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.
The Daily Telegraph reports that ITV has joined the ranks of Cadbury Schweppes, J Sainsbury, WHS Smith and a raft of other clients and ditched ABN Amro's Hoare Govett as corporate broker. ITV has, however, retained both Citigroup and UBS.
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.
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.
The Financial Times has just released details of its top 100 global business school rankings.
Dealbreaker has pointed out that Phobialist.com details hundreds of phobias. Here are our favourities:
Timing, they say, is everything. And with Deutsche Bank staff due to be advised of their bonus numbers on Tuesday, it must be great to see that the bank did so well in 2006.
Not much went wrong over at Goldman Sachs in 2006, a year of record profits and mega-bonuses. The fly in the ointment, however, was Global Alpha, the Wall Street firm's flagship hedge fund.
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'.
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.