Forget what the Citigroup is going through ML announced an $8bn write following recent credit squeeze at Wall Street - the biggest reported by a bank so far. Serious credibility issues especially since the figure is $3bn more than the bank had predicted. "The bottom line is we got it wrong...we...I am accountable for the mistakes just as I am accountable for the performance of the firm overall" - Stan O'Neal.
Stan O'Neal is facing some criticisms and for sure heads will roll - isn't it amazing how jobs are created and lost in this banks? Bank of America has announced 3000 are being laid off mainly within the investment bank.
I'm sure others are watching the reaction of the market especially here in the UK where there are all sorts of speculations on the impact of the credit squeeze. Alistair Darling is meeting ~I think the parliamentary Finance Committee to respond to the concerns.
No comments:
Post a Comment