Privatization in Iran involves big transfers of stakes from one arm of the state to another, propping up the establishment and helping unbalance the economy.

The difficulties in trying to marshal large numbers of disparate creditors will push more corporates into bankruptcy.

The rally in the financial markets does not necessarily mean there will be no more pain to come.

The Venezuelan authorities plan to issue about $17.8 billion-worth of bonds in the second half of 2009, according to a report issued by Barclays Capital. The bonds will be split, with $8 billion issued in the external market and $9.8 billion sold domestically.

The Mexican peso has completed a year as a CLS-eligible currency. During June 2009, the peak month to date, the average daily volume of instructions settled in Mexican pesos was 2,468 with a US dollar equivalent value of $15 billion, compared with 1,389 worth $17 billion in June 2008 – volume growth of more than 77%.

Although the bank is not commenting, it appears that Bank of America Merrill Lynch is making more changes to its FX business. The latest gossip is that it has hired Tom Gillie from Credit Suisse in Singapore, where he was head of FX options trading and structuring, Asia, for a senior role in options. The bank is also thought to have hired Chris Bae from Goldman Sachs in Asia, where he traded equity derivatives, for a role in FX.

Investors receptive to utility risk; Other WBS still some way off

Greenspan’s direction belatedly questioned; The flaws of too big to fail

The past two turbulent years have also redefined the adjectives that are acceptable to describe a chief executive in the financial services industry

Asset management profits drop; Diversification is no longer in vogue

A reversal of a change of strategy is likely to have a worse effect than if no change had been announced.

Some are wondering who might be in line to succeed present chief executive Mike Geoghegan should he move on in a few years

A number of senior financiers made an enormous effort to join the party

Bank nears top slot after years outside top 10; BofA, StanChart beat Goldman, Stanley

Barclays Capital is planning a big push across all areas of investment banking in Latin America in the coming months, buoyed up by its acquisition of Lehman Brothers. "In the past we have been focused on the fixed-income business in the region but it has been challenging getting a substantial presence in Brazil. But now that should change dramatically," says Carlos Mauleon, head of Latin American debt capital markets and investment banking at Barclays Capital. "With the Lehman acquisition we have gained a whole new strategic angle with M&A and equity capabilities. This will help us leverage the corporate sector business significantly. That is our mission for the next year."

Jack Jeffery has left options specialist SuperDerivatives, where he was chief operating officer. Press reports have linked him with various jobs elsewhere – including bond platform MTS – although sources close to Jeffery say he has not decided anything yet. His departure is believed to have been extremely amicable and the same sources say that SuperDerivatives has asked him to retain a seat on its board.

Savings banks expanded too fast and must merge to survive mounting bad debts; Keep an eye on Sabadell as a potential consolidator

The Deutsche Bank chief executive received an award for his outstanding services to financial markets at Euromoney’s Awards for Excellence dinner. In his acceptance speech, he explained how the industry should face up to its next set of challenges.

Corporate losses on foreign-currency hedging deals are resolvable but the road to agreement is difficult.

Government disputes with foreign companies stymie exploitation of rich natural resources.

Increased government borrowing is an unsound way to stave off recession. It puts sustained economic growth in peril rather than promoting it.

Kai ‘Lucky’ Herbert, who left Bank of America in January 2008 to join Merrill Lynch, has decided to seek his fortune elsewhere. He is off to Zurich to trade emerging market currencies for UBS.

Morgan Stanley has reported negative results for the past three quarters, but is still waving its chequebook around as it seeks to build up its trading businesses. First up is Jack DiMaio, who is joining the firm as its global head of interest rate, credit and currency trading. Further down the pecking order, the bank is believed to have lured Stuart Sopp from Citi Singapore to take up a senior spot-trading role in its Hong Kong office.

The build-up at CIBC continues. The bank has hired Chris Dunning as its global head of FX options and Eric Ohayon as a managing director, FX and commodity structuring. Dunning, who joins from UniCredit, will be located in Toronto and reports to Tim Carrington, the bank’s global head of FX options. Ohayon, who was at Bank of America, will also be based in Toronto and reports to Bill Bamber, CIBC’s global head, structuring. CIBC has also hired in sales. Natasha Crago joins from Baring Asset Management as a director, reporting to Barnie Hartley, and Ross Hefford, who is an exile from ABN Amro/RBS joins as an executive director, reporting to his former colleague Mark Sweeting.

It would be foolish for any in the industry to dismiss those expressing outrage at the resumption of enormous bonus payments as mere populist political posturers. If firms can’t prevent themselves from offering such deals, then others must do it for them

First economic downturn in decade; Prime minister’s shock resignation

Morgan Stanley’s fixed-income traders have not excelled and in 2009 the firm has failed to capitalize on opportunities in the flow businesses

The disconnect between Wall Street and Main Street widens.

Bad debts rise to new highs; Investors tire of mounting problems