UBS provided an update on progress in transforming the firm and announced the firm's medium-term Group and divisional objectives at its Investor Day Tuesday.
The New York Times reports that two IT programmers who work for Bernie Madoff have been fingered for helping him get away with his fraud.
Here's the latest from our Highly Placed Professional.
Although the UK authorities have said that they do not intent to introduce legislation that caps banker pay, UK Chancellor Alisdair Darling has said that the new financial services bill will enable regulator The Financial Services Authority to set aside banker pay contracts which it deems encourage excessive risk taking.
Most firms cancelled their plans to celebrate Christmas in 2008, as they found that cash was in short supply. The year ended with huge asset writedowns, big losses, and largescale layoffs.
The Wall Street Journal reports that UBS is set to unveil long awaited details of its turnaround strategy at an Investor Day conference in Zurich Tuesday. The event is fully booked.
A number of hedge funds and other businesses are said to be thinking of leaving the UK due the higher rates of tax being imposed by the Labour administration from next April.
As the hunt for a successor for outgoing Bank of America CEO Ken Lewis hit another brick wall last week, some smart people are now saying that Ken should be asked to stay on after all.
'I don't know where we are going to find the money to go to Barbados this Christmas. And we always go to Barbados', a slender thirtysomething female banker told Here Is The City. 'It's so distressing', she continued, 'What will I tell the children ? Do you really expect them to believe in Santa Claus now!',
Big scandal over at Goldman Sachs this week. And all because of some cute kittens.