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Top Firm Lost $1bn On Investment Top Execs Knew Nothing About

In an otherwise laudatory article about CEO Jamie Dimon and his JPMorgan Chase team, Fortune magazine reports that in 2007 bankers in a JPMorgan unit bought a $2bn subprime CDO as an investment - which subsequently fell 50% in value and resulted in a $1bn third-quarter writedown.

More Funs & Games Over At Lehman

CNBC reports that Lehman Brothers hopes to finalize its capital raising plans as early as this week, but in the meantime, there's the usual diet of Lehman stories in the press.

Wall Street Fires Fewer In August

Bloomberg reports that, according to a report prepared by outplacement firm Challenger, Gray & Christmas, financial firms laid-off some 2,182 people in August - the smallest monthly number for a year.

Top Firm Said To Be Axing 'Several Hundred' Staff

The Times reports that 'beleaguered' German bank WestLB looks set to cut 'several hundred' more staff, most likely in Asia and South America, as it comes to terms with first-half losses of £252.7m after further loan provisions. The bank posted a £1.2bn pre-tax loss in 2002. More job cuts in Germany are also thought to be on the cards.

No Layoffs Before Christmas - But Only Because They Can't!

Christmas Angels

Commerzbank CEO Martin Blessing marched into the Lion's Den Wednesday, rocking up at Dresdner Kleinwort's London HQ building in Gresham Street to address his new troops. And he is said to have impressive his audience (staff in other locations were able to watch via video conferencing) with his easy-going, straight-forward manner.