Oil Prices Could Rise After Latest EU Sanctions on Russia

The European Union’s ban on seaborne imports of Russian oil, along with the Group of Seven’s plan to cap prices of oil from Russia early next month won’t guarantee that prices for the commodity will see a lasting rally, or that supplies will tighten further in the days ahead. “In isolation, the sanctions on Russia … Read more

Bank of America Reports Earnings Monday. What Wall Street Is Watching.

Bank of America Reports Earnings Monday. What Wall Street Is Watching.

Morgan Stanley’s Investment Banking Business Crumbled. There’s More Bad News.

A slowdown in market activity hit Morgan Stanley investment- banking business in the third quarter, contributing to a shortfall in third-quarter revenue for the group. At the same time, the financial services giant earned less from lending amid an environment of rising interest rates than Wall Street had hoped.

Citigroup Reports Earnings Friday. What to Expect.

Wall Street will be looking for more signs of Citigroup turnaround when the bank posts third-quarter results Friday. Like all banks, Citigroup (ticker: C) has faced challenges this year as it has had to contend with a slowing economy and drying up deal activity. But Citigroup bulls have held out hope that while banks face … Read more

Finance workers’ cocaine use surges amid burnout crisis: ‘It’s just going up and up’

When Jaime Blaustein was interviewed for his first job at Morgan Stanley in 2012, he was hooked on heroin. Blaustein’s drug use had spiralled throughout his university studies as he moved from drinking alcohol and smoking marijuana to using cocaine, crack cocaine and, eventually, heroin. By the time he graduated, despite five attempts at rehab, he was a … Read more

Credit Suisse calls for calm with staff memo and investor talks

Credit Suisse tried to assuage fears about its health in a memo to employees and in a round of phone calls to investors and clients over the weekend, according to people familiar with the matter. Credit Suisse shares are down 21% over the last month and spreads on its credit default swaps, a type of insurance against default, rose … Read more

City bankers take gongs at annual awards for Black British businesses

The City’s top Black professionals and rising stars were honoured at a celebration of business talent on 29 September. In an awards ceremony that drew a crowd of  nearly 500 at the Leonardo Royal Hotel, St Paul’s, organisers of the ninth annual Black British Business Awards recognised the top professionals who had overcome challenges to reach … Read more

Credit Suisse draws up plans to split investment bank in three

Credit Suisse could split its struggling investment bank into three parts, a move that would involve thousands of job cuts as the Swiss bank reshapes its business. The bank has drawn up plans to split its beleaguered investment banking unit, including creating a so-called ‘bad bank’ to hive off unwanted assets, the Financial Times reported … Read more

Banker bonus cap: Going, going, gone?

New chancellor Kwasi Kwarteng is drawing up plans to ditch the UK banker bonus cap as part of plans for a ‘Big Bang 2.0’ to reinvigorate the City after Brexit. The timing could be better. The British public has barely forgiven bankers for the 2008 financial crisis, and dangling bigger banker bonuses during a cost-of-living crisis … Read more

Goldman to cut poor performers in annual cull

In a return to pre-pandemic practice of hiving off low-performing staffers from the bank, Goldman Sachs is set for a round of job cuts. The US investment bank is set to axe jobs in plans that could trigger the earliest layoffs as soon as next week, The New York Times reported, according to people familiar with the … Read more