The Daily Telegraph reports that Royal Bank of Scotland (RBS) analysts led by Ian Smillie have said that Barclays may need to raise up to $13.3bn to bring its capital postion in line with investment banking peers.
Reuters reports that The New York state Attorney General's office is issuing subpoenas to Bank of America executives as it broadens its probe into the bank's marketing of auction-rate securities.
A few Royal Bank of Scotland interns, it seems, were out for farewell drinks a couple of Fridays ago. And one naive chappie appears to have been landed with a £900 bar bill.
Since we told our readers about DirectConnect, our new recruitment technology that introduces jobseekers directly to hiring firms or their on-sites, we have been inundated with expressions of interest about this product. In just 6 weeks, 44 hiring firms from around the globe have become early adopters, and over 2,000 jobseekers have registered themselves for the service.
Well, Commerzbank is buying Dresdner. And the headline news is that 9,000 staff will be let-go in 9 major locations over the next 9 quarters. And heading the list of casualties is investment banking unit Dresdner Kleinwort CEO Stefan Jentzsch, who is understood to have told his troops Monday that he will leave after Phase One of the integration has been completed at the beginning of next year.
Reuters reports that top US activist hedge fund Atticus Capital is said to have lost some $5bn this year, after 'heavy falls in financial stocks'. According to the news agency's unnamed source, the firm's total assets under managment have fallen to around $14bn from over $20bn at the end of last year.
Here's what the smart money has been saying on the subject of Commerzbank's $14.3bn acquisition of Dresdner:
Dresdner Bank was established on 12 November 1872. The bank's founding consortium consisted of Allgemeine Deutsche Creditanstalt, Leipzig, Berliner Handels-Gesellschaft, Berlin, Deutsche Vereinsbank, Frankfurt am Main, Deutsche Effecten- und Wechselbank, Frankfurt am Main, and Anglo-Deutsche Bank, Hamburg with an initial capital of 8 million Thalers (24 million Marks) and 30 employees in Wildruffer Strasse in Dresden.
An award winning TV production company is looking for intrepid families planning a gap year with a difference
Here's the official Allianz press release.
Starbucks, one of the companies exhorted by the prime minister to "wake up and smell the coffee" over tax, has handed over £5m to HM Revenue and Customs – its first payment in five years.
It's already been a tough week for job losses, and here's another firm said axing staff.
It's still tough out there - all over.