CNBC reports that UBS tried to flog US brokerage unit PaineWebber late last year, as subprime lending-related writedowns bore a huge hole in its balance sheet and the firm had an urgent need for cash.
Merrill Lynch CEO John Thain was paid a $15m bonus in 2007, despite only working 19 business days for the firm last year, as he started his duties at Merrill on only December 1st.
Bankers are finding the going tougher in London this year. With 10,000 City jobs likely to be lost in 2008, the number of new jobs around for laid off market professionals is on the wane.
With Goldman Sachs due to report its fiscal first-quarter earnings next week, Dealbreaker has published a memo sent to the firm's London staff, which turns the screw a bit on staff 'evening meals and taxis'. Are times getting hard over at Goldman too ?
Here's the Top 20 in Fortune magazine's lastest 'Most Admired Companies' list:
Before you shed a tear for Citi CEO Vikram Pandit on the news that he didn't receive a bonus for his efforts at the company last year, fear not - he still walked off with a salary, sign-on and performance-related stock, options and buy-out compensation worth a staggering $216m!
Bloomberg reports that rating agency Standard & Poor's (S&P) has said that the light at the end of the subprime tunnel is now in sight.
UK market regulator The Financial Services Authority (FSA) and US counterpart the US Securities and Exchange Commission announced a joint 'Code of Conduct for Rogue Traders' Thursday.
The market turmoil has moved into a new phase over the last few days, as yet more hedge funds look to be on the brink or have halted withdrawals.
When news broke a few weeks back that Societe Generale's $7.1bn rogue trader was one Jerome Kerviel, 10 of his 11 'friends' detailed on the social networking site Facebook quickly deleted their names. The only one who didn't, Manuel Zabraniecki, has now been identified in the media as the latest person to be detained by French police, as investigating judges follow the evidence in the SG rogue trading affair.