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Valuing private banks for M&A transactions is a complex process, and not one that is unanimously agreed upon. Sebastian Dovey, head of consulting for Scorpio Partnership, thinks it is not enough to look merely at assets under management when putting a price on private banks. "Looking at AUM and the level of wealth per client is not a telling sign of the company's value. You could end up with wealthy clients who are all very old, and want their money to stay static." In this case, the buyer may have overestimated the transaction-based fees that should be achieved from the acquisition.

Josef Ackermann (pictured) says his trial is an "image problem for Germany, for Deutsche Bank and for me – in that order". This is certainly true, but almost underplays its significance. The trial has become a flashpoint for those opposed to attempts to overhaul Germany's creaking economic model.

These days it's no fun being an analyst, what with all the sniping at your reputation. Imagine if, on top of that, you're struggling to find a date.

War, epidemics and political uncertainty dominated the financial landscape in 2003, interrupting roadshows, delaying deals and making it difficult to predict market movements. Some issuers pulled their deals. But others found ways to meet new types of investor demand. Volatile equity markets sparked unusual convertibles. Warmer sentiment towards Russia produced a whole range of deals. Hostile takeovers returned. And high-yield bonds and LBOs enjoyed a resurgence. Antony Currie, Julian Evans, Deborah Kimbell, Chris Leahy and Katie Martin report

War, epidemics and political uncertainty dominated the financial landscape in 2003, interrupting roadshows, delaying deals and making it difficult to predict market movements. Some issuers pulled their deals. But others found ways to meet new types of investor demand. Volatile equity markets sparked unusual convertibles. Warmer sentiment towards Russia produced a whole range of deals. Hostile takeovers returned. And high-yield bonds and LBOs enjoyed a resurgence. Antony Currie, Julian Evans, Deborah Kimbell, Chris Leahy and Katie Martin report.

Western Europe | Asia | Latin America | North America

Big Bang is coming undone. The major investment banks are starting to unpick the full-service equity operations they have built up over the past two decades.

The arrest of Yukos oil company owner Mikhail Khodorkovsky was a watershed for Russian business. The smart money has abandoned the lead of the former poster boy for improved corporate governance and western style management, and instead is scrambling to join what could be called the Commanding Heights Club chaired by president Vladimir Putin (pictured right). Yukos was credited with sparking a rapid improvement in corporate governance, and other oligarchs followed its example, hoping to see the same 1,000% share price gains.

Western Europe

Elliott Associates' founder Paul Singer learnt the hard way that good investment returns can only be achieved consistently if hedging is rigorously applied and opportunities to add value ruthlessly pursued. Felix Salmon reports.

When John Mack (pictured right) was brought in as CEO to turn around Credit Suisse First Boston more than three years ago, he offered a simple diagnosis. "We don't have a revenue problem, we have a cost problem," he said. That might have been so then. But in trying to cut costs, has the former Morgan Stanley CEO created a revenue problem that wasn't there before?