Bloomberg reports that eight people were injured when part of a crane dropped 53 stories in front of the under-construction Bank of America (BofA) building in Midtown Manhattan Wednesday.
Some research suggests that female traders are more likely to make better traders than men, as they are more intuitive, less emotional and not as aggressive. Although they may not make as many big plays, research suggest that female traders are more consistent performers, and don't tend to rack up huge losses. How many 'rogue' or disgraced traders do you know who are women ?
The Evening Standard's 'CitySpy' column had an interesting little item earlier this week.
Focus has turned to the quality of Goldman's third-quarter earnings. Although the firm saw profits rise an impressive 79% to $2.85bn (while many rivals were writing down assets and getting kicked between the legs), analysts are concerned that many of the trading gains the firm recorded in the third period are merely paper gains from hard-to-value assets which the firm has itself valued. And some of the trades themselves are thought not to have been closed out, and could yet turn bad.
It's not all bad news on the hiring fornt - at least if you work in commodities.
Citi announced its third-quarter profits Monday. Down 57% to $2.38bn after $5.9bn in write-downs, firm executives have interestingly stopped short of saying that the worst is over. Indeed, CFO Gary Crittenden indicated that some of the exotic asset-back securities the firm traded may never regain their value.
Bloomberg reports that China Citi Group has confirmed that it is interested in acquiring a minority stake in Bear Stearns, although Reuters says that China Construction Bank isn't as the bank feels that the two companies have different business profiles.
Citi CEO Chuck Prince doesn't seem to have much going for him - except the prospect of a multi-million dollar exit package when he falls on his sword after a near-disasterous 4-year rein at the helm.
Financial News reports that Royal Bank of Scotland (RBS) 'has given itself 45 days to decide what parts of ABN AMRO's wholesale banking business it will keep, and which staff it will retain'.
The New York Post has an update on the trading story that was doing the rounds in the financial markets last week.