Over 3,000 staff voted in our Martin Ward Anderson-sponsored 2007 Bonus Anticipation Poll. Here are the headline results (individual firm figures are at the foot of the article):
Dresdner Kleinwort CEO Stefan Jentzsch has come out and confirmed that German insurer Allianz has no plans to sell his unit, following comments recently made by Allianz that it was reviewing its business model. Jentzsch also told German newspaper Handelsblatt in an interview earlier this week that 'I don't think radical restructuring of the bank is appropriate'.
Since it was revealed earlier this week that an unnamed investment banker had had the balls to call up Citi and suggest that it might consider a 'merger' with Bank of America, thoughts have turned to what might end up being the biggest bank merger of all time - a tie-up between Citi and JPMorgan Chase!
The NatWest Three were back in the headlines this week, after pleading guilty to an Enron-related crime in exchange for a lenient sentence. A dodgy extradition was followed by 17 months in the US away from their families and the prospect of up to 35 years in clink if they were convicted as charged - little wonder they coughed. Anyway, here's our 'Highly Placed Profesional's' take on the affair.
Doing the rounds on the wires earlier this week was a little item first published by The New York Post.
Spare a thought for those folks over at Bear Stearns who got canned Wednesday - just two days before the firm's year-end. There's never a good time to lose your job, but possibly also losing out on a bonus after working 362 days of the fiscal year just about takes the biscuit.
Here's the latest missive from our very own 'Highly-Placed Professional'.
Here's a little something sent in by one of our readers.
Bloomberg reports that Fortress Investment Group is to start a commodities hedge fund, which will seek returns of 15-20% annually.
The Wall Street Journal reports that a well known investment banker is said to have called Citigroup after Chuck Prince stepped down as CEO earlier this month and suggested the possibility of a merger with Bank of America - imagine the fees on that one!
eFinancialCareers reports that one of the more interesting things to emerge of the series of financial scandals is that, even now, trading floor banter remains a cross between a frat house and a rugby team.
Cor blimey (former) guv'nor!
Jefferies hires a managing director for its consumer investment-banking unit, according to a person with direct knowledge of the move.