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Another Top Firm Restructures Following Subprime Losses

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.

A Rather 'Fishy' Story & A Right ' Up'

Suck My B***s - Bill

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 ?

No Largescale Cull Expected At Troubled Firm

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.

The Asset Write-down League Table - The 'Top' 15

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).

More Job Cuts Announced

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.