Although Lehman's third-quarter profits came in better than expected Tuesday, Chris O'Meara, the firm's CFO, said that headcount reductions will follow in the fourth-quarter. Lehman does, however, expect to be on the hire again come next year.
According to a recent survey undertaken by data provider EuroHedge, over 150 new hedge funds, attracting $13bn in assets, opened for business in the first 6 months of this year. That's up from 133 in the same period in 2004.
Here Is The City has been seeking your views on the current state of the market. We are busy collating your opinions and will be soon revealing our findings as 'The Kamada Index', which will clearly show the current sentiment of professionals who work in the financial markets.
Dresdner Kleinwort CEO Stefan Jentzsch took the stand in London Monday at an employment tribunal hearing brought by former firm banker Malcolm Perry, who claims that he was axed because he was neither a German national nor a German speaker. Perry seeks some $20m in compensation and loss of earnings.
It's twenty years since Black Monday - the devastating stock market crash of 1987. October 18th 2007 will be Black Thursday for many - only one team will survive.
The Centre for Economics and Business Research has predicted that City bonuses are likely to fall by around 15% on last year as the credit crunch takes its toll on investment banking revenues and profits
Complinet's Annual Compliance Awards were created in 2004 to recognise the successes and achievements of compliance professionals from across the financial services industry and supporting professional services firms. The 4th Annual Compliance Awards is searching across the compliance and finance sectors to recognise the contribution of the compliance role, compliance trainers and professional advisers in helping to ensure that the UK remains at the forefront of global financial services. The awards are judged by a panel of highly-respected financial services experts.
Although some joke that you can never consider yourself a success as a banker unless you have been laid off at least once in your career (indeed, some bankers make a career out of getting made redundant), most are still nervous when unsettling times prompt job loss fears.
Dresdner Kleinwort has made the headlines over the last week or so - and, once again, the news has hardly been positive.
The Wall Street Journal reports that 60 year-old William Jester, a former head of municipal bonds over at UBS, has sued the firm alleging that he was replaced and forced out of the company because of his age.