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Wall Street Fires Fewer In August
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This compares favourably with the 35,752 people who were canned in August last year, and the monthly average of 14,400 who were let go January through July this year. The jury remains out on whether the August figure signifies that the worst of the bloodletting is over, or whether last month was merely the calm before the storm.
The Wall Street Journal reports that Julian Tzolov, one of the two ex-Credit Suisse bankers charged this week over allegations that they engaged in schemes to overcharge clients on auction-rate securities and subprime lending-related product sales, was arrested at JFK International airport Thursday, after arriving on a flight from Germany. Tzolov had been in his native Bulgaria.
The Financial Times reports that China Development Bank (CDB) lost out in its attempt to acquire Dresdner Bank (Commerzbank won-out a few days back), largely because the Chinese bank was dragging its heels, as China's state council prevaricated on approving a potential investment. A CDB deal (investment or purchase) with Dresdner was the one most-favoured by Dresdner staff, as it would have resulted in significantly fewer job losses. 9,000 Dresdner jobs are now to go following the bank's acquisition by Commerzbank, 2,500 in the 5,500-person investment bank, Dresdner Kleinwort.
Reuters reports that Phillip Bennett, the former CEO of commodities broker Refco which was involved in a $2.4bn fraud uncovered in 2005, has reported to the Federal Correctional Institute in Fort Dix, New Jersey, to begin his 16-year sentence. Bennett, 60, who pleaded guilty to 20 criminal counts, is appealing the length of his jail term.
Finally, UBS Investment Bank has hired Carsten Kengeter from Goldman Sachs to become its global head of fixed income, currencies and commodities trading., Kengeter, 41, is expected to join the unit sometime early in 2009.
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