Reuters reports that Deutsche Bank has posted a surprise profit in the third-quarter. The pretax profit, at $118.5, was however down to a change in European accounting rules. The investment bank posted its third straight loss - at $1.2bn, after sustaining debt and equity losses of $1.5bn.
Bloomberg reports that Credit Suisse has confirmed that it is to axe another 500 investment banking jobs.
Hedge funds were already facing up to October being the worst month for returns in over a decade, but now many face possible extinction over losses sustained in shorting Volkswagen stock.
Bloomberg reports that, according to 'two people with direct knowledge of the situation', Deutsche Bank has lost more than $400m on equity derivatives trades, almost half of the bank's second-quarter revenues from equity sales and trading.
JPMorgan has joined the likes of BarCap, Deutsche Bank, Merrill Lynch, Nomura International and Royal Bank of Scotland and cut IT contractor pay. The firm is requiring IT contractors to take a 15% cut with effect from 1st November.
Here's something that's been doing the rounds in the last few days. Further proof that you should be careful what you stick up on social networking sites - as you never know who's checking in.
Based on the size of holdings as per a June 30th 13F filing with the Securities and Exchange Commission, The New York Post reports that Eddie Lampert's hedge fund ESL Investments has seen its holdings in eight of its largest investments (including AutoZone, AutoNation, Citi, Home Depot and Sears Holding) fall an average of $193m in each trading day in the last 26, which translates into a paper loss of $30m an hour (allowing for a 6.5 hour trading day) over the period.
The Financial Times has revealed that, in the turmoil not long after Lehman Brothers filed for bankruptcy on September 15th, Goldman Sachs CEO Lloyd Blankfein put in a call to Vikram Pandit, his counterpart at Citi, to discuss the possibility of a merger between the two firms.
Working in Risk, of course.
Being a line manager isn't all it's cracked up to be.
'The biggest layoffs are ahead of us'.
Siemens CEO Peter Löscher will fight the group's plans to oust him, German daily Sueddeutsche Zeitung reported on Monday, saying the chief of the industrial group will only step down if the company's chairman also quits.
The global advertising market began their week with news of the creation of the world's biggest firm in the sector, after Publicis and Omnicom announced at the weekend they were joining forces to form a group, overtaking global leader WPP.