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LATEST

'Wally of The Week'

How about this one ? 29 year-old Mardin Azad Amin was stopped by security at Chicago's O'Hare International Airport last week, after something suspicious was found in his luggage.................

Investment Banks Likely To Merge

The smart money is now predicting that the credit crunch and the current economic downturn is likely to result in stand alone investment banks having to merge with commercial rivals.

More Job Loss News

The Daily Telegraph reports that up to 350 London-based bankers are likely to be axed in the latest round of job cuts over at Morgan Stanley. The firm is currently culling around 1,500 employees globally. And Financial News reports that the latest round of layoffs look like they will affect some of the firm's award-winning research analysts too.

Top Firm To Cull Over 50% In Some Fixed Income Businesses

The Wall Street Journal reports that Jerker Johansson, the new chairman and CEO of UBS Investment Bank, has insisted that the pain felt by staff from the latest round of job cuts, where possible, should cut across all levels of seniority. As a result, no-one should consider themselves safe, from analysts to Managing Directors, as the firm moves to cull another 2,600 heads.

The Latest Market News

The Financial Times reports that French bank BNP Paribas posted a 21% fall in first-quarter profits Wednesday. Net income came in at $3.06bn. Pretax profit at the corporate & investment banking unit fell 73% at $419m.

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