Here's the full version of the announcement Citi CEO Chuck Prince made Wednesday, which details the plans the company has to reduce costs.
Bloomberg reports that Dutch bank ABN AMRO has given a bonus promise to certain key staff in its corporate and investment banking unit in order to limit the number of defections during its merger discussions with Barclays Bank, and while there remains uncertainty about the unit's future.
The Wall Street Journal reports that Citigroup is to eliminate 17,000 jobs this year in order to save $2.1bn.
The Wall Street Journal reports that UBS Investment Bank is laying off up to 40 staff in its US municipal securities group.
Trader Monthly is publishing its annual list of traders who earned the most in compensation. Here's the Top 20 for 2006:
The Wall Street Journal reports that Citigroup COO Robert Druskin is now expected to unveil the results of his strategic cost-cutting review Wednesday. The review, which is said to have taken in up to 200 areas for possible cuts, is designed to take out as much as $2bn in costs. And the smart money says that up to 15,000 jobs are likely to be shed.
The Financial Times reports that Nout Wellink, the president of the Dutch central bank, has clarified an earlier statement he made and indicated that the authorities will have no objection if a rival bidder for ABN AMRO came forward to spoil the proposed Barclays deal - even if that bidder wanted to break up ABN and sell off parts of the group to third parties.
The Financial Times reports that HSBC's latest annual report now runs to 454 pages (including 133 pages of notes which explains what everything means). It weighs an astounding 1.47kg and, according to the newspaper, it's so heavy that the UK's postal service has had to limit the number of postmen delivering the tomes in order to prevent back injuries.
Sad to report the death last Wednesday of Chris Phillips, the incoming CEO of Morley Fund Management.
The International Herald Tribune reports that Nomura International 'is facing accusations from a senior former employee that it levied illegally high fees and violated disclosure requirements in a bond issue' for the Italian regional government of Liguria.