Citigroup Attempts to Sing Itself to Public Approval (WSJ)
The banking industry has spent countless hours and dollars trying to make up for the damage done by the financial crisis. Banks have run feel-good advertisements, waged aggressive lobbying campaigns, apologized to the public, tried to lend more, even sponsored public bike-rental programs in cities such as London and New York. Now Citigroup Inc. is trying to a new tactic: singing. On national TV. Citigroup’s London office recently opened up its Canary Wharf skyscraper to a BBC crew filming the popular TV series “The Choir.” The long-running British show—which is something of a cross between “Glee” and “The Office”—features teams of workers competing to be crowned workplace choir of the year. Bankers remain deeply reviled in the U.K., and Citigroup executives admit they are a bit nervous about whether they will be lampooned when their segment airs on BBC2 on Monday night. But they say it is a risk worth taking. “We ultimately won’t know how this will play out until it airs,” said James Bardrick, Citigroup’s co-head of European banking, who championed the project and is a tenor in the choir. “But if people get to see that we’re not a bunch of monsters hiding behind our screens and planning financial apocalypse, we’ll have done the industry a small service.”
UBS Revamps Forex Unit (WSJ)
s shaking up its investment bank, and has removed a top foreign-exchange executive, amid a burgeoning investigation into potential manipulation of currency markets. The bank is rolling its foreign-exchange and precious-metals business into another unit, according to an internal memo reviewed by The Wall Street Journal. As part of the changes, Chris Vogelgesang is stepping down as global co-head of foreign exchange and precious metals.
London leads 11 percent jump in bankers earning 1 million euros (Reuters)
More than 3,500 bankers in Europe earned 1 million euros ($1.4 million) or more last year after a big jump across the continent and in Britain, which had 12 times as many high earners as any other country. Figures from the bloc’s banking regulator on Friday showed that London-based bankers would have easily bust the European Union bonus cap rule coming into effect next year. Bonuses for the highest earners were almost four times fixed pay.
Wal-Mart Steps Up Security as Fights Break Out Over TVs (Bloomberg)
Malls are beefing up patrols with off-duty cops. Chains including Wal-Mart Stores Inc. are using quota systems for popular doorbusters from iPads to jewelry. Yet all was not peaceful. In one incident, uploaded to YouTube, uniformed security officers handcuffed a female shopper at an unidentified Wal-Mart store after a tussle over a television. Bill Simon, chief executive officer of Wal-Mart’s U.S. division, was asked about the incident on a conference call today with reporters. “Any time you get more than 22 million people together you’re going to have some behavior you’re not proud of,” said Simon, who also said “the number of incidents” was down from last year and that it’s “hard to tell what happened in any individual incident.”
Violence flares as shoppers hunt Black Friday deals (CNBC)
After buying a big screen TV, a Las Vegas shopper was shot around 9:45 p.m. PST Thursday as he tried to take his purchase home, Lt. David Gordon of the Las Vegas Metropolitan Police Department told NBC News. “As the victim was walking through his complex he was approached by a suspect who fired warning shots which caused the victim to release the television,” he said. As the thief tried to load it into a vehicle the victim approached him to try to get it back, Gordon added. “The suspect fired two more shots and the victim was struck in the leg,” he said. “He was not seriously injured.”
SAC tech analyst testifies: Give stock tips or lose job (NYP)
Former SAC Capital Advisors tech analyst Jon Horvath testified he was afraid he would lose his job if he didn’t come up with illicit stock tips for his boss, Michael Steinberg. “I thought my job was in danger. I thought he would fire me,” Horvath, the government’s star witness in the insider-trading case against Steinberg, told a Manhattan federal jury. Horvath, testifying Wednesday on the fifth day of the trial, said he received an ultimatum from the top SAC money manager after Horvath’s tech recommendations for Steinberg lost money in 2007. “What I need you to do is to go out and get me edgy, proprietary information that we can use to make money in their stocks,” Horvath testified that Steinberg told him after a bad losing streak.
Netherlands Loses Triple-A Rating (WSJ)
The Netherlands became the latest country to be stripped of its coveted triple-A credit rating Friday, after Standard & Poor’s downgraded the country to “AA+,” citing weakening growth prospects. S&P is the first rating firm to downgrade the Netherlands, saying the country’s growth prospects are “weaker than we had previously anticipated” and that the “real [gross domestic product] per capita trend growth rate is persistently lower than that of peers.”
Man fined for breaking bed, curtain rail and window sill having sex in his old flat (Mirror)
Adam Disney ‘got carried away’ during the impromptu bonk with his partner and trashed the home in the process. The bed collapsed as he had sex and the 28-year-old also damaged a window sill as he romped the night away. Puzzled neighbours heard noises coming from the flat in Wavertree, Liverpool, and wondered what was going on September 3. The home’s landlady spotted Disney, from Solihull, leaning out the window smoking a cigarette. Dan Lupton, defending at Liverpool Magistrates Court on Thursday said: “This is a curious case of the morning after the night before. “They had been drinking and the couple were passionate in their interest to have sexual relations. “On this occasion they were seeking to avail themselves rather quickly.” He added: “The closest place for them to seek refuge, in an effort to avoid offending public decency, was his former flat. “The window sill was loose and they hadn’t done a good job of securing the curtain rail. This was not a posh hotel room.” Once inside the flat Mr Lupton said the couple were “carried away with the intensity of physical relations” and in the course of events the bed collapsed and drapes were pulled down. He said the damage was not intentional but happened in the course of “sexual antics”. Disney was fined #100 after admitting criminal damage in the ‘shabby bedsit’ after a charge of burglary with intent to cause damage was downgraded. Read more »