Lunchtime Links: All eyes on Citigroup
Let this be a message to anyone who dares announce 50,000 redundancies in one go, even if 27,000 of those were down to natural wastage and the sale of entire divisions. Citigroup's share price has now fallen so low that the bank's senior management is said to be meeting to discuss a possible merger. The crisis follows renewed investment by Prince Alwaleed Bin Talal, which failed to stop the rout. Citigroup is said to have removed its stock tickers from the communal places in its New York building.
Time for the government to buy Citigroup (Bradford Delong).
Is Citi about to Wamu? (Barry Ritholtz).
BNP Paribas bonus pool down 73% year on year (Bloomberg).
JPMorgan starts cutting in equities, commodities, sales and trading and investment banking (Financial Times).
JPMorgan freezing salaries for anyone who earns more than $60k (Bloomberg).
For the first time in memory, a single bank, JPMorgan, is poised to nab a triple play at the top of the M&A, debt and equities rankings (DealBook).
Goldman, Morgan Stanley, Merrill, all firing people in Hong Kong (Bloomberg).
Financial services job cuts might reach 350k by mid 2009 (still only 20% of staff)
(Bloomberg).
Hands predicts horrible private equity redundancies (again) (FT).
4,000 fund management jobs might go by March (The Times).
3.3m more people cycle to work (The Times).
Why the uber rich should be socialists (CNBC).
Watson Wyatt hires someone from Morgan Stanley (Financial News).
