Many thanks to all of you who sent in explanations of what is meant by the term 'yen carry trade' - we didn't understand any of them!
We're now taking nominations for the Here Is The City 'Wally of the Year' 2007. We're on the look out for those who should know better - individuals in the public eye who have done something or said something rather silly in the last 12 months or so.
There's nowt as queer as folks, they say. And this story's really weird.
Bloomberg reports that Nick Leeson, the man who sustained $1.4bn in trading losses and finally broke the bank that was Barings in 1995, may go back into full-time trading.
The Wall Street Journal reports that Citigroup launched a $10.78bn bid Tuesday to take control of Nikko Cordial, Japan's third-largest brokerage firm. Nikko is currently mired in an accounting scandal, and Citigroup looks likely to be the answer to its problems. Shares in Nikko surged 14% on the news.
We've been hearing a lot about the 'yen carry trade' recently, and how it might result in further turmoil in the financial markets. Something to do with low-cost borrowing in Japan and using the funds to invest long in high risk areas elsewhere (apparently).
Absolute Return magazine released details this week of a survey on US hedge funds and their assets.
Reuters reports that Citigroup is opening an office in Singapore which will focus on providing prime brokerage services to hedge funds. According to industry research group Eurekahedge, hedge fund assets under management in Asia rose to $140bn last year.
A new survey of over 3,400 office workers undertaken by Euroffice.co.uk , the UK's leading online office supplier for small businesses, has revealed that 70% of workers don't like the idea of flirting at work.
Here's the final league table in the 2007 Here Is The City 'Best Search Firm' category, as voted by our readers:
JPMorgan Chase has named Marianne Lake to succeed Chief Financial Officer Doug Braunstein, extending an overhaul of senior leadership at the firm.
And another 40,000 investment banking jobs are likely to go as a result.
Major banks have announced some 160,000 job cuts since early last year and with more lay-offs to come as the industry restructures, many will leave the shrinking sector for good as redundancies outpace new hires by roughly two-to-one.