Here are some of your comments on the 'My Husband Got Laid Off, Now My Life Is Hell' item posted earlier this week:
The Independent reports that Barclays has 'ridiculed' suggestions that it, too, is preparing for a rights issue. In an effort to differentiate itself from rival Royal Bank of Scotland, Barclays chairman Marcus Agius said at the bank's AGM in London this week that 'When things are at their most difficult, the market tends to treat all peole pretty much the same.... Of course, that it rubbish. Some banks have better business portfolios than others and some banks perform better than others'.
The number of job losses sustained by investment banks and brokers in the last 10 months has now hit 47,000. And the bloodletting is by no means over. Over 100,000 investment banking and broking staff lost their jobs in the last major downturn (2001 - 2003), and this latest banking crisis now looks like topping that figure.
UBS CEO Marcel Rohner told shareholders at the bank's annual meeting in Basel Wednesday that UBS's investment bank will be slimmed down, and will no longer try to offer all things to all men.
The Wall Street Journal reports that Credit Suisse announced a $2.1bn first-quarter loss Thursday, after an additional $5.2bn in writedowns related to mortgage-backed securities and LBO loan provisions.
Oh, how the mighty have fallen!
Tony Tan, the deputy chairman of the Government of Singapore Investment Corporation (the sovereign wealth fund which has invested some $18bn in the likes of Citi and UBS), told employees this week that 'we could be facing a recession which is longer and deeper and wider than any recession we have encountered in the last 30 years'.
UBS released its 50-page report to the Swiss market regulator Monday (about the small matter of those $37bn asset writedowns), and seemed to be pointing the finger of blame at Huw Jenkins, its former investment bank CEO. Jenkins, still a consultant with the bank until October, was ousted late last year after the losses started to come to light. He is a decent bloke, much-respected by those who worked for him - but it looks like he is now being hung out to dry.
Reuters reports that Nomura Holdings has come out and confirmed that Japan's market regulator, the Securities and Exchange Surveillance Commission, is investigating one of its employees who, with two others, is suspectd of making $485,000 from insider trading.
The New York Times reports that up to 250 graduates who bagged a job at Bear Stearns in the US are having to come to terms with the fact the their dream jobs are no more. Although JPMorgan Chase has taken some of the graduates onto its own payroll, many have been told that they just can't be accomodated.
The firm has the cheek to put the safety of its staff ahead of cab drivers worried about the increased congestion.
Hmmm - so it wasn't the U.S housing market after all.
Kareem Serageldin, the ex-global head of Credit Suisse’s structured credit trading business, pleaded guilty to conspiracy, saying that when he discovered subordinates falsifying the value of mortgage-backed bonds in late 2007, he joined the scheme rather than stop it.