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Trading Efficiency & Trader Bonuses

Reuters reports that although the top US investment banks all posted record sales and trading revenues last year, some firms were more 'efficient' than others - that's according to rankings released by Bernstein Research.

Top Firm's Firewalls Said To Cause Recruitment Havoc

Citigroup is just one of a number of firms which has suffered from the recent increase in spam e-mails. Quite naturally, the company has tightened its firewalls. The trouble is, according to firm insiders, Citigroup's newly fortified firewalls are blocking legitimate business e-mails, and causing more problems than they are solving. IT, it seems, is bogged down with dockets asking for servers which have been added to a blocked list to be removed.

Man, Morgan Stanley, Nikko, RBC, Firms In $3.5bn Lawsuit

The Sunday Telegraph reports that Man Group, the world's largest publicly-traded hedge fund, has hired five investment banks, including Citigroup and Merrill Lynch, to handle the planned IPO of Man Financial, its US brokerage business. The unit is set to be valued at between $5bn and $7bn.

Morgan Stanley - E-Mail Problems & Other Aggro

Reuters reports that Morgan Stanley is still having e-mail trouble. According to the news agency, 'securities lawyers are busy reviewing more than 1,000 shareholder cases against the brokerage after industry regulator NASD last month said Morgan Stanley failed to produce millions of e-mails and lied about the circumstances'.

CIBC, Citigroup, Credit Suisse, Lehman, Merrill, SG

The Wall Street Journal Reports that the US Securities and Exchange Commission has confirmed it has launched proceedings against two former CIBC World Markets brokers, Michael Sassano and Dogan Baruh, who allegedly engaged in mutual funds market timing practices a few years back. Market timing is not actually illegal, but is frowned upon by the mutual funds industry as it can disadvantage long-term investors.