There will be a few red faces over at the Financial Times this morning (they can't be expected to get it right ALL the time!). Although Deutsche Bank boss Josef Ackermann might need resuscitating, and this writer nearly chocked on his cornflakes. And all because of what we assume is a typo.
We picked up the FT's error from efinancialnews this morning. An item said that, according to The Financial Times, Deutsche Bank looks set to be fined a massive $1.3bn by Spanish regulators this week in respect of it handling of the sale of shares in Spanish food group Ebro Puleva. $1.3bn! - that's almost all of Deutsche's third-quarter profit ($1.57bn).
A quick check around, however, and we established that the fine is likely to be a mere $1.3m. This time it appears that it was a fat-fingered journalist who caused a minor furore (although, to be fair, it would appear that the error was quickly spotted and soon changed). In the meantime, get better soon Herr Ackermann.
Finally, to yo-yos. The New York Post reports that two young former Merrill Lynch bankers are doing well in yo-yos. F. Patrick Cuartero, 25, left his job as an AVP in Merrill's technology group 9 months ago, to start yoyonation.com and Weber Hsu, 26, a former college mate, who worked for Merrill in London, joined him a month later. Annual sales are said to be on track to hit $1m by the end of next year. The guys are apparently enjoying the up and downs of running their own business.
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