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Four Killed In Murder At Citigroup Center

Tragedy struck Citigroup Center in Chicago Friday, when a 59-year-old man forced a guard at gunpoint to take him to the 38th floor offices of law firm Wood, Phillips, Katz, Clark & Mortimer. Once inside, he chained up and sealed the exit so no-one could leave. Moments later three men had been shot dead, and a woman was injured. The three men all worked at the firm, two were lawyers. The shooter was then taken out by a SWAT team which attended the scene.

Rumours That Top Firm Has Incurred Trading Losses

Well, either the market is really spooked, or traders have got little else to do except gossip. But unsubstantiated rumours swept trading rooms yesterday that Deutsche Bank had suffered trading losses in fixed income, which, so it is said, will adversely effect the bank's second quarter trading performance.

More Bank Merger / Deal Rumours Surface

Reuters reports that shares in Barclays Bank finished at a record high Friday on rumours of that impending Bank of America bid - despite the news that Barclays outgoing chairman Matt Barrett sold 2.3 million shares Thursday (something that he would not have been allowed to do if a bid approach had been made).

Credit Suisse Tightens Its Belt

Reuters reports that Credit Suisse's investment banking division which has for years, the news agency says, been 'a byword for flamboyant highly paid investment bankers', is tightening its belt and cutting costs. The investment banking unit still, it seems, has some way to go in paring back costs when compared to rivals UBS, Goldman and Lehman Brothers.

The Latest Hedge Fund & Asset Management News

According to a recent survey undertaken by data provider EuroHedge, over 150 new hedge funds, attracting $13bn in assets, opened for business in the first 6 months of this year. That's up from 133 in the same period in 2004.

Q4 Expected To Be 'One Of The Strongest On Record'

Reuters reports that the four biggest US investment banks (Bear Stearns, Goldman Sachs, Lehman Brothers and Morgan Stanley) are set to report an average 41% increase in profits in the final quarter. According to Wachovia Securities analyst Doug Sipkin, the last few weeks of 2006 are likely to be 'one of the strongest quarters on record'.

More Firms Wield The Christmas Job Axe

Looks like Dresdner Kleinwort has started something of a trend. As we know, 5% of the firm's staff are said to be for the chop following a thorough performance-review / cost-cutting exercise. But Dresdner Kleinwort is not alone.

Old Faithful Bank Merger Rumour Resurfaces

MarketWatch reports that shares in Barclays Bank were up Thursday, and again Friday morning, after a Merrill Lynch research note stated that Bank of America (BofA) was 'very interested' in buying the UK firm.



Mark Zuckerberg

Facebook Accused of Taking UK For a Ride Over Taxes

Facebook has been accused of taking the British taxpayer for a ride after experts suggested the company had depressed sales figures and that the website's average UK employee earned more last year than the whole social media network paid the exchequer.