Ten percent of Citi's investment banking division will lose their jobs in the coming weeks. [Bloomberg]
The same figure is floating around the offices of Goldman. Despite better-than-expected second quarter numbers, the fall-off in M&A is forcing the bank to conserve costs. [FT]
SEC Chief Christopher Cox is coming under fire for keeping a low profile during the Bear Stearns meltdown and not doing more to ensure confidence in the system. [WSJ]
Former Bear Stearns hedge fund manager Ralph Cioffi used his homes in New Jersey and Naples, Fla. to secure his $4 million bond. He also owns an estate in Southampton, which he purchased for $10.7 million in 2007. [NYP]
Commercial real estate prices in Midtown are dropping fast. Rents are down 7% so far this year. [Crains]
