Chicago-based hedge fund Citadel is reducing staff in its investment banking unit by 5 percent.
London's investment bankers remain hopeful that their bonuses may still be sizable, but they may come at a cost.
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]