Lehman Brothers suspended two London-based equity derivatives traders on 28th February, after a routine internal review of some of their positions uncovered valuation issues.
Let's take a quick look at what made the news in the first-quarter. And let's hope things get better from here!
Here Is The City News continues to go from strength-to-strength - we had over 116,000 unique users go through the site last month. And it's all because of you, our readers.
2007 was a funny old year. The first six months saw investment banks pull in record revenues and reap record profits, but the back end of the year was an unmitigated disaster. Yet many financial markets professionals still managed to bag record (or at least decent) bonuses. But 2008 will be very different.
If your CEO has a film star, who would he be ? Here are a few suggestions:
You've got to hand it to JPMorgan Chase boss Jamie Dimon. After very smartly seizing the opportunity to try to acquire Bear Stearns at a bargain basement price, Dimon is said to be asking rival CEOs to instruct their troops to lay off hiring Bear staff until he has a chance to get his act together and lock 'em in!
Here's some market info on the subject of 'rogue traders', and another silly song.
We gave you the chance to rub shoulders with members of the England and New Zealand cricket teams before the start of the May Test Match Series at the Owais Shah Benefit Dinner on the evening of Tuesday 13th May at The Grange City Hotel in London.
Much merriment on learning that securities trader Stephen Chang is suing an exotic dancer who, in the middle of giving him some serious lap dancing attention, allegedly swung round and accidently poked him in the eye with the heel of her shoe!
The International Herald Tribune reports that Citi has already started to lay off another 2,000 more investment bankers - just weeks after announcing 4,200 redundancies, most of which will come from the same unit.
Cause of death revealed.
The Bank of England is to begin consulting over a pay code for top City firms next year to incorporate the recommendation of an influential parliamentary report that bonuses should be deferred over 10 years.
Anyone who remembers the collapse of Lehman Brothers little more than five years ago knows what a global financial disaster is. The next disaster, however, could be only weeks away - and could impact the global markets far more than Lehman.