The Times reports that 'beleaguered' German bank WestLB looks set to cut 'several hundred' more staff, most likely in Asia and South America, as it comes to terms with first-half losses of £252.7m after further loan provisions. The bank posted a £1.2bn pre-tax loss in 2002. More job cuts in Germany are also thought to be on the cards.
'I work in credit risk management - the only area in a firm where the analysts need to know EVERYTHING. When will firms realise that credit risk management is increasingly becoming the 'brains' of the organisation, and reward them accordingly ?
The Evening Standard said earlier this month that City bankers at Citigroup, JP Morgan and Goldman are most likely to be the big winners in the bonus stakes this time around. Well, that raised a few eyebrows, as neither Citigroup nor JP Morgan have reputations of being overly-generous on comp.
The UK Court of Appeal ruled Friday that Commerzbank was quite entitled to axe a trader and not compensate him for any bonus he would have made had he been an employee at year-end.
Reuters reports that US government bonds continued to rally Friday, partly driven by rumours that a large hedge fund might be in trouble.
The Evening Standard reports that, not content with those big bonus payouts that they are due to receive for their efforts this year, City workers went crazy last week, buying up tickets for last Friday's $227m EuroMillions lotto draw.
The New York Times reports that two more former Enron executives have been given their jail time for crimes related to the demise of the former energy giant. Michael Kopper, once number two man to Enron's former chief financial officer Andrew Fastow, and Mark Koenig, the company's ex-head of investor relations, were sentenced in Houston Friday. Kopper got 3 years and one month, whilst Koenig received 18 months.
We have received a heartfelt plea to try to establish the whereabouts of Rand Kandoria.
'Age discrimination is alive and well in the City - like fox hunting, it's talked about a lot, but there's very little that can be done about it. It's now done covertly. If one of my clients says he or she is looking for someone under 40, it would not be in my interest to show him or her someone who does not fit the profile'.
Here's a list of some of the leaders Fortune magazine has selected as those who personify the promise - and peril - of the US business world in 2006.