♦ Goldman Sachs' seven most senior execs have decided to forgo their 2008 bonuses. The move was simply "the right thing to do," said a Goldman spokesman. [WSJ, NYT]
♦ JP Morgan may cut up to 3,000 people, or 10 percent of its global workforce, in the coming months. [Telegraph]
♦ Citigroup's CEO, Vikram Pandit, says the bank plans to eliminate another 50,000 jobs, and cut expenses by as much as 20 percent. [Bloomberg]
♦ UBS reportedly plans to lay off 30 percent of its investment banking division. [Dealbreaker]
♦ Japan has announced that it is officially in a recession. [Bloomberg]
♦ As for the U.S., 96 percent of the economists surveyed in a recent poll believe the economy is in a recession, and nearly three-fourths think it could persist beyond the first quarter of next year. [CNNMoney]