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- UBS Announces Q2 Loss, Will Separate Investment Bank (12/08/2008)
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- Lehman Expected To Post Another Big Loss (18/08/2008)
- Merrill Posts Big Loss, More Writedowns Expected (18/07/2008)
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Associated Press says that JPMorgan Chase CEO Jamie Dimon confirmed earlier this week that 6,000 Bear Stearns staff out of a total 14,000 have been offered new roles within his firm. He also said that an additional 1,500 had found new roles outside the company.
JPMorgan is said to be close to culling an additional 4,000 staff - 2,000 as a direct result of the Bear deal, and 2,000 from the current market downturn. And Lehman Brothers is said to be in the midst of laying off another 1,300 staff globally, taking its total to around 5,000 since the middle of last year.
Bloomberg reports that Allianz CEO Michael Diekmann told shareholders at his company's AGM in Munich Wednesday that discussions are taking place with unspecified parties about the possible sale or merger of Dresdner Bank. In his usual enigmatic way, Diekmann said: 'Discussions are currently taking place, although these have not yet reached the stage where I should like to report on them today'. Whether the discussions are limited to Dresdner's retail businesses, or include investment banking arm Dresdner Kleinwort, remains unclear.
Citi chairman Sir Win Bischoff told CNBC that his company is not interested in buying either UBS or Lehman Brothers (did anyone really think that that was on the cards ?!). Sir Win also played down suggestions that, because of Citi CEO Vikram Pandit's background, investment banking would be given a bigger role to play in the company going forward.
Finally, The Times reports that Holland's Rabobank has emerged as a possible buyer of asset manager F&C Asset Management, which is currently 52% owned by Friends Provident. The asset manager is valued at around $1.6bn.
