There's a huge uproar over the fact that some of Wall Street's finest firms had a torrid time in 2007, saw their shares take a battering and yet staff still walked off with record bonus payouts.
The Financial Times reports that UBS is to 'shake up' its investment bank by halving the number of staff who work in the unit's real estate and securitization businesses. The firm is also said to be pulling out of fixed-income prop trading in the US and combining its global debt and equity operations too.
There's been a bit of a stink over at Bank of America's Tokyo office overnight. Panic ensued when a dead fish failed to surface in a tank in one of the top fixed income knob's offices. The clean-up brigade swung into action, but a bad odour remained even after the expired fishie was flushed down the loo. Five hours later someone noticed another dead fish. Was it sabotage ?
The Wall Street Journal reports that the rumours circulating the markets Thursday that UniCredit was poised to make an audacious bid for sticken Merrill Lynch have been kicked into touch. UniCredit has come out and 'categorically' denied the reports.
Here's one league table WestLB will be happy to be bottom of - the Top 15 firms in terms of published 2007 write-downs (note that this might not end up being the final table as several firms haven't reported their full 2007 earnings yet).
Merrill Lynch came out and posted its fourth-quarter earnings Thursday. The firm suffered a huge loss of $9.8bn, after writing down a further $11.5bn in subprime lending-related assets.
Deutsche bank is said to have started to cut up to 300 jobs over at its investment banking unit, which employs around 13,000 staff globally. The unit, which posted a $262m loss in the third-quarter (its first quarterly loss for 5 years), is restructuring to focus on growth areas. Staff in derivatives and equity sales and trading and fixed income are thought likely to be amongst those affected, and the job losses will be spread around the world.
Bloomberg reports that Allianz Capital Partners, the private equity unit of Europe's largest insurer, has said that it will invest up to $2.97bn on LBOs this year - the same as it invested in 2007.
Here's some extracts from Citi's press release Tuesday announcing the company's fourth-quarter earnings.
Here's how JPMorgan CEO Jamie Dimon might look, but check the links below to see how 9 other top firm CEOs might appear if they were made Pope.
Sound familiar ?
UBS CEO Sergio Ermotti’s 2012 pay of $9.3m was dwarfed by the $26.1m in cash and stock investment bank head Andrea Orcel got on joining the firm.