The Wall Street Journal reports that all is now well in MerrillLynchland, after Bank of America back-tracked and permitted the firm's investment bankers to have the old bull logo back on their business cards.
So, with trading and the credit crunch well and truly in the mainstream news, everyone thinks that they know who the major players are. Goldman Sachs, JPMorgan, Barclays Capital are three firms which immediately come to mind. But you sometimes have to look at other well known companies from a different angle to realise that they, too, have pretty substantial trading operations.
A memorial service was held at the Lincoln Center in Manhattan Monday to commemorate the life of Bruce Wasserstein, who was chairman and CEO of Lazard until his death in October.
The Sunday Times reports that, according to its unnamed sources, over 1,000 investment bankers have quit Royal Bank of Scotland this year, which represents around 5% of the headcount over at the bank's Global Banking & Markets Division.
Rumours abound that UK Chancellor Alistair Darling is preparing to levy a supertax on rich bankers to make his boss, Gordon Brown, feel better about screwing up the economy. A politically motivated move of this kind would also go down well with the masses, who doubtless will cry that greedy bankers have at last got their come-uppance.
The decision by Dubai World, Dubai's sovereign wealth investment fund, to delay interest payments on its $60bn of debt, has sent the global markets into a tailspin. But is it really the end of the world ?
The Sunday Telegraph reports that ICAP CEO Michael Spencer made a speech last week in which he said that he was 'genuinely offended' by Financial Services Authority Chairman Lord Turner's description of bankers as 'socially useless'.
The Financial Times reports that Royal Bank of Scotland has signalled that it will 'succumb' to pressure from the UK government to keep its 2009 bonus pool broadly in line with last year.
The Financial Times reports that Citi is to 'intensify its efforts to break free from the US government shackles', despite failing to convince the authorities that they are strong enough to stand alone without US government backing.
The cost of that Mizuho Securities trading blunder appears to have increased by some 50%. The botched share trade now looks likely to set the Japanese firm back around $335m, although the Tokyo Stock Exchange may well have to bear some of the pain, as a systems failure meant that Mizuho was unable to cancel out the trade when it first spotted the error.