ever!), the firm's third-quarter profits were off 1.4% at $1.59bn.
The Evening Standard had an interesting story last week, predicting that 'a new wave of multi-million-pound City bonus claims' will soon be unleashed. The newspaper says that bankers are busy consulting lawyers (rather than earning their bonuses ?) ahead of this year's bonus round, as they are fearful that bosses 'are plotting dirty tricks to wriggle out of making any payments'. Well, this all seems a little strange to me.
Just a week after the Times reported that Luis Marti-Sanchez, a former trader at Nomura International, was pursuing a raft of claims in the High Court against the firm totalling $14.3m, the newspaper says that another former Nomura executive has filed an employment tribunal claim against it.
They say that anyone over the age of 60 knows where they were and what they were doing when Marilyn Monroe died in 1962, and John F Kennedy was assassinated the following year.
The Wall Street Journal reports that police in Vietnam have 'widened a criminal investigation into alleged illegal foreign exchange deals totaling more than $5m' between ABN Amro and the state-owned Commercial Bank of Vietnam (Incombank).