When news broke a few weeks back that Societe Generale's $7.1bn rogue trader was one Jerome Kerviel, 10 of his 11 'friends' detailed on the social networking site Facebook quickly deleted their names. The only one who didn't, Manuel Zabraniecki, has now been identified in the media as the latest person to be detained by French police, as investigating judges follow the evidence in the SG rogue trading affair.
Are middle office folks (those product controllers, compliance types and risk management professionals) taken for granted ? Some feel that they are.
Stockholm-based market research firm Potential Communinications surveyed MBA students and recent graduates in order to compile its third annual list of the best company career portals. Here's the Top 30:
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).
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.
At least that's what the smart money's saying.
Royal Bank of Scotland’s Japan brokerage head resigned after the country’s financial regulator punished the unit for attempts to manipulate benchmark interest rates.