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--Aaron Johnson

Credit Suisse has announced the formation of a new group within its EMEA Global Markets Solutions business (GMSB) designed to address what co-head of global investment banking Jim Amine describes as a “unique opportunity” presented by the current debt market dislocation. In an internal memo sent to CS employees last Friday, Amine explained that the new Debt Advisory and Restructuring group (DA&R) will enable the bank to provide an integrated solution to challenging market conditions.

This is a sample of the World's largest banks in 2008, with data from Moody's.

Robert Rubin has announced his decision to leave Citigroup. A year ago Euromoney was the first publication to question his role and worth at the bank. Our views are equally valid today.

Bank of America has clarified the structure of its FX and rates management team following the integration of Merrill Lynch. Chris Allington and Chris Vogel are co-heads of G10 currency trading; Peter Antico is head of Americas rates and local currency trading; Luke Halestrap is head of EMEA rates and local currency trading; Chris Hodson is head of global rates electronic trading and marketing making; Mitch Nadel is head of Japan/Australia rates and currency trading; Nicolas Rabeau and Neh Thaker are co-heads of global rates and currencies exotics trading; and Jin Su is head of Asia-Pacific rates and currency trading excluding Japan/Australia. Sources say that Frank Rawlins and Behnouche Mostachfi are co-heads of global FX options trading. More details will emerge soon no doubt.

After spending much of 2008 in denial, just like a number of global banks, it is time to face reality and slim down operations.

I got an interesting solicitation this week from the Reserve Bank of Scotland.

Is clear that here in the UK the media is really struggling to understand what is going on.

The unfortunately named Ezra Merkin* is apparently in a spot of bother after it has emerged he was one of the chief fund raisers for Bernard Madoff

After another bumper year in FX, volumes inevitably came off in December. Average daily spot volumes on Icap’s EBS platform fell 16%, compared with December 2007, to $126.2 billion. However, over the course of the year, average daily volumes rose 18% to $214.5 billion. Meanwhile, The CME has reported that an average of 624,000 FX contracts changed hands each day, up 10% on 2007. In notional terms, this equated to $85 billion.

Saxo Bank has bought the Danish stockbroker Sirius to strengthen its position in the private wealth arena. Sirius will operate as a subsidiary of Saxo Bank.

Michael Burton has joined Société Générale Corporate & Investment Banking as its global head of flow foreign exchange sales. The bank says he will be tasked with overseeing the growth and development of its non-corporate client business and promoting product synergies within the fixed income, currencies and commodities, and global equities and derivatives teams.