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The soon-to-be-released "Why I left Goldman Sachs: A Wall Street Story", written by former GS employee Greg Smith, looks set to deal a blow to Lloyd Blankfein's recent PR offensive. Among other things, it alleges the firm sought to profit last year by persuading clients to buy and sell stock options on European banks such as BNP Paribas SA and UniCredit SpA,

Smith left the firm reeling last spring with a damning New York Times op-ed in which he claimed GS employees bet against their clients and referred to them as "Muppets".

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Morgan Stanley dials back the risk
The bank followed rival Goldman Sachs in lowering its value-at-risk in the third quarter to $63-million from $76 million in the previous quarter.

Man Group watching money walk out the door
Outflows at the Man Group, the world's largest publicly traded hedge fund, rose almost 60 per cent to $2.2-billion in the third quarter.

Small brokers being squeezed out
A stubborn slump in equity volume combined with increasingly automated transactions has pushed several of Wall Street's smaller stock traders to change their business models.

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