Book Review - 'The Difference: How the Power of Diversity Creates Better Groups, Firms, Schools and Societies', by Scott E. Page.
Credit Suisse has stunned the markets twice today.
Here's a selection of your comments on the story we ran earlier this week following remarks made by Northern Ireland Secretary Peter Hain that City bankers who earned big bucks should give two-thirds of their bonuses to charity:
The Q4 profit league table is now complete. See how your firm performed.
Oh, it's tough to be UBS. A record year in 2006 in terms of profits, and yet shareholders have become concerned about higher costs and the disappointing performance of the bank's fixed income trading unit in the fourth-quarter. Reuters says that traders have also pointed 'to weak trading at its (UBS's) hedge fund, Dillon Read Capital Management, as well as its wealth management arm in the United States weighing on the stock'.
Citigroup's announcement this week that it is to rebrand as Citi was expected. So too was the ditching of the company's umbrella logo (to be replaced by that upside down smile). The umbrella came into the fold when the company acquired Travelers Insurance in 1993. It's now going back from whence it came - sold to St Paul Travelers, the company that Travelers became in 2004.
Bloomberg reports that BNP Paribas has posted a 29% gain in fourth-quarter profits, which came in at $2.26bn. Pretax profits over at the corporate and investment banking unit rose 39% to $1.21bn, 40% of the bank's earnings in the period. The division added around 600 staff to its payroll in 2006, and is expected to be on the hire this year too.
Here's a tragic story for Valentine's Day, which highlights the stress and pressures that can come with a career in the City. Another reason, Mr Hain, why City professionals are paid more than many others.
Bloomberg reports that Commerzbank's fourth quarter profits came in up 4.1% at $459m on higher trading and fee income. Full year net income was $1.3bn.
Here's a little something for this Valentine's Day.
It will reorganize its investment bank and merge asset management with the private bank to save costs and reduce complexity.
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.