The Financial Times reports that US regulator the Securities and Exchange Commisssion (SEC) has charged 38 folks, including several who work at Wall Street firms, with civil fraud alleging participation in an abusive stock-lending scheme which is said, over an 8 year period to 2006, to have netted the participants at least $12m.
Here's the contents of the letter sent by Goldman Sachs Asset Management about the performance of its hedge fund Global Alpha - in the first two weeks of September, Global Alpha fell 2.8%, bringing the year-to-date decline to 34.9%, yet no where in the letter do the words 'We're sorry' feature.
We're seeing a lot stuff out in the media about difficult market conditions, hiring freezes and job losses. Well, we want to know how recruiters are viewing the situation.
Reuters reports that ABN AMRO CEO Rijkman Groenink told shareholders at the bank's extraordinary meeting Thursday that Barclays will need to up its offer. At $82.3bn it is signficantly lower that the $97.6bn bid tabled by the Royal Bank of Scotland (RBS) consortium. The RBS deal is also mostly made up of cash. Groenink said that 'the offer of Barclays is too low. We cannot ask shareholders to pay the difference from the consortium's bid'.
Calyon, Credit Agricole's investment banking arm, will swallow a $347m trading loss in the third-quarter, after the firm took a hit because of unauthorised trading at one of its prop desks in New York.
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.