67-year-old billionaire Jeffry Picower was found dead by his wife and his housekeeper in the swimming pool at his Palm Beach home Sunday afternoon.
Reuters reports that Raj Rajaratnam, the biliionaire founder of hedge fund Galleon Group, and five others, have been charged with engaging in what has been claimed is the biggest insider trading scandal involving a hedge fund ever.
The Financial Times reports that Nomura International is to double its US headcount, as Nomura aims to make good on its promise to become a top five global investment bank.
The Times reports that a group of 72 former Dresdner Kleinwort traders are the latest to launch a legal challenge against Commerzbank over non-payment of bonuses. They are after $49m.
Bloomberg reports that Royal Bank of Scotland's London HQ building in Bishopsgate was picketed by protesters Tuesday, who were angry at the bank's investment in fossil fuels.
The Times reports that around 30 New York-based traders at inter-broker dealer Tullett Prebon are said to have handed their notices in last week to go work for rival BGC Partners.
The Wall Street Journal reports that Morgan Stanley is planning to hire as many as 400 traders and salespeople in the coming months, as it increases its appetite for risk in a bid to generate bigger profits (the firm has lost money in its last 3 quarters).
Bloomberg reports that UBS has lost almost all of its healthcare investment banking team, including boss Benjamin Lorello, to Jefferies Group, in what is being described as a 'massive, premeditated raid'. At least 36 staff in the group are said to have quit between June 17th and June 21st.
Tragedy struck Canada's financial district Wednesday, after 8 people (7 from law firm McCarthy Tetrault and a messenger who was meant to be passing through) were caught in a lift in the Toronto Dominion Bank Tower in downtown Toronto.
Edward Liddy, AIG's CEO, confirmed that he was stepping down last week. He told Reuters that the job was 'easily one of the most challenging jobs in the world of insurance, but add in the public scrutiny, and it becomes a different order of magnitude'.
Practices used by the firm said to 'belong in a spy novel'.
Mark Karpeles, the CEO of embattled bitcoin exchange Mt.Gox, has tried to dampen speculation regarding the company, confirming that he has not left Japan - where the exchange is based - amid reports that regulators are investigating the exchange.
Insights from a prominent Bitcoin commentator that global powers are beginning to feel threatened by cryptocurrencies.