Banks face spiraling costs from archaic IT
More than 90% of the world's 100 biggest banks still rely on IBM mainframes, systems that are so old there is hardly anyone left who understands their coding language — and it is costing banks hundreds of millions of dollars. (FN)

Citi warns of Q3 trading declines
Citigroup will likely see trading revenue for the three months ending September come in 15% below levels reported a year ago, according to its chief financial officer John Gerspach. (NY Post)