I actually have some thoughts on what I will do if I meet the axe that I won't be half sad to do, to be honest. But let's hope it doesn't come to that.
On a brighter note, cool pictorial summary of 2008:
I'm off to drink red wine with pizza, and watch Lost, B&S and Project Catwalk - alcohol is a necessity this eve!
Have a good weekend, all,
Tops Firms Said To Be Considering More Big Layoffs
The Wall Street Journal reports that Morgan Stanley is said to be considering laying-off an additional 5% of its 47,000 employees. Any layoffs are likely to be announced in the next two weeks, and are thought likely to affect operations, IT and support staff.
The newspaper also says that Goldman Sachs is also thought to be mulling over chopping more headcount, as revenues continue to be under pressure.
CNBC is reporting that UBS is expected to soon announce that Managing Directors and above in its investment banking unit will receive no cash bonuses for their work in 2008, with all bonus allocations going into deferred equity instead. The Wall Street Journal reports that deferred payouts will also be cancelled if the bank does not make a profit in the year the stock is due to vest.
Reuters reports that Morgan Stanley is to give up around 25% of its office space in Canary Wharf, as it has exercised an option to break its lease for 345,000 square feet of space at 20 Cabot Square.
The news agency also reports that JPMorgan Chase CEO Jamie Dimon said at the World Economic Forum at Davos that his firm 'has plenty of capital', and 'would be fine if we stopped talking about (the) damn nationalisation of banks'.
And, in Bernie Madoff land, all is not well.. The New York Post reports that Bernie, currently under house arrest, has fumed: 'I'm a prisoner in my own house. I can''t go anywhere! I'm stuck here all day!'. Be patient, Bernie, you'll be moving on soon - and then you'll be a real prisoner!
Finally, The Wall Street Journal reports that former Merrill Lynch executives Daniel Tully and David Komansky are among Bernie's victims, and The Financial Times says that The National Bank of Kuwait has fully reimbursed all of its clients who lost money in the Madoff affair. The bank is said to have shelled out $50m to around 20 investors.
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Shaun H. Coley
Shadwell, Tower Hamlets
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