Here's the memo Citi's board sent to staff Thursday, following the speculation that a cabal of directors were after Chairman Sir Win Bischoff's head.
Bloomberg reports that, according to estimates from Eurekahedge, the global hedge fund industry lost $100bn in assets last month as investors withdrew funds.
The Wall Street Journal reports that Raoul Weil, a member of UBS's executive board, has been charged by US prosecutors with helping US clients evade federal income taxes. The charges come after a probe into allegations that the bank was responsible for helping some of its wealthy clients avoiding tax payments on some $20bn in assets.
Here Is The City can exclusively reveal that up to 15% of the combined ABN Amro / Royal Bank of Scotland Global Banking & Markets workforce of some 20,000 staff are likely to lose their jobs as the bank right-sizes headcount to reflect current difficult market conditions.
The Wall Street Journal reports that the board at Citigroup is becoming dissatisfied with the performance of the company, and says that some directors are now lobbying for the replacement of Chairman Sir Win Bischoff.
'In my 15 years in investment banking, I was fortunate to meet a lot of smart people. I don't think I ever met a single 'genius' though'.
'Is it just me, or are you, too, getting sick of all this Wall Street v Main Street nonsense ? It's got so bad that, when anyone now asks me what I do for a living, I say I work for General Motors!
Bloomberg reports that Deutsche Bank has sued Lehman Brothers Holdings, seeking the return of some $72.5m which was transferred in error to a Lehman account at Bank of America on 26th September - 11 days after Lehman's bankruptcy filing!
The third-quarter was another tough one for many firms. Here's our usual note of who did what in the period.
Goldman shares hit a five-and-a-half year low Monday, after yet another analyst predicted that the firm is likely to post a fourth-quarter loss.