Lunchtime Links: Re-interview for your job at Merrill
It seems to be going from bad to worse at Merrill Lynch. Not only are Ken and John not ever such close friends after all, but traders at Merrill in London are allegedly being asked to re-interview for their jobs ahead of a 30% reduction in headcount at the combined BofA/ML entity in the weeks to come. Some people seem to be being spared the re-interview process - we spoke to one junior-ish ML corporate financier who knew nothing about it. Based on recent performance, it seems fair to assume that Merrill fixed income traders will come off worst.
Make me a trader (just not a proprietary one). (BBC)
Long finger, successful trader. (Financial Times)
BofA may post $3.6bn loss. (Bloomberg)
The incredible shrinking Citigroup. (CNN)
Where Citi went wrong. (Information Arbitrage)
Morgan Stanley: back from the brink. (CNN)
Why aren't Citi and MS going for total entwinement? (Seeking Alpha)
"You're selling out the future to get through the crisis of the present, and unfortunately they don't have a lot of other choice." (Bloomberg)
Not so many millionaires in China after all? (Reuters)
Globally synchronised recession in pictures. (Infectious Greed)
Fund managers still plan to recruit. (Financial Times)
Treasury to lose 10bn from lower City bonuses. (Financial News)
Big demand for people to retrain the unemployed (Telegraph).
5,000 new jobs at Morrisons (Guardian).
Dalai Lama blames financial crisis on spiritual fall. (Bloomberg).
