Shout it from the top of a very tall (preferably mirrored) building: while all around are firing, Morgan Stanley is HIRING. John Mack may be removing 4,800 bodies from investment banking, fixed income and research, but he's reinvesting $1bn in an influx of big kahunas for derivatives, risk management and prop trading. (Financial Times)
In fact, Mack has already spent some of that cash on new blood in equity derivatives, commodities risk, distressed bond trading, restructuring and European equities (Financial News).
Deutsche Bank makes €311m pre-tax loss in its securities unit, ruthlessly slashes headcount in the corporate and investment bank by 25. (Bloomberg.)
More on Merrill's writedown wizardry, or not. (Felix Salmon)
Barclays Wealth does NOT want to be associated with lightly-clad polo players in white pants and riding boots (Wealth Bulletin).
Why Goldman won't be buying a retail bank. (Wall Street Journal)
Damn it feels good to be a banker (Amazon).
Headhunter goes into administration (Evening Standard).
65% of people failed CFA Level 1 (Longshortcapital).
Broker marriage of the decade: Tullet Prebon and GFI (Financial News).