You may be surprised to find out who it is...........
Morgan Stanley is to fire 500 trainees in its broker-training program, after deciding that the program was not bringing through the required talent.
They say that investment banking is a dog-eat-dog world, and most bankers eat what they kill. Well, those bankers at DrKW have joined the 'smartly-dressed' club. The firm's leaders have decided that, in the brave new world (DrKW has just moved into flashy premises in Gresham Street), employees will think smart, act smart and look smart too! With immediate effect, smart casual dress will only be allowed on Fridays. Suits and ties are back in vogue the rest of the week.
A US postal worker was arrested Thursday in the latest twist in a $6.7m insider trading scam that has all the markings of a Hollywood movie.
HBOS is not the kind of organisation one would normally associate with an employment tribunal claim, but the firm is being sued for £11m by Claire Bright, its former head of asset and liability management, as, she claim, she was disriminated against and was subjected to victimization at work.
Citigroup is said to be making plans to relocate 1,500 investment banking staff from lower Manhattan to New Jersey, even though Citigroup CEO Chuck Prince is co-chairman of the Partnership for New York City, a civic group organised to attract business into the downtown area.
Well, after 52 days of testimony, the Enron trial is about to enter its final stage. US District Judge Sim Lake will now instruct the jurors on the legal issues they must consider, and closing arguements are expected to begin on Monday. The four-man, eight-woman jury could get the case to decide as early as next Wednesday, after 15 weeks in the box. Soon after, former Enron executives Ken Lay and Jeffrey Skilling, both charged with fraud, will learn of their fate.
Retired Swiss skiing star Corinne Rey-Bellet, 33, and her brother, Alain, were murdered in a chalet in the Alps the Sunday before last. Police said that five shots were fired by an attacker. The chief suspect was Ms Rey-Bellet's husband, 34-year-old Gerold Stadler, said to be a Credit Suisse private banker. Stadler was said to have been seen fleeing the death scene with a gun in his hand. Police lost him after a high-speed car chase, and then issued a warrant for his arrest. Ms Rey-Bellet's mother was also injured in the attack.
Although HSBC's ex-global head of equities, Peter Lewis, lost a claim that he was fired for his gender preference, his former employer may still end up paying out several hundreds of thousands of pounds in damages to him.
London's hedge fund community were said to be out in force on Friday, as several big-shots attended the annual ARK (Absolute Return for Kids) charity dinner at Marlborough House, Pall Mall, and raised a whopping £17.5m for worthy childrens' causes.