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Restructuring, cost-cutting and consolidation have enabled some emerging-market banks to post growth and profits that set them apart from stagnant global rivals.

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Bank regulators are getting tougher. There's no surer sign of that than when senior executives apologize in public. Sandy Weill, chairman and CEO of Citigroup, was the high-profile executive seeking forgiveness last month for his firm's dealings with Enron.

What will the investment management industry look like in the coming years? What are the forces and trends that will shape that future? State Street’s David Spina looks forward.

It could be crunch time for European convertible issuers as redemptions fall due with stocks at long-term lows. Others face the prospect of investors putting the bonds back to them. Yet again it's the telecoms companies in the thick of it all.

"There comes a time in every man's life when he must make way for an older man." Those parting words - scornfully delivered by a sacked member of the British shadow cabinet in the 1970s - must have been ringing in the ears of at least three ousted European CEOs in recent weeks. Jean-Marie Messier of Vivendi Universal, Ron Sommer of Deutsche Telekom and Thomas Middelhof of Bertelsmann will not be the last rock-star CEOs to go, but all three have been replaced by their seniors: Messier by former Rhône-Poulenc head Jean-Rene Fourtou (aged 63); Sommer by Deutsche Telekom management and supervisory board veteran Helmut Sihler (72); and Middelhof by Bertelsmann stalwart Gunter Thielen (59).

The travails of Credit Suisse never cease to surprise and enthral.

Forget about bulls and bears. Bulls are virtually extinct in this sorry-looking market anyway. What you need to look out for are zebras and lions. More specifically, any zebra in its right mind should watch out for preying lions around the next corner.

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