As the media (including us) tended to feature only the more frivolous suggestions Brady Dougan, the head of Credit Suisse's investment banking division, made in his recent memo to staff on the subject of cost-cutting, we thought it only fair to put the memo in context. Here's the full text..
Constitutional Affairs Minister Harriet Harman hit out at City bonuses Monday, describing the size of some of them as 'sick'.
Another day, another botched trade. And in Japan (again) too. Japan's Financial Services Authority reckons that there were around 14,000 of them in 2005 (not all of which, of course, cost an arm and a leg).
Bernie Ebbers, the one-time CEO of WordCom, heads off to a federal prison today and will begin his 25-year sentence for engineering the largest fraud in US corporate history, which evenually led to the $11bn collapse of the company.
Well, former Enron chief financial officer Andrew Fastow, the man who many feel was the evil mastermind behind the dirty dealings which caused the demise of Enron, is due to be sentenced in Houston later today.
Here's mergermarket's preliminary league table of the Top 20 European legal advisers for the third-quarter.
There was an interesting article in the Evening Standard last week, which suggests that fat balding maleÂ bankers are increasingly looking to undergo cosmestic surgery. And not, so it seems, in a bid to pull more chicks, but simply to appear younger longer, and to keep their jobs and win promotion!
The Financial Times reports that bankers at Credit Suisse have been told to cut back on the colour photocopying in a bid to rein in costs.
Here's the latest news on Amaranth, the US hedge fund which is said to have lost around $6bn after losing bets on gas prices:
The Sunday Times reports that The London Stock Exchange (LSE) and Icap have been in discussions about merging 'to create one of the most powerful trading platforms in the world'.
UBS was aware of a $3.6bn discrepancy in the trading accounts of alleged rogue trader Kweku Adoboli six weeks before he told the bank about his trading losses, a London court heard Tuesday.
Amid all the noise from Barclays and others about changing the culture of banking – and the way staff are paid – there is one bank that has not handed out bonuses for 40 years.
'A friend of mine left the market two years ago. He used to be one of the traders at my first firm, so we go back ages. He had achieved what he set out to do when he started his career in the markets. What a lucky guy - or so we thought.