The Daily Telegraph reports that Citigroup is now the only investment bank in Serbia, as it has opened a rep office in the war-ravaged country. The newspaper quotes Bill Mills, head of Citigroup's EMEA corporate and investment banking business, who said that 'Serbia is a key market for Citigroup in South Central Europe due to its growth potential, geopolitical position, positive direction and pace of development'. (Yeah, right!)
The Wall Street Journal reports that Jamie Dimon, CEO over at JP Morgan Chase, has now been elected chairman in succession to Bill Harrison, who retires at the end of the year (some 'election' - was there much of a choice ?).
Former Enron CEO Jeffery Skilling hasn't landed in prison yet, after all. He was due to start his clink time this week, but the US Court of Appeals in New Orleans said that he could remain free while justices give consideration to his bail request pending his appeal.
Bloomberg reports that Lehman Brothers used 'its inaugural sponsorship of (the)...Oxford and Cambridge rugby match to attract graduates and potential clients from the UK's most prestigious universities'. (Surely not - and we thought the firm was parting with its hard-earned dosh just for kicks).
Finance Asia reports that Morgan Stanley is shuffling the pack over in Asia, and moving 'key' personnel into the region, as it beefs up to take advantage of what are expected to be lots of deal action there in 2007. Matthew Ginsburg, the firm's head of investment banking in the region, said that 'we are seeing continued strong momentum across the whole region and tremendous business opportunities....Year-to-date our investment banking headcount increased by over 20%'.
Finally, Reuters reports that New York Attorney General Eliot Spitzer has filed a lawsuit against UBS Financial Services, accusing the brokerage of defrauding thousands of investors by steering them into fee-based accounts. Spitzer's office issued a statement which said, in part, that 'Asset-based fee accounts are inappropriate for investors who rarely trade securities or hold significant amounts of cash, no-load mutual funds or other similar assets'.
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