Could it be the credit crunch is abating? Until Wachovia spoiled the party this afternoon with revelations of a record $8.9bn loss (Bloomberg), we’d had four successive days of better than expected quarterly results from Bank of America, Wells Fargo, Citigroup and JPMorgan. (The Times)

Despite the cheery news, the Governor of New York predicts Wall Street bonuses will fall 20% this year. (Reuters)

Even more shocking: Merrill’s mandarins can’t go by private jet any more. (Financial Times)

But top hedge fund managers are still making money. (Wall Street Journal)

“I rode the mortgage boom all the way up, and now I’m riding it down.” (New York Times)

Vikram Pandit says none-too-regretful goodbye to Michael Klein, who wanted his job. (The Times)

Sloaney shop falls prey to the crunch. (Telegraph) Go get your clearance price leather pig while stocks last.

FSA plans to secretly bail out banks without telling the market. (Telegraph)

Banking analyst sued for saying nasty things about BankAtlantic. (FT)