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Yes, the share prices of RBS, Lloyds and Barclays have been crushed. The equity markets simply must adjust to banks' reduced status

Can this year be any worse for IPOs? 296 is the number of IPOs withdrawn or postponed in 2008; $1.1 billion is the amount raised from the seven IPOs completed in the US during the second half of 2008, with the $145 million offering by Grand Canyon Education being the only US deal to price in the fourth quarter of 2008, when global IPO revenues to bank arrangers slumped 98% compared with the fourth quarter of 2007. Bankers aren’t enthusiastic about IPO prospects for 2009 but at least the annual comparisons are going to be easier.

European Commission digs its heels in over central counterparty.

On January 12, Bradesco announced that it had promoted Luiz Carlos Trabuco Cappi to chief executive, replacing Marcio Cypriano. Cappi previously headed the bank’s insurance unit. Cypriano will continue as chairman and chief executive of the bank until the annual shareholder meeting in March. After 10 years in the role Cypriano was not able to renew his contract because he had reached the mandatory retirement age of 65 years.

Dan Condon has joined Standard Chartered as e-channels product manager in Singapore. Condon was previously vice-president, sales, at FXMarketSpace. Meanwhile, sources say Jens Andersen has left his role at Morgan Stanley in New York, where he was head of Americas trading for FXEM. He is believed to be going to Caxton.

While the structured products business is having a tough time as a result of poor performance and lower demand, the flow business is enjoying record volumes, particularly for exchange-traded options.

HFR data reveal that $152 billion of capital was withdrawn by hedge fund investors in the fourth quarter of 2008 – the largest withdrawal in a quarter on record. Estimates that hedge fund assets would reach $2.25 trillion by 2010 now seem far too optimistic. HFR estimates that the industry at present has $1.4 trillion in assets. The HFRI Fund Weighted Composite Index fell by 18.3% for all of 2008, only the second calendar-year decline since 1990.

The primary market share of the top 10 global debt houses declined substantially in 2008, according to full-year figures released last month by Dealogic.

It is not all bad news at Royal Bank of Scotland. At least its Saudi franchise is improving, which might ultimately fetch the troubled UK bank a higher price if it decides to sell the stake it inherited from ABN Amro.

Do end investors, be they feeder funds or funds of hedge funds, or indeed any party offering advice on investing in hedge funds, properly understand the strategies being run? The Madoff case has thrown light on the fact that even the simplest of strategies are clearly not understood by end investors.

“It’s the right time to go for me. I was going to go a year ago. It’s been 25 years and I’m 50 years old. Time for new blood to fight the new fight!” says Paul Hearn on announcing his retirement from BNP Paribas in January.