Financial News reports that Citigroup is cutting half of its European leveraged finance unit. 13 staff are said to be losing their jobs.
Reuters reports that Lehman Brothers strategists have come out and estimated that financial institutions are likely to have to writedown some $400bn of assets this year, but have dismissed competing estimates provided by professionals at rival firms.
The New York Post reports that concerns are growing that many of the 40 disabled workers employed by Bear Stearns in New York may lose their jobs as the firm merges with JPMorgan. Bear has long been recognised as a firm that does its bit for the disabled, being honoured with Title 1 of the ADA Employment Award in 2006 for its commitment to hiring staff with disabilities.
NZZ am Sonntag newspaper recently interviewed Eugen Haltiner, the President of the Swiss Banking Commission, who described the losses incurred by UBS as 'extraordinary' (the bank has written-down some $38bn-odd of assets over the last 9 months or so, and reported a $11.86bn loss in the first-quarter). Haltiner, however, said that he was confident that 'these (losses) can be absorbed with a timely re-capitalization (and)....that we can hope for a stabilization'.
There's no let up this week on job loss speculation, as more financial markets staff face up to the prospect of an uncertain future.
Here's a copy of the internal memo that went round last week which outlines the proposed management structure for the combined investment banking units of JPMorgan / Bear Stearns. Bear personnel will hold 5 of the 26 positions.
You can't seem to get UBS out of the headlines this week. Just a few days after the Swiss bank announced another quarterly loss (this time $11.9bn), former President Luqman Arnold has written to the bank's board and called for the break-up of the company.
The New York Post reports that Goldman Sachs has been cutting back on yet more staff freebies. Just a few weeks after tightening its criteria for meals and taxis after work in London, the firm is said to have turned those cost-cutting guns on its New York trading population.
The Globe & Mail reports that Matthew MacIsaacs, one of Canada's most highly-regarded fund managers, was one of 33 folks caught out in a drugs sweep dubbed 'Project White Rabbit', when he was arrested in a Toronto bar on March 16th. The fund manager has now been charged with buying drugs from an undercover police detective and conspiracy to traffic cocaine.
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JP Morgan reached a $5.1bn (£3.2bn) settlement with the US mortgage company regulator on Friday as the bank continues to negotiate with the justice department over what is expected to be an even larger fine related to bond sales.
There's nothing like a big scandal.