CNBC reports that Citigroup says that it has no idea how CLSA analyst Michael Mayo has come up with a calculatioon that the firm may need to take additional writedowns of up to $10bn in deferred tax assets.
In a week that has seen a call for a rise in the retirement age to 70, new research from Selftrade, the UK’s largest execution-only stockbroker has highlighted the fact that, regardless of the age at which people would like to retire, the vast majority of Britons are sleepwalking into retirement poverty, with the average worker targeting a pension fund that will give them an annual income of less than £7,094.
The New York Post has reported that Bank of America is struggling to bag a quality external candidate to take over as CEO from Ken Lewis, who is due to stand down at the end of the year.
Official ISITC Europe Press Release
Bloomberg reports that Deutsche Bank has set aside 31% more for staff compensation over at its corporate and investment banking unit this year, after posting decent third-quarter results thanks to strong sales and trading revenues.
US Treasury Secretary Tim Geithner was on the Hill Thursday, giving testimony to the House Financial Services Committee on the subject of reform of the financial system.
Bloomberg reports that billionaire philanthropist Pete Peterson (co-founder of private equity firm Blackstone and former chairman and CEO of Lehman Brothers), has suggested that Goldman Sachs needs to make a charitable donation of at least $1bn if the firm is to mollify the public's anger over employee bonuses.
Andrew Ross Sorkin's 'Too Big To Fail' is published in the UK today, and yet further incredible details about the 'Lehman weekend' (13th - 14th September 2008) have been revealed, in extracts from the book published in The Times newspaper.
Reuters reports that German authorities are investigating Helmut Kiener, the founder of the K1 hedge fund, on concerns that the fund may have engaged in circular transactions that created the illusion that K1 had more collateral for loans than turned out to be the case.
Author of the best seller 'Beer and Loathing in the Square Mile', Cityboy has joined the Here Is The City team, and will be posting his views on a number of City-related topics when the time-constraints imposed by his hedonistic lifestyle permit.
The focus on UK bankers’ bonuses is reaching all the way from Parliament to the shivering masses on the trading floors.
A British expat in Singapore stirred up an Internet storm after his Facebook posts mocking the "poor people" using mass transit went viral, hitting on the city-state's touchy issues of anti-foreigner sentiment and a growing wealth divide.