Market Gossip - Cast Offs, Days Off, Silly Banker
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The news agency quotes from the memo, allegedly authored by Anthony Orso and Michael Lehrman, Managing Directors in Credit Suisse's Real Estate Finance and Securization Group, which said: 'As the tides have turned, talented resources have become available for our clients....If you are looking for additional talent, we would like to know'.
One banker, who wished to remain anonymous, told Here Is The City: 'I'm not sure how 'talented' these laid off bankers can be. Firms are not in the habit of laying-off 'talented' staff, even in difficult times. Although I can see why Credit Suisse bosses might want friendly ex-staff working in a client company, but I can't for the life of me understand why a client would want to hire a Credit Suisse cast-off!'.
The New York Post reports that UBS CEO Marcel Rohner has apparently given 'lower-level employees' an additional days holiday this year to commemorate the 10th anniversary of the merger between Union Bank of Switzerland and Swiss Bank Corporation, which took place on 29th June 1998. How ironic that UBS stock slipped by its lowest level for 10 years Monday on rumours that the firm may have to sell its US wealth management unit due to additional asset writedowns possibly sustained in the second-quarter.
Finally, The Sun has a cracker of a story Tuesday. A 37-year-old Englishman received a statement from Barclays Bank. Scrawled in hand on the statement was the comment: 'You should get a job, no money in your account you trampy b.....d'. Barclays has blamed an unnamed disgruntled employee who is accused of defacing the statement on his last day in the office. The bank has offered £250 compensation. The account holder (surprise, surprise) wants more.
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