Page 2467 


Top Firm Said In Need Of $10bn Additional Capital

The Wall Street Journal reports that, according to unnamed 'people familiar with the matter', Citigroup may need to raise an additional $10bn in capital. At least that appears to be the view of the US government, which recently completed its 'stress-tests' on the nation's 19 largest banks.

Top Firm Confirms 2,000 Job Cuts

Reuters reports that UBS has confirmed that it has axed 2,000 staff from its wealth management unit in the United States. The cuts are part of the firm's latest restructuring, which will eventually see 8,700 jobs go.

Troubled Bankers

Here's an interesting collection of bankers who are experiencing a variety of problems from alleged insider trading, complicity in tax evasion, securities fraud and good old straightforward bonus blues.

Top Firm Boss Says Staff Must Be Paid, Or They Will Go

The Wall Street Journal reports that Morgan Stanley CEO John Mack told his shareholders at the firm's annual meeting Wednesday that key employees would need to be paid the going rate if they were to remain with the company and help preserve its future.

Bank of America CEO Defeated By Shareholder Vote

Bank of America CEO Ken Lewis narrowly lost a fight with shareholders Wednesday, and has been forced to give up his Chairman position. He will be replaced by long-serving BofA board member Walter Massey. Lewis will remain President and CEO.