Wells Fargo To Shut Sub-Prime Lending Unit, Cut 3,800 Jobs [LA Times]
Wells Fargo, one of the last large institutions that still has a dedicated sub-prime lending operation, will shut that unit and lay off 3,800 employees at its Wells Fargo Financial subsidiary's 638 offices across the U.S.
Volcker's Treasury Exception [WSJ]
Bank traders who deal in Treasury, agency and municipal bonds are exempt from the Dodd-Frank financial reform bill's proprietary trading ban. (The Journal's story misstates the reason for the exemption, which it cluelessly calls a "loophole.")
Citigroup Expands Asia Energy Business - Sources [Reuters]
Citigroup is adding at least five employees including two traders to it Asia energy trading group, as it expands into physical oil trading. One recent hire is Rob Biro from Goldman Sachs's J. Aron unit in Singapore.
Citi Bans Threats On Colleagues' Lives, Use Of Sarcasm Over E-Mail [Dealbreaker]
An 11-page internal memo purportedly from Citi - but printed in multiple colors and bearing no individual's name - emphasizes in numerous ways that all e-mail sent by employees (even from personal accounts, in some cases) is subject to much the same compliance standards as more-formal corporate communications.
Dangerous Liaisons At IBM: Inside The Biggest Hedge Fund Insider-Trading Ring [Fortune]
Trading and managing money have always been about getting the best information first. Here's a close look at one way some people go about that task. It's a cautionary career tale, and probably not so rare.
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