There's a lot of stuff flying around about just who is to blame for the 'Merger From Hell' that currently looks to be the Bank of America / Merrill Lynch deal (although there's no doubt that Merrill CEO John Thain, who left last week, appears to be the fall guy).
Here's the latest missive from our Highly-Placed Professional:
Merrill Lynch CEO John Thain headed for the exits Thursday, after being called to a meeting with Bank of America chief Ken Lewis.
State Street has been in the news this week. The firm's share price fell back 60% a few days back (although has recovered a bit since), on the news that its unrealized losses on assets had increased to $9.1bn as at December 30th.
We advised Monday that UBS was looking at laying-off some 500 staff in its fixed income, currency and commodities unit this week, and Bloomberg now reports that the firm will exit its real estate, securitization and exotic structured products businesses. Several senior unit executives are to leave.
Here are a few more interesting insights from our readers:
Here's something from a JPMorgan research note that's a little scary.
The wags are at it already.
As financial stocks fell to 14-year lows over in the US, the Dow Jones Industrial Average dropped 4%, putting in its worst Inauguration Day decline ever. And as things appear to be going from bad to worse, the financial markets (and the global economy) is now in desperate need of an 'Obama Bounce'.
So said Abraham Lincoln in 1858. So, too, may Bank of America CEO Ken Lewis now, as his stockholders think about suing his firm, executives (and the wrong ones) keep on quitting, and Bank of America and Merrill Lynch staff look about to start a civil war. The firm's clients are also starting to vote with their feet.
Police in New York City are investigating an unusual incident that unfolded close to Goldman's HQ building in the early morning hours on Monday.
A devout Sikh is suing his former bank for over £50,000 ($81,165) after colleagues allegedly interfered with his turban and asked him whether it 'flashed red in an emergency'.
Fortune magazine has issued its latest list of the top 40 business stars under 40.