Here's a league table of 30 of the biggest trading losses of all time (excluding CDO losses post 2007).
WestLB AG, the 180-year-old German state-owned lender that gained notoriety by trying and failing to make it as a global investment bank, ceased operations last week. Its demise is a lesson in hubris to its peers.
No cutting back on the cutbacks.
Improve the quality of your home's air while also keeping your HVAC system running efficiently with this deal: • $49 ($230 value) for cleaning of unlimited air ducts, 1 main line & 1 return • $69 ($320 value) for the above + dryer vent cleaning or water/flood sensor • Trained technicians travel to homes within 100 miles of Indianapolis Home Service Guys's Website
We thought it would be interesting to see how old some of the firms which operate in the financial markets are.
Here are a few links to some interesting BBC, Bloomberg, New York Times, Reuters and Telegraph stories currently doing the rounds.
UBS is still putting a brave face on the number of staff defections it's had in recent months in M&A. Clearly you'd expect nothing else (and to be fair, the firm had bagged some high-profile hires of its own into the unit during this time as well).
European fund manager FTC Capital has sued 12 firms for alleged manipulation of LIBOR, the London Inter-Bank Offered Rate between 2006 - 2009.
The Wall Street Journal reports that Germany's WestLB, which almost collapsed during the financial crisis 'has accepted European Union demands that it reduce its balance sheet and operations, with the lender expected to cut 80%' of its 5,000 staff.
WestLB AG is a commercial bank domiciled in North Rhine-Westphalia, Germany's most densely populated federal state and it is one of Germany´s leading providers of financial services.
Citigroup has hired Carl Scott to head up its European interest rates exotic trading division. Scott, previously at WestLB, will replace Marco Arosio, who is taking up a new role in Citigroup's interest rate structuring team.
Here's a league table of 30 of the biggest trading losses of all time (excluding CDO losses post 2007).
The Sunday Telegraph reports that Credit Suisse has told Managing Directors across the group, and directors and above over at its investment banking unit, that, under the terms of its new compensation scheme, it will be able to 'clawback' some, or all, of their cash bonuses should they leave or are fired (presumably with cause) within 2 years of the payout date.
