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'.
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.
Hi investers. I have been hereing of the ponce scheme for bernie who made off. Much stRess for all.
Bloomberg reports that French bank BNP Paribas is to cut up to 800 staff, or 5% of employees at its investment banking unit.
Here's a copy of a real job application letter received this year by recruiters at one top Wall Street firm.
Here's the text of Tuesdays Fed statement, which so excited US stock markets.
JPMorgan has come out and estimated that European investment banks are likely to writedown an additional $18.9bn in the fourth-quarter.
I'd like to wish all our readers the best for 2009 - even though we all know that next year is shaping up to be the most horibillus annus of them all! But let's leave it at that.
Bernard Leon Madoff was the chairman of Bernard L. Madoff Investment Securities, which he founded in 1960. The firm was one of the top market maker firms on Wall Street, and also had an investment management business.
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'.