eFinancialCareers

Deutsche Bank is expected to announce its quarterly results at the end of this week, but some of its staff have spoiled the surprise. According to two people ‘with direct knowledge of the matter,’ Deutsche has lost a not inconsiderable $400m on equity derivatives trades gone wrong, equivalent to nearly half its second quarter equity sales and trading revenues. Bonuses in the bank’s equities division have undoubtedly taken a nasty turn for the worse.

SocGen HASN’T made a loss on equity derivatives (Bloomberg).

“People at Goldman are very concerned about their future ability to generate those sorts of profits. But there is nowhere for them to go.” (The Times)

Europe likes JPMorgan (Financial News).

Five stages of Wall Street Grief (New York Post).

“…even after accounting for recently announced capital-raisings, which the UK government will help underwrite, the largest UK banks would need to shed around one-sixth of total assets to reduce leverage back to, say, 2003 levels.” (Financial Times).

Barclays’ $1bn snafu ( Alphaville)

Financial crisis Halloween costumes (WallStreetFighter).

Voluntary pay cuts all round (Financial Times)

“You figure out how little bonus money you can pay before employees revolt and walk out the door. That would mean about $600,000 to $750,000 in compensation for a managing director.” (Wall St. Journal)

HSBC launches private bank in Russia - why? (Wealth Bulletin)

Banks will become like water companies (Clusterstock).

Accounting applications up 50% (The Times).