Fortune magazine has come out with its latest comprehensive list of America's largest corporations. Here's a note of the biggest financial firms by revenue which will be of interest to our readers (Note - figures as at the last audited account year-end).
Here's an interesting little missive we had in earlier this week:
32-year-old Dan Hill was said to be earning $160,000-a-year working at UBS when he decided to change career and become a chippie (carpenter). All did not go well at first, however.
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'.