UBS has agreed to shell out $85m to settle that copper trading spat with Sumitomo, which goes back to 1999.
The Australian Securities & Investments Commission (ASIC) is worried that 'Chinese Walls' in place at investment banks still do not guard against conflicts of interest. The regulator's concerns over proprietary trading are behind the decision to sue Citigroup, to establish whether the 'construction' of Chinese Walls are actually enough to ensure the integrity of the market. Citigroup will no doubt be delighted that the regulator has selected the company for this dubious honour.
JP Morgan Cazenove is said to have lost around £10m earlier this month when handling the block trade sale of Icelandic investor FL Group's 17% stake in EasyJet.
Barclays bank is planning to ramp up its wealth management operations in a bid to play catch-up with other European rivals. According to the Financial Times, the unit wil spend up to £125m a year for the next 3 years to bring in new talent and to upgrade technology.
Well, Morgan Stanley boss John Mack may well have reassured his troops that he is not off to Washington to become Treasury Secretary in succession to current incumbent John Snow, but Goldman chairman and CEO Hank Paulson hasn't done the same. And the smart money says that Paulson is in with a shot.
We've now had week 2 of the trial of former Enron bosses Ken Lay and Jeff Skilling. Here's what went down:
Apart from a better salary, a bigger bonus and improved career prospects, that is! But most organisations will make promises to deliver these goods during the interview 'seduction' process - and we all know it! So what, in the final analysis, is it that makes staff jump ship ?
Stare at the sign for a few seconds...............You were warned!
Well, it is Friday!
Oh no, more embarrassing Morgan Stanley e-mails are said to have emerged!