Bloomberg reports that Goldman Sachs lost money on more trading days during the first quarter than its main rivals. The firm lost money on 17 days, compared to 8 days at Morgan Stanley and 7 at Lehman Brothers. But Goldman came good making more than $100m on 28 trading days during the first-quarter, compared to 20 days at Morgan Stanley. Lehman made more than $90m on 13 days during the period.
No surprise to learn that the Morgan McKinley Employment Monitor for March has revealed that the number of City job vacancies has fallen some 25% on March 2007. It's also taking candidates 11 more days on average to find a new role (now just over 60 days).
Bloomberg reports that Citigroup is thought to be close to selling off some $12bn in loans at a loss to Apollo Management, Blackstone and TPG Inc., in order to get rid of assets that could result in more write-downs.
The Financial Times reports that two high-profile shareholder activists, academics Ekkehard Wenger and Leonhard Knoll, have called for Deutsche Bank to spin off its investment bank within 2 years in the interests of shareholders.
Here's are some reader comments on the recent 'I Got Laid Off & It Hurt Like Hell' item:
A hedge fund manager, of course.
Financial News reports that Citigroup is cutting half of its European leveraged finance unit. 13 staff are said to be losing their jobs.
Reuters reports that Lehman Brothers strategists have come out and estimated that financial institutions are likely to have to writedown some $400bn of assets this year, but have dismissed competing estimates provided by professionals at rival firms.
The New York Post reports that concerns are growing that many of the 40 disabled workers employed by Bear Stearns in New York may lose their jobs as the firm merges with JPMorgan. Bear has long been recognised as a firm that does its bit for the disabled, being honoured with Title 1 of the ADA Employment Award in 2006 for its commitment to hiring staff with disabilities.
NZZ am Sonntag newspaper recently interviewed Eugen Haltiner, the President of the Swiss Banking Commission, who described the losses incurred by UBS as 'extraordinary' (the bank has written-down some $38bn-odd of assets over the last 9 months or so, and reported a $11.86bn loss in the first-quarter). Haltiner, however, said that he was confident that 'these (losses) can be absorbed with a timely re-capitalization (and)....that we can hope for a stabilization'.