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Barclays is also poised to axe 400 investment bank jobs on top of the 1700 it announced a year ago in a bid to slash costs

Jim Armitage: Raising a glass to the king of the deal makers

Outlook Time for a final toast to Diageo's Paul Walsh. You may not have liked his penchant for big-game hunting in Africa, or that elephant-sized £18m pay-off, but his palate for a right-priced deal was second to none. Few chief executives, bar perhaps Sir Chris Gent at Vodafone, have so framed the shape of a major British business today with clever deal making.

Mitch Feierstein: Firms too big to fail before, like JPMorgan, are bigger now – and not any safer

City View: Bankruptcies are integral to capitalism, like forest fires, clearing underbrush to allow renewed growth

Vodafone's millionaire banker, Simon Warshaw, quits UBS

One of the best-paid bankers in Britain quit UBS last night just weeks after fuelling his bonus by advising on Vodafone's $130bn (£81bn) sale of its Verizon division.

Jamie Dimon, JP Morgan's chairman and chief executive, apologised for initially dismissing the affair as

JP Morgan fined £570m over ‘London Whale’ trading losses

Wall Street Bank agrees to make payouts to four regulators in compensation for derivative losses in 2012 costing $6.2b

Two City high-fliers take pay cuts for Lloyds and RBS sell-off roles

Two of the City's best-known dealmakers are to oversee the sale of its stakes in Lloyds Banking Group and Royal Bank of Scotland.

Former RBS banker is jailed for hiding losses

A former Royal Bank of Scotland banker who racked up £19.5m losses, then admitted to committing fraud trying to hide them at the British taxpayer-owned bank, was yesterday jailed for 50 months.

Banks set for a fee bonanza as Twitter goes public

Goldman Sachs likely to be the big winner from social media’s hotly anticipated IPO 

Ex-RBS banker Shirlina Tsang is jailed for covering up £19.5m losses

A former Royal Bank of Scotland banker who ran up £19.5 million losses, then admitted to committing fraud trying to hide them at the British taxpayer-owned bank, was today jailed for 50 months.

Blackstone set to relaunch Hilton as a public company

One of the largest leveraged buyouts of the pre-crisis era is about to come full circle, after the private-equity group Blackstone yesterday gave notice of plans to bring Hilton back to the stock markets as it looks to take advantage of the revival in the hotel industry.

Sweet and sour … Primark stars for ABF while sugar prices look sticky

The discount fashion chain Primark is outperforming its peers but sugar is starting to look a bit sticky, Associated British Foods said yesterday.

The $10m-revenge of Paul Taubman, the man Morgan Stanley didn’t choose

James Gorman must be feeling like the publisher who turned down JK Rowling.

What the Sunday papers said

The Independent on Sunday: Outsider threat to Network Rail man’s tilt for top job

Network Rail veteran Simon Kirby faces an uphill struggle to replace Sir David Higgins in the top job at the state-backed track and station operator, as an external candidate is said to have emerged as a heavy favourite. Mr Kirby has strong support among several non-executive directors, but chairman Richard Parry-Jones, an ex-Ford executive, is believed to have identified a strong, unnamed candidate from the car industry.

Goldman Sachs’s UK profits take a tumble

Goldman Sachs’ London operation has seen pre-tax profits slump 60 per cent to $335m (£216m) in the first six months of the year.

A view of Elland Road

Leeds deny plans to ban alcohol at Elland Road

Claims that ban would be introduced to reflect beliefs of Muslim owners rubbished by Championship side

Slavery in the City: Death of 21-year-old intern Moritz Erhardt at Merrill Lynch sparks furore over long hours and macho culture at banks

Young German worked until 6am for three consecutive days before collapse at home in east London    

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