The News of the World reports that 22-year-old 'serial gambler' Elliott Short, who was fired from his job in the City where he was training to be a trader, has won over $33m betting on horses over the last year.

Short, who is said to have been fired because he was caught betting at work, has made the money by taking bets from punters on the Betfair gambling website, and basically becoming a bookie. Like every gambling addict, Short has a system - accepting bets on the favourite and only one other horse per race. And, according to the newspaper, which has seen his betting records, Short is some $33m up over the last 12 months. Any bets on what he will be doing this time next year ?

In the meantime, there looks likely to be no let-up in job losses in the UK's financial services industry. Bloomberg reports that, according to estimates from the Confederation of British Industry, up to 13,000 jobs could go in the sector during the third quarter.

And The Financial Times reports that Bank of America Merrill Lynch's Asia-Pac franchise has begun a recruitment drive, as 'sentiment' surrounding the bank is said to have 'turned a corner'. The firm has taken on over 100 staff in the last 10 weeks in the region.

Finally, Reuters reports that Commerzbank has said that it hasn't enjoyed the best time of it this month, and that business in its second-quarter has been mixed. Despite a tough period, the bank remains confident that it will not have to take any additional German state aid.

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