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The papal funeral prompted yet more heightened security on Wall Street, amid fears that the congregation of world leaders in Rome could prompt a further terrorist attack. There were even more armed police than usual outside NYSE, which has been cordoned off since 9/11. However, at 60 Wall Street, Deutsche Bank's building, the security checks these days are even more rigorous. Not only is it necessary to offer photo ID to get access; now visitors are asked to show a debit or credit card as well.

Poor old Philip Purcell is a man besieged on all sides. Last month, London theatregoers heading to the Old Vic to see Kevin Spacey perform in National Anthems, a parable of American materialism, found placard-waving demonstrators demanding a better deal from Morgan Stanley for its office cleaners at Canary Wharf. The cleaners are asking for a minimum wage of £6.70 an hour, 28 days' paid holiday each year, sick pay and a company pension scheme.

Economics, not the demands of regulators, will drive the future of research, which will involve investment managers doing more of their own analysis and also a greater integration between equity and credit research.

In the late 1990s, the telecoms business – fixed income, equity, buy side, sell side, or I-banking – was one of the hottest Wall Street profit centres. In 1999, the telecoms research group at Salomon Smith Barney, headed by legendary analyst and dealmaker Jack Grubman, had more than 100 staff. By 2002, telecoms departments looked like ghost towns. Many analysts left Wall Street entirely, turning up in real estate and insurance. Fast forward to 2005, and the telecoms business might have come back to life. Driven by hedge funds recruiting for seasoned talent, a booming distressed debt market of 2003 and 2004 – much of which was telecoms related – and a revival in equity research, telecoms analysts are again in demand.

What with a power struggle for control being waged in the public eye and a raft of senior departures, Morgan Stanley's workforce is having a particularly stressful time. So you can't blame them for wanting to take time out from it all. On one of the first warm, sunny spring days in New York, employees were observed on a roof terrace at 1585 Broadway during their lunch hour doing serious stretching exercises that looked like some sort of pilates or yoga class.

Credit relationships are now a crucial factor for clients deciding on a bank to which to award their interest rate and foreign exchange business. US-based consultancy firm Greenwich Associates says that almost two-thirds of FX users and three-quarters of those using interest rate derivatives do business only with banks that lend money.

It is difficult to tell what is going on in South Korea at the best of times. The government speaks the language of reform and even harbours regional financial ambitions but its actions often appear to contradict its public statements. Recent events surrounding distillery Jinro's restructuring are no exception. Chris Leahy reports.

The sector is consolidating fast. And while major banks focus on securing a place in the top tier, smaller firms are left to contemplate a choice between white labelling and finding a profitable niche market.

Governor, National Bank of the Kyrgyz Republic

Users of the foreign exchange markets have never had such access to the markets. Single-and multi-bank portals as well as the banks' own offerings have made trading FX easier and cheaper. But where should you go to deal and why?