The Daily Telegraph reports that US Federal Reserve chairman Ben Bernanke has said that the problems facing the US economy from the fall-out of the US housing market are potentially more devasting than those it sustained from the collapse of the internet boom in 2001. Comparing the 2001 slowdown, Bernanke said that 'the effects of the stock market declines (then) were primarily on investments. In this case, consumers are taking the brunt of the effects'.
It started in December, when staff at the large US firms were called in by their bosses and told their bonus numbers. By and large (and there are a few exceptions), the 2007 bonus round is now done and dusted.
That old rumour that BNP Paribas is still looking at making a move on French rival SocGen just won't fade away.
A heckler had to be physically restrained at UBS's extraordinary shareholder meeting Wednesday. The unindentified man attempted to climb onto the stage, forcing UBS chairman Marcel Ospel to leave for approximately 5 minutes. There's no truth in the rumour that the disgruntled man was former UBS CEO Peter Wuffli.
The Wall Street Journal reports that Citi CEO Vikram Pandit has appointed Brian Leach, who previously was the chief risk officer for hedge fund Old Lane (which Pandit founded), as the company's CRO. Pandit told staff in a memo that 'as our industry grapples with one of the most difficult periods in market history, we at Citi are moving aggressively to transform our risk-management culture into a significant competitive advantage'.
There's been a couple of interesting opinions expressed by senior bankers this week. We'd be interested in hearing your take on them.
your boss actually acknowledges you with a 'good morning'. He's clearly under pressure as revenues have fallen away. He's worried he's vulnerable for the chop, so hopes that being nice to his staff (for once) will buy him some time.
Here's a full list of the regional winners in our 2008 Best Place to Work polls:
Goldman Sachs has come out and said that it expects six of the top US firms to report additional writedowns totalling some $27bn in the first-quarter. Goldman says that the writedowns will result from the falling values of mortaged-back securities and leveraged loans.
The Wall Street Journal says that Citigroup disclosed in its annual report filed last week that its traders had lost over $100m on no less than 15 separate days last year.