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10,000 Jobs May Go As Top Firm Starts To Break Up Empire

Unhappy Vikram Pandit

The Observer reports that up to 10,000 support roles could go in the event that Citigroup merges its Smith Barney brokerage unit with Morgan Stanley's financial advisory business. Although few of the combined 20,000 advisors themselves face the prospect of losing their jobs, admin, IT, compliance, legal, HR and other support staff are thought likely to lose out big time, as the enlarged unit moves quickly to capture cost synergies.

Top Firm Said To Be Looking At Massive $1.8bn Fine

Reuters reports that Swiss Sunday newspaper Sonntag has said that UBS officials fully expect a massive $1.8bn fine from US authorities to settle claims that it helped US clients hide $18bn in assets and evade hundreds of millions in taxes. A spokesperson for the bank called the report 'pure speculation'.

Robert Rubin's Resignation Letter

Former US Treasury Secretary Robert Rubin has called it quits on his career at Citigroup, the company he joined originally in an executive capacity in 1999. Fairly or not, Rubin's reputation has suffered severe damage in the last two years because, during this time, Citi has suffered billions in writedowns and losses and the company stock price has fallen dramatically. Rubin is thought to have made $110m in compensation during the decade he was with the firm.

More On Madoff

Alleged $50bn fraudster Bernie Madoff will find out early Monday afternoon whether his bail will be revoked and he'll have to go to jail ahead of his trial.

Highly Placed Professional's 2009 Predictions

I'm currently reading the 1970s novel 'The Rag Parade', and you are struck at just how similar things were back then. The same endless striving for quick profit. The same kind of takeovers, attritions, scandals and political struggles.