Lunchtime Links: Credit Suisse hot, UBS (still) not

...particularly if you are a private banker. While UBS suffered CHF49bn outflows from its wealth management and business banking unit in the last quarter, Credit Suisse appears to have been on the receiving end, with CHF11bn of new assets going directly to its private bank. UBS bankers can draw some consolation from the fact that their bank is reporting a "small profit" for Q3, while Credit Suisse expects a CHF1.3bn loss. However, despite a $59.2bn bailout courtesy of the Swiss government, Citigroup points out that UBS still looks under-capitalised compared to Credit Suisse which has raised its own cash from investors and now has a tier-one capital ratio of 13.7%.

Fifth straight quarterly loss for Merrill. (Bloomberg)

Fourth straight quarterly loss for Citigroup. (Bloomberg)

"There was no mechanism, there was no option, there was no set of rules, there was no funding to allow us to address that situation." (Wall Street Journal)

CDOs imperilled by collapse of Icelandic banks. (Bloomberg)

Martin Wolf on Charlie Rose. (Infectious Greed)

Nouriel Roubini on Charlie Rose. (The Big Picture)

Tracking the Nouriel Roubini bubble. (Clusterstock)

Cheap dinners at Goldman Sachs. (Dealbreaker)

"If you are not fearful, you are crazy." (DealBook)

Lehman veterans dominate BarCap. (Deal Journal)

Lehman still hiring in London (?!). (Lehman)

Real economy bites back. (The Times)