There's been a lot of nonsense written recently about the fact that the media was mainly responsible for former Merrill CEO Stan O'Neal losing his job. What rot.
Forbes has just released its fourth annual list of the biggest earners among dead celebrities. Here's the Top 10, with a note of how much they 'made from the grave' in the last 12 months:
Merrill CEO Stan O'Neal is toast, and is expected to stand down any moment now. Citi boss Chuck Prince is stubbornly hanging on, and Bear Stearns CEO Jim Cayne appears to have survived. ABN AMRO boss Rijkman Groenink walks off into the sunset later this week, and former UBS CEO Peter Wuffli was forced to walk the plank a few weeks back. So, there's a lot been going on in the CEO space at the moment.
Here's a note of the statement today issued by Merrill Lynch, announcing that CEO Stan O'Neal is stepping down.
More bad news on the job front this week, as Bear Stearns has come out and confirmed it is to axe another 300 in the wake of the recent market turmoil.
Reuters reports that UBS has posted a $622m loss in the third-quarter, after $3.6bn in write-downs sustained on US subprime-related assets in the period. The bank said that, although all business units currently remain profitable in the fourth-quarter, the fixed income, currencies and commodities business 'remains exposed to further deterioration in the US housing and mortgage markets'. A Q4 loss over at the investment bank cannot therefore be ruled out.
We're busy getting your views on the 2007 bonus round. Here's some of the comments you have made when giving your opinion in our Martin Ward Anderson-sponsored 'Bonus Anticipation' Poll:
UBS came out at the weekend and issued a statement about its third-quarter profit, due to be announced Tuesday. After sustaining some $3.3bn in fixed income losses related to US subprime lending, the bank's third-quarter loss will come in between $517m and $690m as previously indicated. The bank says that the fourth-quarter has started well, but is making no assumptions that this will continue in the coming weeks.
Merrill CEO Stan O'Neal finally cooked his goose by making that unauthorized call to Wachovia boss Ken Thompson earlier this month to sound him out about a possible merger. With many thinking that a deal with Wachovia was never really on, Here Is The City wonders just which firms are big enough to acquire or merge as equals with 'Mother' Merrill.
It's only a matter of time. With Merrill's shares rising some 8% Friday on rumours that CEO Stan O'Neal was toast, the firm's 11-person board met for 2 days over the weekend to officially seal his fate. Stan's out after just short of 5 years at the helm. The smart money says that an announcement will be made later today (Monday).
Pope Benedict said on Monday he will resign on February 28 because he no longer has the strength to fulfil the duties of his office, becoming the first pontiff since the Middle Ages to take such a step.
There's a lot of nervous people around at the moment.
The risks are higher, the rewards not what they were.