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Government intervention shows that there is real cause for concern.

Christian Wait, global head of sales at Lehman Brothers, has moved to Standard Chartered where he will head global markets. He reports to Lenny Feder, global head of financial markets. Wait, who was European head of DCM before he moved back to the US to head up structured credit sales in 2005, will be based in Singapore. Meanwhile, Ben Katz, a former senior FIG structuring banker at Lehman, will join Barclays Capital in London. He reports to Richard Boath, head of FIG. Lorenzo Frontini who spent 11 years at Lehman, mostly in syndicate, before moving in June to run Italian FIG DCM, has moved to a similar position at Deutsche Bank. He reports to Renato Grelle, who runs Italian DCM.

The witch-hunt of Dick Fuld is wrong. But that doesn’t mean it won’t continue.

The list of badly flawed financial institutions is long: Barclays (crumbling shareholder value), Société Générale (poor controls), UBS (total mismanagement), Lehman Brothers (vainglorious leadership), Bear Stearns (dereliction of management).

A tightly regulated and fast growing market looks attractive, but tightening solvency regulations and gummed-up credit markets mean smaller insurers are finding life tough. That may create a rare chance for brave foreigners to enter the market. But global uncertainty could be advantageous for better-capitalized home banks. John Rumsey reports.

The economy has reached an inflection point. Change is coming that suggests the socialist republic will not only survive but, relatively speaking, could thrive, so long as investors are patient. Chloe Hayward reports on efforts to inject capitalism into the state-controlled economy.

Nomura has named the executive committee for the acquired business in Europe; as was expected the majority of front office staff are ex-Lehman Brothers bankers taking up similar roles to those they held around Europe before the deal, while the back office management team tend to be from Nomura.

A wave of corporate defaults will follow the onset of a vicious global recession as sure as night follows day. But this time, that night will see zombie companies stagger the earth, dragging their uncovenanted leverage multiples behind them. Louise Bowman explains.

The acquisition of the European and Asian arms of Lehman Brothers means that the Japanese firm is now the world’s largest independent investment bank. The deal shocked many who had expected a western buy-out. Lawrence White speaks to Takumi Shibata and Sadeq Sayeed, the architects of the deal.

The inclusion of the Pfandbrief in the German government’s banking guarantee marks a turning point – not just in the financial downturn but in the product’s entire history. Jethro Wookey reports.

They don’t get any luckier than Kenan Altunis, global head of sales at UniCredit.

Bond markets are moved back into difficult trading as market making is proving inadequate faced with large-scale liquidation even of quality bonds by funds facing margin calls or redemptions.