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.
There's a spoof e-mail been doing the rounds on Wall Street about Lehman Brothers. It's quite amusing, and is detailed below (slightly amended):
Here's a little something sent in by one of our readers, a young City investment banker who has temporarily left the industry to undertake a period of further study.
In 1844, 23-year-old Henry Lehman, the son of a cattle merchant, emigrated to the United States from the town of Rimpar, in the German state of Bavaria. He settled in Montgomery, Alabama, where he opened a dry goods store, 'H. Lehman'. In 1847, following the arrival of Emanuel Lehman, the Firm became 'H. Lehman and Bro'. With the arrival of their youngest brother, Mayer Lehman, in 1850, the Firm changed its name again and 'Lehman Brothers' was founded.
Use the 'Comment on this story' button to send in your witty caption entry (picture to the right).
There's clearly a major job cull going to be announced shortly at Lehman Brothers, and it could come before September 15th, the day the firm is due to announce its third-quarter earnings.
Bitcoin has its first British boozer.
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.