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Citi Has Built 'A World Class Investment Bank' - Really ?

Another restructuring announced at Citi, and yet again it involves the corporate and investment banking units. What's interesting about this one though is that Edward 'Ned' Kelly, who runs global banking, claims that Citi has 'built a world class investment bank'. Right, the same investment banking unit that wrote down billions, lost billions and caused the firm to go cap in hand to the US government for a bailout! Absolutely 'world class'.

Top Firm's Severance Pay Averages $85,000 Per Employee

Oliver Twist

Goldman Sachs reported a $2.12bn fourth-quarter loss Tuesday, after $7.2bn in writedowns which related to commercial-mortgage loans and securities, leveraged loans, real estate and principal investments. The loss was Goldman's first in ten years, when the fall of Long Term Capital Management and the Asia crisis put pay to profits.

Greed Is No Good - It Did Us All In

It was on 18th May, 1986 when then-successful arb Ivan Boesky gave the commencement address at the University of California's Berkeley business school. Boesky famously told his audience that 'I think greed is healthy. You can be greedy and still feel good about yourself'.