Bloomberg reports that disgraced former Morgan Grenfell fund manager Peter Young was back in the spotlight this week. A court in London is hearing evidence against Young, who was charged with fraud in 1998. Although the court will attempt to get to the bottom of Young's alleged wrongdoing, he will not go to jail as he suffers from a delicate medical condition.
The New York Post reports that Lehman Brothers moved quickly to put a stop to some of its analysts going on a golf junket to Scotland.
Well, the global settlement which will end the regulator's probes into the investment banking industry's stock research practices has finally been signed off by most of the banks. Detailed below are the settlement costs for each firm and examples of e-mail evidence uncovered by investigators as quoted in The Times and The New York Post.
The Sunday Times reports that a top technology analyst has been made redundant by Nomura after he criticised Finnish mobile-phone maker Nokia.
The Times reports that Standard Chartered has banned staff from travelling to or from the Far East due to the so-called 'killer' flu bug which is believed to have been responsible for 75 deaths worldwide.
FT Alphaville reports that SocGen CEO Daniel Bouton has said that none of the 75 trading alerts flagged up to bank officials about rogue trader Jerome Kerviel were, in themselves, 'unusual' (Ed's note - perhaps the fact that there were 75 of 'em was, Daniel).
Goldman Sachs is busy working through its staff performance review process, at the end of which typically 5% of those thought no longer cutting the mustard will get the chop.
We now live in the so-called information age which has introduced rapidly evolving new technology and more competition. These have brought about very rapid changes in the workplace and increased expectations of those who work there. Sending e-mail messages is instant, putting on more pressure to deal with an ever burgeoning level of information, which leaves us little time for reflection before we are obliged to move swiftly on to the next task.
Bloomberg reports that French bank Societe Generale has posted a record fourth-quarter loss of some $4.9bn, following that $7.1bn rogue trading scandal. Despite the scandal, the bank will still post a $1.3bn profit for 2007. The bank's corporate and investment banking unit took subprime lending related write downs of $3.8bn last year, and SocGen warned that further write downs were possible in the current quarter.
Yep, it's online. We're now open for business.