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When all around its rivals are spinning off businesses, Lehman Brothers is sticking to a strategy of acquiring rather than relying purely on organic growth. CEO Richard Fuld has exceptional backing inside the firm for this approach. But can the openness and mutual cooperativeness of his managers survive more expansion? Fuld spoke to Euromoney's Antony Currie about Lehman's future.

It took regulators one long year to work out what exactly Citigroup did wrong in August 2004 on the EuroMTS trading platform. In the interim, Citi has apologized repeatedly for its actions, perhaps because the firm itself has been the biggest victim. Having lost a fair chunk of fees underwriting business – apart from when the Greek debt office broke step in March on its €5billion 32-year deal – the firm has been notably absent in benchmark euro sovereign new issues since the misguided trade. Although some rival bankers suspect Citigroup has still been involved indirectly in the primary European government bond marks by carrying out swaps for new issues, its last euro trade of note for the Republic of Italy – the sovereign said to have taken particular issue with the rogue trade – came way back in February 2004. While Citi continues to enjoy success in other sectors of the international bond markets, the firm must be hoping that it will return to favour soon.

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People moves:

The annual guide to the leading banks across the globe by market capitalization, plus all the other key statistics you need, including the largest banks in every region.

These benchmark awards highlight high-quality products and services across all areas of commercial and investment banking, regionally and globally.

BGI

Santander is one of the most remarkable stories in modern banking. Even the group's highly-ambitious chairman, Emilio Botín, is amazed at how the bank has grown from a small Spanish domestic bank to a place in the global top 10 in just 20 years. He reveals the strategy that has made Santander what it is today.

Awards for Excellence 2005

One view says the Fed must soon stop raising rates, while another, which we support, says there will be no stop before 4¼%. The Greenspan legacy is in play.

Thierry Breton and Le Figaro are questioning the French model and giving a glimpse of the Battle for France - a struggle within the Blair/Chirac Battle for Europe.