UBS posted its fourth consecutive quarterly loss Tuesday. The firm's third-quarter loss came in at $552.4m, after a bigger-than-expected accounting charge. UBS also continued to leak clients assets in the period.
Bloomberg reports that Bank of America has now decided that it will not require that its new CEO will have to live in, and work from, Charlotte, North Carolina.
Over 3,000 people took part in our Bank of America CEO poll Friday, and the results overwhelmingly point in one direction.
'At approximately 3:00pm on June 17, 2009, Inspector General H. David Kotz and Deputy Inspector General Noelle Frangipane interviewed Bernard L. Madoff at the Metropolitan Correctional Center, 150 Park Row, New York, NY. Madoff was accompanied by his attorney, Ira Lee Sorkin of the firm of Dickstein Shapiro, LLP, as well as an associate from that firm, Nicole DeBello.
A reader has sent in this moving piece, which we thought was appropriate to post ahead of Remembrance Day.
The Wall Street Journal reports that Bank of New York Mellon CEO Robert Kelly is the latest high-profile candidate to turn down the opportunity of talking to Bank of America about becoming top dog in succession to Ken Lewis.
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