Thursday's Headlines: Citadel Scales Back its Investment Bank

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Chicago-based hedge fund Citadel is reducing staff in its investment banking unit by 5 percent.

[Finalternatives]

London's investment bankers remain hopeful that their bonuses may still be sizable, but they may come at a cost.

[FT]

Hedge fund FrontPoint Partners is seeking to add traders, as the firm continues to distance itself from Morgan Stanley. [Marketwatch]

UBS will not take action against several private bankers whose failure to implement adequate risk controls and compliance led to massive write-downs on investments and tax structures that favored wealthy clients. [FT]

Credit Suisse lowered its compensation pool for staff in its investment banking business by 20 percent. [Bloomberg]

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