Just a few days after Bloomberg said that WestLB intimated that it had no plans to cease equity prop trading, Financial News has reported that the German bank has pulled the plug on this business.
This is the story of two banks - Barclays and ABN AMRO.
ABN AMRO's annual shareholder meeting descended into chaos Thursday after the board was forced to change the agenda to allow a full discussion about its merger plans ahead of tabled business.
The New York Times reports that JPMorgan Chase is threatening to move thousands of staff from Midtown Manhattan to Stamford, Conn., unless New York officials cough up a larger subsidy package for the construction of a 50-storey skyscraper to be situated close to Ground Zero.
Here's a note of the largest 20 banking M&A deals:
"Happy teams … but poor pay" - Unique survey shows that, despite big bonuses, people still feel they are not paid enough !
Here's the official announcement made Wednesday on the subject of the Fortis, Royal Bank of Scotland and Santander run at ABN AMRO.
According to Institutional Investor's Alpha magazine, James Simons, a former maths professor now hedge fund manager, made an estimated $1.7bn last year - making the $54.3m earned by Goldman CEO Lloyd Blankfein seem like small change.
ABN AMRO's proposed sale of its US retail bank LaSalle to Bank of America in a deal worth $21bn appeared to be one in the eye for the Royal Bank of Scotland consortium attempting itself to snatch the Dutch bank from Barclays. RBS is thought to have been keen to combine LaSalle with its own US retail banking interests.
Bloomberg reports that Barclays Capital is to take up additional office space in London's Canary Wharf financial district. Further proof, if proof were needed, that BarCap boss Bob Diamond and his cohorts are unlikely to be spending much time in Amsterdam - deal or no deal with ABN AMRO.
Here's some of the best Bloomberg videos of 2012.
Stock markets can go up as well as down, as 2012 has proved. But...
Fees for advising on mergers, share listings and bond issues have fallen again in 2012, forcing investment banks to cut jobs and start overhauling business models they had stuck by in times of crisis over the past decade.