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The War Over Bonuses Heats Up

The Sunday Times reports that City firms are engaging accountants to look at ways to mitigate employees' tax liabilities, given the 50% increase in income tax being introduced by the UK's Labour Government.

Suit Competition - The Result

Cad & The Dandy #1

We teamed up with Cad and the Dandy, one of London's foremost tailors, who offered our readers the opportunity to win a bespoke suit which would normally retail at £1,000.

Rogue Trading Losses Could Have Hit $650m

The Daily Telegraph reports that the losses incurred by Steve Perkins, the trader named by oils broker PVM Oil Futures as the employee responsible for unauthorised trading losses of around $10m, could have racked up losses of $650m if the firm hadn't acted quickly and closed out his positions.

Staff Face Anxious Wait On Job Loss Front

Staff at Royal Bank of Scotland's corporate and investment banking unit (which now includes thousands of former ABN AMRO staff) have been warned that job losses are likely to come over the next 2 years, and that current market conditions will likely result in more casualties.

Aversion To Risk May Affect Top Firm's Second-Quarter Profits

The New York Times reports that Morgan Stanley's decision to cut back on risk may well come back to bite the firm on the rear-end when it posts its second-quarter earnings later this month. Whilst rivals like Goldman are expected to have generated strong revenues from trading activities, Morgan Stanley's more cautious approach has meant that it has missed the boat during a golden period for canny traders, and the firm is thought likely to post a second-quarter loss.

Top Firm On H1N1 Flu Alert

Swine Flu

Dealbreaker reports that a member of staff at Citi in New York looks to have gone down with the H1N1 virus. Here's the memo the firm sent to staff: