Lunchtime Links: More write-downs and banking headaches

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Merrill Lynch set financial stocks on a downward trajectory after the surprise announcement to raise another $8.5bn. It says that it will take a financial "hit" of $10.6bn in the third quarter. (Telegraph) Here are the main losers from the ripple effect ... (Bloomberg)

As FX trading booms, things only get better for the City (The Times)

"If there were to be a major failure in a private equity-financed vehicle, then for sure there would be political attention. This industry isn't stupid and is fully aware this is something we need to do." (Financial Times)

Lloyds TSB set to reveal worst results since 2004 (Bloomberg), while Lazard managed to double the number of mergers it advised on to bolster profits. (Bloomberg)

Private equity firm to recruit new talent ahead of float. (Associated Press)

Is Goldman ready to morph into a bank? (The Deal)

Deutsche may be back in business (Financial News)

Insider traders, watch your back(The Times)

Fraud hits 20-year high (Banking Technology)

All hail the new high street banking giant (The Daily Mail)

Sweden braced for financial crisis(Naked Capitalism)

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