Reuters reports that Sberbank, Russia's largest bank, is considering whether to make a bid for an established investment banking unit. The news agency quotes an unnamed source who said that the bank has identified a number of targets, including Dresdner Kleinwort. The source said: 'It is not only Dresdner. There are other candidates, but I won't name them. The market is in such a shape today that you can buy a good asset at a not very high price'.

The Wall Street Journal reports that Lehman Brothers predicting a tough first-quarter over at Bank of America. The firm said in a research note issued this week: 'Fee income should continue to be adversely impacted by weak trading due to CDO marks and pressured private equity. Investment banking should be pressured, hurt by its recent downsizing, while mortgage, service charges and card show seasonal weakness'.

Bloomberg reports that Goldman CEO Lloyd Blankfein told shareholders at his firm's annual meeting Thursday that he felt that the credit crisis was likely to end in the third or fourth quarter. He said that 'we are closer to the end than the beginning'.

The Wall Street Journal reports that Michael Ryan, hired from Goldman by Credit Suisse last year to run debt and equity, is said to be leaving the firm. Ryan may be negotiating his exit in order to take up a top equities role at Merrill Lynch.

The newspaper also reports that Bear Stearns' earnings for the period December 2007 - February 2008 are now expected out next week. They have been delayed due to the liquidity problems experienced by the firm, and the takeover by JPMorgan Chase. Profit is expected to come in significantly lower than for the corresponding quarter 12 months before.

Bloomberg reports that Mizuho Financial Group has said that its full-year profit to 31st March has fallen 50% to $3bn, and that there were some $3.9bn of subprime lending-related writedowns at its brokerage unit, Mizuho Securities, in the period.

Finally, Reuters reports that Myron Scholes's $5.8bn hedge fund, Platinum Grove Asset Management, had a difficult month in March. According to the news agency, the hedge fund sent out a letter to investors confirming that its domestic fund fell 11.37% and its offshore sister fund dropped 10.72% in the period.

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