Here's something sent in by one of our readers.
'To my Merrill Lynch colleagues:
Here's something interesting sent in by one of our readers:
The Times reports that UBS has obtained permission from Swiss financial regulator Finma to pay $1.8bn in bonuses to its staff next month.
Reuters reports that ING has confirmed that it will post a $1.3bn 2008 full-year loss, after fourth-quarter losses of $4.3bn, $2.6bn of which related to losses sustained from structured products.
Responding to the concerns of investors, Barclays' top two executives have taken the unusual step of writing an 'Open Letter', which reveals that the bank expects 'significant' pre-tax profits in 2008, record income levels and has adequate capital resources.
Most banks have rather a lot to worry about during this difficult period, but, according to The Mail-on-Sunday, Deutsche Bank has found the time to enter into a deal with Murdock London to open a grooming salon in its London Wall HQ building. So, it won't be only the firm's front office staff who will be 'taking a haircut', then.
There's a lot of stuff flying around about just who is to blame for the 'Merger From Hell' that currently looks to be the Bank of America / Merrill Lynch deal (although there's no doubt that Merrill CEO John Thain, who left last week, appears to be the fall guy).
Here's the latest missive from our Highly-Placed Professional: