CNBC reports that the US Equal Opportunity Commission (EEOC) is said to have made a site visit to SAC Capital as it investigates claims from former trader Andrew Tong that he was made to take female hormone tablets by his boss to improve his trading performance, and that he was sexually harassed to boot.
Although not many take the suggestion made by activist investor Knight Vinke that HSBC might want to merge or ditch its investment banking division, Knight's quest to get the bank to take a good hard look at itself is gaining support.
Despite a decent third-quarter performance, JPMorgan Chase CEO Jamie Dimon is rightly cautious about the future. It could be worse, though - if it wasn't for Sandy Weill, he might have stayed at Citi!
Bloomberg reports that eight people were injured when part of a crane dropped 53 stories in front of the under-construction Bank of America (BofA) building in Midtown Manhattan Wednesday.
Some research suggests that female traders are more likely to make better traders than men, as they are more intuitive, less emotional and not as aggressive. Although they may not make as many big plays, research suggest that female traders are more consistent performers, and don't tend to rack up huge losses. How many 'rogue' or disgraced traders do you know who are women ?
The Evening Standard's 'CitySpy' column had an interesting little item earlier this week.
Focus has turned to the quality of Goldman's third-quarter earnings. Although the firm saw profits rise an impressive 79% to $2.85bn (while many rivals were writing down assets and getting kicked between the legs), analysts are concerned that many of the trading gains the firm recorded in the third period are merely paper gains from hard-to-value assets which the firm has itself valued. And some of the trades themselves are thought not to have been closed out, and could yet turn bad.
It's not all bad news on the hiring fornt - at least if you work in commodities.
Citi announced its third-quarter profits Monday. Down 57% to $2.38bn after $5.9bn in write-downs, firm executives have interestingly stopped short of saying that the worst is over. Indeed, CFO Gary Crittenden indicated that some of the exotic asset-back securities the firm traded may never regain their value.
Bloomberg reports that China Citi Group has confirmed that it is interested in acquiring a minority stake in Bear Stearns, although Reuters says that China Construction Bank isn't as the bank feels that the two companies have different business profiles.
Just when we thought banks were done with transferring jobs to lower cost locations....
U.K. financial firms may hire in the third quarter after cutting a worse-than-estimated 10,000 jobs in the three months through June, according to the Confederation of British Industry.
Jon Corzine, former CEO of bankrupt futures brokerage MF Global, has said he never ordered any misuse of customer funds to help his firm stay afloat as it dealt with margin calls on bad bets.