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While taking flak over job losses and cost-cutting, senior bankers claim their measures will provide shape for future growth. It's now becoming clear how this will look with emerging-market operations closing while the euro and private equity take the limelight. Peter Lee reports.

When the Soviet Union collapsed, skills were short and contacts were everything. Putting together what they could of both, two young Russians, Vladimir Potanin and Michail Prokhorov, built from scratch Unexim, the country's largest private bank, as well as Interros, a leading financial-industrial group. This rapid growth has led rivals to accuse Unexim of acting unfairly and to wage a propaganda war against the bank. Despite Unexim's success little is known about its inner workings or about the style and strategy of its founders. Recently the bank agreed to open its doors to Euromoney in a way it has never done before. Brian Caplen reports.

Was it the summit meeting that saved world financial markets from Armageddon? Or was it the night on which Wall Street's crony capitalists, backed by the taxpayer, looked after their own - John Meriwether at Long-Term Capital Management? Whatever the interpretation, fear was in the air, and there wasn't much time to philosophize. David Shirreff reports on five days that shook the world. That's followed by a study of over-leverage, by Michelle Celarier, and another sad tale at UBS, by David Shirreff.

Since 1927, when the first American depositary receipt was launched by JP Morgan for UK department store Selfridges, thousands of non-US companies have used ADRs to list in New York. This has enabled them to sell their equity to US institutional and retail investors in a manageable form. In 1990, global depositary receipts (GDRs) were created for companies that wanted to list and trade on other exchanges, notably London and Luxembourg.

Striking out for the sectors

See Naples and buy

Which banks will weather the storm?

Life, but not as we know it

See Naples and buy

Life, but not as we know it

A lot is at stake with the first sale of Mexican airports next month, The aim is not just to work state assets harder but to create a structure that will serve as a corporate governance model for the entire Mexican private sector.

With rumours of big job losses in the financial sector doing the rounds, staff at Flemings were getting worried, especially after 65 of their number were sacked at the end of September.