The following list comprises the most-read Bloomberg News reports from the past week.
1. Barclays to Cut 7,000 Investment Banking Jobs in Global Retreat
May 8 (Bloomberg) -- Barclays Plc, under pressure to boost returns, will eliminate 7,000 jobs at its investment bank, about a quarter of the total, and signaled its effort to build a global bank is over.
2. Young Bankers Trade 90-Hour Weeks on Wall Street for Startups
May 9 (Bloomberg) -- It was a Friday in the fall of 2004 and Umber Ahmad had been invited to read a poem at the wedding of one of her closest friends. She was planning to catch a 7 p.m. flight from New York to Toronto when a vice president at Morgan Stanley called her in. The client in a big merger deal needed work done over the weekend. A mergers and acquisitions specialist, Ahmad had no choice. She canceled the flight and started revising her analysis of the deal, Bloomberg Markets magazine will report in its June issue.
3. Three Bankers Bolster Blankfein as Goldman Sachs Trading Shrinks
May 6 (Bloomberg) -- Goldman Sachs Group Inc. partners Alison Mass and David Dase weren’t buying. The bankers stared skeptically at a glass of brownish liquid as a young man described a new technology for purifying even the filthiest water. The sample was safe to drink, he said, taking a sip.
4. Apple Said Near Buying Beats Electronics for $3.2 Billion
May 9 (Bloomberg) -- Apple Inc. is close to striking a deal with Dr. Dre.
5. Barclays to Credit Suisse Battling Banker Exits, U.S. Woes
May 5 (Bloomberg) -- Barclays Plc, Credit Suisse Group AG and UBS AG will face questions this week about key banker departures, legal challenges and their efforts to boost profitability.
6. Yellen Says Stimulus Still Needed to Meet Fed’s Goals: Economy
May 7 (Bloomberg) -- Federal Reserve Chair Janet Yellen made it clear she believes the economy still requires a strong dose of stimulus five years after the recession ended because unemployment and inflation are well short of the Fed’s goals.
7. Not Enough 30-Year Bonds in $12.1 Trillion Treasuries Market
May 5 (Bloomberg) -- In a world awash with U.S. government bonds, buyers of the longest-term Treasuries are facing a potential shortage of supply.
8. Deutsche Bank Hires Traders in U.S. Fixed Income Growth Push
May 8 (Bloomberg) -- Deutsche Bank AG’s fixed-income business in New York hired seven traders and analysts from banks including Citigroup Inc. and Goldman Sachs Group Inc. as Wall Street firms adjust operations amid a revenue slump.
9. Mystery Angels at Obscure Quant Fund Secretly Give Away Billions
May 8 (Bloomberg) -- For many years, a Los Angeles psychoanalyst to the stars named Milton Wexler led the fight against Huntington’s disease, a rare and fatal congenital illness.
10. Einhorn Says Bernanke Answers ‘Frightening’ During Dinner
May 6 (Bloomberg) -- David Einhorn, manager of the $10 billion Greenlight Capital Inc., said he found a recent dinner conversation with former Federal Reserve Chairman Ben S. Bernanke scary.
1. I Have No Idea Why Twitter’s Stock Crashed Today: Jonathan Weil
May 6 (Bloomberg View) -- Does anybody really know why Twitter Inc.’s stock price fell 18 percent today? I, for one, do not.
2. So How Big a Deal Was BofA’s $4 Billion Mistake?: Jonathan Weil
May 5 (Bloomberg View) -- Just how effective are Bank of America Corp.’s accounting controls? It would be easy to say “not very” after the company’s disclosure last week of a $4 billion error in its calculation of regulatory capital.
3. Fox’s ‘24’ Is Back and Still Addictively Bad: Stephen L. Carter
May 6 (Bloomberg View) -- It’s nice to know that Jack Bauer hasn’t changed much.
4. Does the SEC Have the Guts to Tank Alibaba’s IPO?: Jonathan Weil
May 7 (Bloomberg View) -- Yesterday, Alibaba Group Holding Ltd., China’s largest online retailer, filed the registration statement for its initial public offering. One of the risk factors it cites is the possibility that the Securities and Exchange Commission may suspend the mainland Chinese affiliate of its outside auditor, PricewaterhouseCoopers of Hong Kong.
5. Credit Suisse’s Captain Clueless Gets a Pay Raise: Jonathan Weil
May 9 (Bloomberg View) -- Proxy advisers, like anyone else, can get pretty emotional. Take Dominique Biedermann. He runs Ethos, the largest proxy adviser in Switzerland, which recently recommended that Credit Suisse Group AG shareholders reject the bank’s compensation plan.
1. Draghi Signals ECB Ready to Wait Before Radical Action
May 8 (Bloomberg) -- European Central Bank President Mario Draghi speaks at a news conference in Brussels about the decision to leave the ECB’s main refinancing rate at a record low of 0.25 percent and the Governing Council’s “unanimous” commitment to using unconventional measures to cope with too prolonged a period of low inflation.
2. Federal Reserve Chair Yellen Testifies on Economic Outlook
May 7 (Bloomberg) -- Federal Reserve Chair Janet Yellen testifies before the Joint Economic Committee of Congress in Washington about the outlook for the U.S. economy and labor market, and Fed policy.
3. Einhorn Bullish on Tech Stocks, Clarifies Bubble Call
May 6 (Bloomberg) -- David Einhorn, president of Greenlight Capital Inc., talks about technology stocks, investment strategy, and Federal Reserve policy.
4. Federal Reserve Chair Yellen Testifies on Economy, Fed Policy
May 8 (Bloomberg) -- Federal Reserve Chair Janet Yellen testifies before the Senate Banking Committee in Washington about the outlook for the U.S. economy and Fed policy.
5. Gundlach Recommends ‘Killer’ Tesla Over Buying Twitter
May 6 (Bloomberg) -- Jeffrey Gundlach, chief executive officer of DoubleLine Capital LP, talks with Bloomberg News Editor-in-Chief Matthew Winkler about the U.S. economy, global financial markets, Federal Reserve policy and his investment strategy.
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