The news that Lehman Brothers is likely to lay-off another 1,400 staff, or around 5% of its workforce, will send shivers down the spine of any professionals who currently work in investment banking.
Bloomberg reports that Bear Stearns has come out and denied a rumour that started to spread around the market Monday that it was insolvent, and that it was running out of cash.
Bloomberg reports that Louis Friedman, the chairman of M&A over at Bear Stearns, is leaving to join merger arbitrage firm P.Schoenfeld Asset Management.
Here's a note of the firms which came out at the Top in our 2007 Recruitment Awards:
Here's a note of the firms that you voted to the top postions in the main categories in our recent 2007 Recruitment polls:
What do you think your firm would do if you painted a picture of it that was less than flattering ? Oh, and you happened to provide details of a bit of laddish behaviour, a touch of racism and the odd drunken exploit to a journalist, who subsequently wrote up a piece which appeared in the national media. Would it come as a surprise to you if you were subsequently asked to leave ?
The Daily Telegraph reports that the US Federal Reserve has pledged $200bn of emergency funding to ease liquidity problems in the markets. The move is designed to help alleviate the problems caused because of the current reluctance of banks and other financial institutions to actually lend money to each other. Creditworthy borrowers will now be able to stand in line and tap the Fed for money instead (although, in the scheme of things, $200bn is actually not a lot).
The Independent reports on a couple of interesting merger rumours doing the rounds on trading floors last week.
Former Merrill Lynch CEO Stan O'Neal appeared before a US House oversight and government reform committee Friday, and was forced to defend his huge walk-away compensation.
If you firm was a car, what would it be ? Here are a few suggestions: