The New York Post reports that former Goldman Sachs banker Christiana Stamoulis, who has described herself as a 'implusive buyer', got it in the neck from US tax authorities earlier this month after $40,000 in claimed deductions were disallowed.
Financial News reports that HSBC has drawn a line under the John Studzinski era - a time characterised by the hiring of expensive bankers in a bid to build a top investment banking unit in both Europe and the US.
After a number of shareholders expressed concern about what they regarded as the relatively low level of the Citigroup offer for Nikko Cordial, the US firm has upped the action.
Spare a thought for ABN AMRO. With investors up in arms (at last) about the (terrible) performance of the bank's current executive team, there's been another bout of bad news.
Here's one for all you yoga fans. For the differences between how it's done in India and Britain, please see below.
One of our readers sent in this little snippet. We've withheld the name of the individual to protect the innocent (or, in this case, more likely the 'guilty'). The young trader, who is said to be an Oxford graduate with a first class degree, is said to have started with a top-rated investment bank in London last Autumn. We have called the firm concerned and confirmed that someone with the name supplied does work there - although he hasn't been answering his phone this morning!
The Wall Street Journal ran an interesting article a couple of weeks back about the demise of the investment banker. Once an all-powerful player in the financial markets arena, all but a very few top players, it seems, have now been relegated to bit-part status.
Bloomberg reports that JPMorgan Chase & Co is to set aside $1bn to expand its investment bank in Europe and Asia this year. The dosh will be used in the main to build out the unit's energy trading capability, and acquire 'niche' businesses for the investment bank in the likes of Brazil and Russia.
A couple of years back Morgan Stanley's then CEO Philip Purcell came under fire from former executives for the way he was running 'his' firm. He soon exited stage left, paving the way for the return of John Mack. The murmurs of discontent were first heard from Citigroup investors a few months back, and Chuck Prince, the company CEO, is looking mighty uncomfortable. Bets are already being taken about how long he will remain in the hot seat. And then there is ABN AMRO......
The clampdown on insider trading on both sides of the Atlantic is gathering momentum. And bankers and traders who chance their arm for fairly modest returns had better beware - the stakes are higher now as the chances of getting caught are much greater.
Banks operating in London have been warned by the Financial Services Authority that this year’s staff bonuses must reflect the mis-selling and market manipulation scandals that have damaged the sector in the past 12 months.
It's all this bloke's fault, they say.
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