Citi is mighty miffed that Wachovia has sold itself to Wells Fargo, instead of sticking to what it feels was an exclusive it had with the Charlotte-based bank (to acquire parts of Wachovia). Legal action is in the air.
Here's Thomson Reuters' Worldwide M&A Legal table for the period 01/01/2008 - 30/09/2008.
The last 12 months have been perhaps the most difficult and challenging year in the history of the financial markets. Not all firms, however, have struggled.
Here's Thomson Reuters' Worldwide M&A league table for announced deals for 01.01.08 - 30.09.08.
UBS has confirmed that 2,000 investment banking jobs are to be cut, and that the unit is to close its commodities business. The additional cuts will take the total job losses in the unit to 6,380, or 29% of the total at its peak.
US hedge fund manager John Paulson, founder of Paulson & Co, hit the headlines earlier this year, when it was revealed that he earned $3.7bn in 2007 after his hedge fund brought home the bacon shorting subprime. He is still at it.
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Bloomberg reports that analysts at JPMorgan estimate that European banks, including Deutsche Bank ($6.3bn), Barclays ($5.2bn), UBS ($3.8bn) and Societe Generale ($3.6bn) will writedown an additional $40bn in the second half of the year.
UBS is said to be finalising plans to axe 1,900 investment banking jobs globally.
The US House of Representatives rejected the $700bn bail-out plan Monday, throwing the markets into chaos.
Half of financial firms with an anti-corruption policy have punished employees who have breached regulations, according to a report published Thursday by Ernst & Young.
If you want to see the big-swingers of the future in investment banking, don’t look on the trading floor – they’re more likely to senior employees based in technology teams.
Jefferies has been ordered by a Hong Kong judge to pay its former Asia equity trading head Grant Williams about $1.86 million for firing him over a newsletter which referred to a Hitler parody video.