It’s a darkish day for Morgan Stanley and DrK, which are stuck with £3.5bn of HBOS stock that investors didn’t want. Fortunately, they’ve lined up a few adoptive parents. (Telegraph)
Hundreds of thousands to lose their jobs in the UK – and not just in banking. (Guardian)
McKinsey called to help shore up the City. (Financial Times)
Paulson: Banks are “safe and sound” and “This is a very manageable situation.” (The Times)
Paulson calls on senior Goldman FIG banker to work for free at the Treasury. (Wall Street Journal)
The global economy is at the point of maximum danger. (Telegraph)
Goldman predicts more pain for Citigroup (Clusterstock) and Merrill. (Clusterstock)
HSBC in talks with Chinese sovereign wealth fun.d (Bloomberg)
European banks to make €120bn losses on consumer credit and mortgages between 2008 and 2010. (FT Alphaville)
Mark to market accounting rules preventing much needed bank mergers. (Dealbook)
No more naked shorts on Wall Street. (USA Today)
“It is easy to regard the hundreds of M&A bankers on Wall Street as little more than overpaid yes-men.” (Wall Street Journal)
Go get yourself a free lobster. (Telegraph)
Sad life of an analyst at Exane BNP Paribas: “As this author sits here today, watching his house plunge in value while the cost of his weekly food shop soars, booking advance supersaver train tickets to visit his grandparents in Cambridge because petrol is too expensive…” (Guardian)
M&A bankers are bad for the environment. (Independent)
