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Top Firm Announces Strategic 'Overhaul'

The Financial Times reports that Deutsche Bank CEO Josef Ackermann has written to senior staff advising them that he is conducting a strategic review of the bank's operations in a bid to boost profits and Deutsche's falling stock price.

Sachs In The Citi ?

Speculation mounts about the future of Citigroup and, despite the determination of CEO Vikram Pandit to go it alone, some say that he is no longer the master of his own destiny, as the likes of Morgan Stanley and Goldman Sachs may be mulling a bid.

More Job Loss & Other News

The Observer reports that at least 1,250 staff who work for Citi is London's Canary Wharf financial district are likely to be told that they will have no job this week. Most of the losses are expected to come from the firm's investment banking unit.

More Firms Said To Cancel Christmas

Dealbreaker reports that both Morgan Stanley and Goldman Sachs look like they, too, have cancelled Christmas. The firms are said to have joined the likes of Bank of America, Barclays Capital, Royal Bank of Scotland and a raft of other banks who are finding it inappropriate to splash shareholder cash at this sensitive time.

Top Firm Cancels Christmas

Here's an e-mail sent to Barclays Capital staff by Rich Ricci, Executive Committee Member and Chief Operating Officer. The message - Christmas is effectively cancelled. Expect many other firms to follow BarCap's lead.