'I made my firm tens of millions this year, but I don't care about a bonus payout.
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.
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.
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.
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.
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.
Wachovia - Global Markets & IB Technology Team
Citigroup's continued to get hammered Thursday, closing below $5-a-share, despite confirmation that Saudi billionaire Prince Alwaleed bin Talel, the company's largest individual shareholder, plans to increase his stake. The Prince said that he retained the full confidence in existing management and firm CEO Vikram Pandit (although he said that about former CEO Chuck Prince at one stage too. Soon after, Chuck was chucked).
It's commonly estimated that 170,000 financial markets jobs have already been lost / announced in the last 12 months (at banks, brokers, hedge funds, and asset / mutual funds). Many feel, however, that we are only halfway through, and that another 170,000 jobs will be cut before this crisis has played out.
It's coming up to bonus time, and everyone is trying to get some kind of benchmark on what bonuses are likely to look like this year. We all know that bonus pots will be down on 2007, but it is a question of just how much.
And it's the last thing this firm needs right now.
In a rare outburst, German Chancellor Angela Merkel has said Greece should never have been allowed to join the single currency.
Running Microsoft is not for the fainthearted: its software is essential to millions of companies around the world, and more than 1 billion people use PCs with its Windows software. The new chief executive will have to fit into a unique corporation.