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Vikram's Been Working Weekends Again

Citi CEO Vikram Pandit has clearly been working too hard. He sent a memo to his staff Sunday (detailed below) saying that he really believes 'we can make Citi the best company in the world'. Can working too hard make one delusional ?

UBS Said To Be Considering Unit Sale

Reuters reports that UBS is said to be considering the sale of its US wealth management unit Paine Webber. The move comes at a time when Swiss regulators are thought to be looking for Swiss firms, including UBS, to beef up their capital ratios. A sale of the unit, in the wake of some $37bn in asset writedowns taken by the bank in the last year, will no doubt raise a significant amount of cash.

Jobs, Job Cuts & Bonus News

The Guardian reports that over 10,000 financial services / markets jobs are expected to be cut in the City (London) this summer as the current market crisis deepens. The job losses will come at banks and insurance companies in the main.

Decision Time At Merrill Lynch

It was just over 3 months ago that Merrill Lynch CEO John Thain told Spain's El Pais newspaper that his firm had tackled its biggest problems. The deteriorating credit situation, however, makes it look as if that call was made a little too early, and Thain and his executive crew now have some big decisions to make.

Cityboy - Hero Or Villain ?

The recent 'outing' of Cityboy as Dresdner Kleinwort's Geraint Anderson has puzzled the City. How could a self-proclaimed hippy have risen the ranks to become a top rated analyst, made his milions and then quit to decry the system that gave him his fortune ? Was Cityboy taking the mikey when he worked in the City, or is he taking it now ?