OK, so job cuts at major investment banks no longer hold the same shock value they had at the beginning of this year, particularly at Lehman Brothers, which is now on its fourth round of redundancies. However, the 6,000 lay-offs at the bank since June 2007 were mainly restricted to directly affected areas like mortgage origination or securitization. Now, as investment bankers and traders are largely sitting on their hands, the axe is being sharpened for them, too...
(New York Times)
And if they're going to plagiarise, do it right. (Portfolio.com)
Merrill's 18-month losses equate to 25% of profits over the last 36 years.
JPMorgan poaches top banker for Indian operations.
It gets worse for Bradford & Bingley. (Reuters)
New frontiers for asset managers. (Financial News)
Oil heading for biggest weekly gain in two months. (Bloomberg)
Allianz not about to split Dresdner investment and retail banking arms. (Reuters)
Hedge fund manager gets clink-time for trimming park shrubs.
Yates retires at Henderson as firm posts poor results.
UBS wealth management chief steps down.
When you win eight gold medals at the Olympics, it's obviously difficult to pick out a highlight. Still, surely there's not a person alive who's not bored with Michael Phelps talking about how he only just won the 100m Butterfly? Apparently, bankers at JPMorgan are still interested in the story. "I thought wow, it's amazing, I can't believe I out-touched him," he said on a visit to the bank. What, you STILL can't believe it? (DealBook)
RIP Steve Jobs. Oh, wait, he's not dead. (Times)