The New York Times has got hold of a copy of an internal memo Citi boss Vikram Pandit sent to his staff Wednesday. Titled 'Business Update', it's reproduced below.
Bloomberg has come up with a league table of asset write downs and credit losses sustained by the main firms since the credit crunch began to hit last year. Here's a note of the firms from the list which will be of interest to our readers:
UBS analysts say that the final bill for banks, brokers and insurance companies from the subprime blues could hit $600bn.
Deutsche Bank CEO Josef Ackermann certainly knows how to make the news. Over the course of the last few weeks, Ackermann has come out and expressed his very printable views on the subprime debacle, the state of the global economy and the need for financial markets regulators who can operate across borders. Now he has been talking about staff bonuses.
Having created a genre within motoring history books, with chapters full of unbelievable stories, as you can imagine the '10th anniversary' Gumball 'World Tour' Rally has to be something 'very special' - and indeed it is. They've organised an unprecedented route across continents from the USA to China, from San Francisco to Beijing, culminating at the Olympics, with full support from the Chinese Government.
The New York Post reports that billionaire investor Warren Buffett has called recession in the US. Speaking on CNBC television earlier this week, Buffett said 'by any common sense definition, we are in recession. Business is slowing down. We have retail stores in candy, home furnishings and jewelry. Across the board, I'm seeing a significant slowdown'.
We've been asking our readers to match their firms up with popular (or not so popular) cars. And one of our readers sent in the silly pic on the right. Which troubled firm do you think this 'vehicle' most accurately represents ?
We recently asked whether there's anyone on your firm's payroll with a famous name. The item was so popular, we have been asked to re-run it.
London-based hedge fund Peloton Partners is being forced to liquidate its $1.8bn ABS Fund, saying that it is a victim of the credit crunch. Peloton's founders, Ron Beller and Geoff Grant, both ex Goldman execs, told investors in a letter Thursday that 'credit providers have been severely tightening terms without regard to the creditworthiness or track record of individual firms, which has compounded our difficulties, and made it impossible to meet margin calls'.
Ian Kerr, Financial News' acerbic investment banking commentator who has been at the paper since its launch in 1996, died last week.