Saxo Bank Sees Profits Rise by 78% in 2007

Saxo Bank’s profits soared by 78% to €49 million before tax in 2007 compared to €27.5 million in 2006, it said last week. The bank’s white labelling sector saw record growth in terms of partner numbers through 2007. The bank now has more than 100 white label partners, using the group’s suite of account set-up, […]
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dbFX Benefits as Investors Seek Alternative Asset Class…

Deutsche Bank’s retail online currency trading platform dbFX benefited from tumbling equity prices in January as retail investors sought to optimise alternative asset classes. The bank says the platform experienced its highest volumes of trading during January 2008 since its launch nearly two years ago.  Nearly half of all trades executed during January by retail […]
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StanChart Launches Quant Program

Standard Chartered Bank is aiming to increase its quantitative capabilities by recruiting young talent with strong quantitative skills from top universities in its markets. The bank says that in order to continue to deliver innovative solutions to its customers and stay ahead of the evolution of the financial markets, it has created the Quant Academy […]
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UBS Appoints CEO of Investment Bank

UBS has hired a top ranking executive from Morgan Stanley to head its investment banking business as it recovers from its massive sub-prime-related losses. Jerker Johansson has been appointed as chairman and chief executive officer of the investment bank replacing Huw Jenkins, who left UBS in October after the bank disclosed writedowns, which now total […]
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Bear Officially Unveils New FX Head

Bear Stearns has officially unveiled Loic Meinnel as its European head of foreign exchange, global head of foreign exchange options and European co-head of emerging markets as reported in Squawkbox on January 28. Yves Leysen, head of fixed income for Bear Stearns in Europe, says, "We are delighted to welcome Loic Meinnel to Bear Stearns. He has […]
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Euroclear Bank To Expand In Asia

Euroclear Bank is ramping up its Asian operations with 25 new staff to be hired when, subject to regulatory approval, it upgrades its Hong Kong representative office to a branch office by April 2008. A Beijing rep office is also slated to be opened in April. The Brussels-based bank is part of the Euroclear Group, […]
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Merrill Lynch Execs Miss out on Bonuses

Senior executives at Merrill Lynch will go without bonuses after the bank posted losses of over $12 billion for the second half of 2007. According to a filing with the US Securities and Exchange Commission, the bank’s management development and compensation committee decided not to pay bonuses to executive officers for their performance in 2007. […]
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Bank of America Makes FX Job Cuts

Bank of America, the second biggest US bank, has made a number of redundancies in its foreign exchange business as it tightens up of its operations following sub-prime losses. They are among the 650 job cuts that the bank plans to make globally across the Global Investment Banking and Global Markets groups following a slump […]
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Danske Markets Extends use of GFI Fenics FX

Danske Markets is extending its use of GFI Group’s Fenics FX pricing and risk management software to enable its sales staff to better serve their local clients by providing immediate quotes and reporting. Fenics FX provides FX option pricing, position keeping, reporting and risk management covering vanilla and exotic options. The Scandinavian investment bank will […]
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City and Wall Street Layoffs Accelerate

The subprime crisis and resultant losses in derivative and fixed income departments around the world have ended in some substantial redundancies at investment banks. Citi, after its devastating $18 billion write down of subprime-related positions, posted a $9.83 billion net loss for the last three months of 2007 and is laying off 4,200 employees globally […]
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