The Week in Review - 5 Days of Financial Markets News

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Here's a new feature, 'The Week in Review - 5 Days of Financial Markets News.

Brought to you by Selby Jennings, a provider of recruitment solutions to global financial institutions across Europe, the US, Asia and the Middle East

Monday

Former Citi Chairman Richard Parsons said that Vikram Pandit was the right man to help the bank through the financal crisis, but his ouster / resignation last week was 'appropriate'.

The German media had been reporting the possibilty of 7,000 in combined job losses over at Credit Suisse and UBS.

Tuesday

Speculation was mounting that U.S. Treasury Secretary Tim Geithner could find a new home at Citigroup after next month's Presidential election.

Former Goldman employee Greg Smith claimed in his new book that the firm's bonus system became corrupt after 2005.

Democratic Congressman Barney Frank defended the largest U.S., saying in a statement that the government was wrong to go after JPMorgan Chase for the alleged misdeeds of Bear Stearns.

Wednesday

UBS confirmed it was assisting the Australian market regulator with an informal inquiry regarding a client order placed on October 18th.

Billionaire John Paulson and the Paulson Family Foundation confirm they are donating $100m to the Central Park Conservancy, the largest parks donation ever.

The Financial Times reported that 'UBS is planning further drastic cutbacks in its struggling investment bank as Switzerland’s largest bank by assets accelerates a retreat to its more profitable wealth management business'.

Former Societe Generale trader Jerome Kerviel was sentenced to three years in prison for his role in France's biggest rogue-trading scandal, and ordered to repay the bank $6.35bn.

The U.S. government announces that it has filed an over $1bn civil mortgage fraud lawsuit against Bank of America and its predecessors Countrywide Financial Corporation and Countrywide Home Loans, Inc.

Rajat Gupta, the former Goldman Sachs director and McKinsey & Co. managing director who rose to the pinnacle of Wall Street, was sentenced to two years in prison for passing inside tips to his business partner.

Thursday

Goldman CEO Lloyd Blankfein admits that the firm had 'momentory self-doubt' when former employee Greg Smith's OpEd appeared in the New York Times in March.

Credit Suisse CEO Brady Dougan told CNBC that more aggressive cost cutting will be necessary in the coming years, adding that he expects the financial services industry to continue to operate in a volatile market environment.

Friday

Kweku Adoboli, the former UBS trader accused of causing the largest unauthorized trading loss in British history, broke down crying moments after taking the stand for the first time at his London trial on Friday.

UBS is weighing a shakeup at the top of its investment bank that would give a reduced role to Carsten Kengeter and more responsibilities to his co-head Andrea Orcel, three people with knowledge of the matter said.

Nomura is losing its four-year grip on Japanese takeover advice after missing 2012’s biggest deal, raising questions about its ability to arrange financing for clients and the pace of its rebound from an insider-trading scandal.

BNP Paribas is among three French banks cut by Standard & Poor’s on concern that their home market may be hurt by prolonged economic weakness in Europe and a housing slump.

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