We've mentioned before that Deutsche Bank CEO Josef Ackermann seems to have an uncanny knack of coming out with banal statements about the current market turmoil. His latest, reported by The Wall Street Journal, takes the biscuit.
Here's a round-up of the non-Lehman news hitting the headlines. It's mostly bad.
Credit Agricole came out Wednesday and revealed details of its new strategic plan for Calyon, its investment banking unit. The plan confirms 500 job losses at the unit, a EUR 300 million cost-cutting exercise, a strengthening of risk management and the exit of high-risk capital markets activities.
Lehman Brothers: 'No comment'.
The Times reports that a connectivity glitch downed The London Stock Exchange (LSE) for seven hours Monday, resulting in millions in lost trading revenues, as traders took their business elsewhere (when they could).
Reuters reports that French newspaper La Tribune has reported that Calyon, the investment banking arm of Credit Agricole, could announce up to 1,200 job cuts this week, when the bank announces its new strategy for the unit.
Despite the tough markets conditions, City bankers are still doing their bit to raise money for charitable and worthy causes.
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.
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.
Reuters reports that HBOS CEO Andy Hornby told the BBC last week that he feels that the credit crunch still has 18 months to run.
JPMorgan Chase posted a 31% increase in second-quarter earnings on Friday after underwriting income jumped and bond trading revenue rose.
Fortune magazine has just released its Global 500 list of the world's largest corporations (as per 2012 revenues).
On Friday, San Francisco's KTVU Channel 2 News incorrectly named the crew of the doomed Asiana Airlines Boeing 777, which crashed earlier this month killing three people, as Sum Ting Wong, Wi Tu Lo, Ho Lee Fuk and Bang Ding Ow.