The New York Times reports that Citi chief financial officer Gary Crittenden has apparently admitted that the race to turn his company around is likely to be a long one.
Merrill Lynch CEO John Thain is a thoroughly decent and honest man. He came to the firm on a turnaround mission some 8 months ago, promising to get his hands dirty and to make the tough decisions required to get the company back on the road to recovery.
The Goldman Sachs halo has slipped a little in the last few days, as the firm has found itself in the middle of a brawl involving allegations that some of its traders may have been behind attempts to manipulate the market by the spreading of false rumors. Goldman denies the allegations, effectively saying that the claims are nothing more than false rumors themselves.
Merrill Lynch posted a bigger-than-expected second-quarter loss Thursday. The firm came in with a $4.65bn net loss in the period, after $3.5bn writedowns in CDOs, a $2.9bn loss on hedges with financial guarantors, a $1.7bn writedown on US financial investments, $1.3bn writedowns on residential mortgage exposures and $348m related to LBO financings.
Someone at Deutsche Bank has clearly got a diary note to make sure that CEO Josef Ackermann comes out on a regualar basis and makes inane comments about the state of the current market turmoil. He was at it again this week.
Ok, so Fred Flintstone lived in Bedrock, not BlackRock, but who cares ? Today, BlackRock's where it's at.
Did you know that many firms, hoping to cut down on operating expenses, are looking at sourcing candidates directly to save money ? Well, we're now helping them do just that.
The pictures of former Houlihan Lokey banking consultant Joshua Persky pounding the streets of New York's financial district trying to get a job sent a shiver up many a spine. Financial markets professionals, aware that we are in the middle of the worst market crisis probably since the 1930s, wondered if they were looking at their own future.
If the rumors are true, then Lehman Brothers CEO Dick Fuld may be about to embark on the biggest (and most daring) trade in his long, and mostly illustrious, career in the financial markets.
German newspaper Handelsblatt has reported that French bank BNP Paribas is one of a number of banks interested in acquiring Dresdner. Citing people close to the discussions, the newspaper says that other interested parties include Commerzbank and an unnamed Russian bank.
It's tough out there.
Goldman Sachs CEO Lloyd Blankfein sat down with Bloomberg TV anchor Erik Schatzker at the company's annual meeting in Salt Lake City Thursday.
Gentlemen, I'm sorry, but given the choice, the majority of the women in the U.S. would rather give up sex than their mobile device for a week.