Reuters reports that JPMorgan Chase's investment banking boss, Jes Staley, told reporters last week that 'client activity has reduced. Clients are taking risk off'.
Here's the latest on the Movers & Shakers front.
The Financial Crisis Inquiry Commission (FCIC) is still miffed that Goldman Sachs allegedly dumped millions of documents at its door, in response to what the Commission claims were specific requests for information.
Here's Thomson Reuters' overview of the week:
Les Echos newspaper reports that, according to Frederic Janbon, BNP Paribas's Global Head of Fixed Income, his unit plans to increase headcount in front office by up to 250 before the year is out.
Here's a couple of interesting quotes we got from Bloomberg.
The New York Times reports that Nobel Stiglitz, a Nobel Prize-winning US economist, is calling for a bill to bar banks from flitting between bank charter status (which they may elect to have during a time of financial crisis as it puts firms under the wing of the Federal Reserve) and being a less-regulated investment bank (which might be attractive during boom times).
Societe Generale's alleged rogue trader, Jerome Kerviel, is currently on trial in Paris over that $5.9bn derivatives trading loss he incurred in 2008.
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