We're seeking the views of our readers on the emotive subject of hedge funds.
Bloomberg reports that Bear Stearns intends 'to take on $3.2bn in loans in an attempt to stop creditors seizing assets from one of its money-losing hedge funds' in what some are describing as the biggest hedge fund bail out since Long Term Capital Management in 1998.
Bloomberg reports that the design of the new JPMorgan building close to Ground Zero has been unveiled. And the six 60,000 square foot trading floors that will be part of the new structure will jut out 127 feet above the building's facade, hovering above a church and park.
The Wall Street Journal reports that, according to an article in Dutch daily newspaper NRC Handelsblad, Dutch banks ABN AMRO and ING were close to agreeing a merger deal in March of this year. In the end, ING is said to have walked away over price.
Hail to Morgan Stanley. We are not worthy. All those who said you were past your sell-by date salute you. The firm's second quarter profits trounced analyst (and journalistic) expectations, coming in up 40% at $2.59bn.
Financial News reports that French bank BNP Paribas is planning to increase headcount in its investment banking division by up to 700 this year. 200 are thought likely to be hired in equity derivatives, with a couple of hundred more in fixed income front office. The unit will also hire to build out businesses in emerging markets.
Here's a little something to make you smile.
Here's a list of the top 10 private banking group in terms of assets under management as at the end of 2006.
BNP Paribas has confirmed that it is acquiring full ownership of New York-based fixed income fund manager Fischer Francis Trees & Watts. The firm has around $38bn under management. Deal terms have not been disclosed.
Personnel Today has just released its list of the Top 40 'Movers & Shakers in HR in 2007'. And, heaven's alive, there's someone from investment banking that made the list!