Here's a copy of an e-mail sent to State Street staff earlier this week.
As some of you who work at firms with Postini firewall protection occasionally have problems receiving our regular News E-Mail alerts, there's now more than one way to access Here Is The City.
Morgan Stanley has been fined $2.1m by UK financial market regulator The Financial Services Authority (FSA), after London-based credit trader Matthew Piper was found to have mispriced his trading book and successfully hid losses for a period of up to 6 months. The firm evenutally repriced his positions by some $120m.
Here's the latest contribution from a reader who wants to share his recent redundancy experience.
Documents acquired by US public-interest group Judicial Watch by means of a Freedom of Information request demonstrate that former US Treasury Secretary Hank Paulson gave nine US banks no choice but to accept billions in equity injections last October, when the markets were reeling after the fall on Lehman Brothers.
Those bankers currently working for bailed-out US banks who think that their financial wellbeing might be better served by going elsewhere, might want to think again. And that's because the Obama administration is now said to be looking at extending prudent financial market pay policies beyond firms with TARP funding.
Mizuho Securities Co and Barclays Capital.
Here's the latest investment banking cost-cutting memo over at the House of Dimon, brought to you courtesy of Dealbreaker.
Sanity returned to the markets Tuesday. The Fed cut its benchmark rate, US stocks enjoyed their biggest gains in 5 years and Doug Peta, market strategist at J & W Seligman, said that 'the run on the investment banks would appear to be over. It seems certain we are going to finish the week with the four (main US) investment banks we started with, and we couldn't be sure of that (last) Monday morning'. (Source - Bloomberg)
The revelation of details of the expenses claimed by UK Members of Parliament has brought public fury on the so-called 'servants of the people', who appear to have abused the system in order to feather their own nests - literally.