Deutsche's fund management arm has lured chief investment officer Bob Grandhi from the Monument Group to join a team overseeing a micro-cap fund.

Sandy Weill, chairman of Citigroup, will drop Salomon from the brand name, according to separate memos sent to employees by Weill and Michael Carpenter, chairman and CEO of Salomon Smith Barney. The rebranding touched off addition speculation regarding Weill's hot run of acquisitions, said the New York Post.

Goldman Sachs axed 150 investment bankers to fulfill plans in cutting its existing workforce by around five percent, reported Reuters. This follows UBS Warburg's announcement on Tuesday that 250 people will lose jobs; Credit Suisse First Boston has raised its job cut target above 10 percent as the number of people it expected to leave naturally after bonus day in February was lower than expected.

Shareholders of six Vanguard funds yesterday approved changes that let the firm reorganize three Admiral bond funds into Admiral Shares in Treasury Bond funds; change the status of two funds to "non-diversified" and broaden the investment policy of the STAR fund of funds. 

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