Lunchtime Links: BofA relents on bonuses to keep people happy

We're a little behind on this, but as it doesn't appear to have surfaced this side of the Atlantic, are belatedly highlighting it anyway. After initially seeking to impose

a complicated deferred compensation scheme under which its staff would have received only 6% of their pay next month with the remainder deferred and paid out in tiny tranches on a quarterly basis until 2012, Bank of America has changed its collective mind. According to Dow Jones everything will now vest before the end of 2010. The change of heart is attributed to 'discontent amid a rocky integration' with ML.

Senior Merrill banker promoted to stop him running away (Wall Street Journal).

Sources close to the Prime Minister said that a cap on bonuses could not be ruled out (The Times)

"What I'm talking about is the bonuses for the board, senior executives, big traders, big money earners. That is completely wrong." (Bloomberg)

Big idea: restrict bonuses to bank cashiers. (Guardian)

Aberdeen Asset Management says it will 'exercise pressure' on bonuses at banks it's invested in. (BBC)

The ginormous loophole in the new US bonus rules. (Business Insider)

Wall Street paid itself more for 2008 than for 2001 tech bubble. (Business Insider)

Goldman recalls top Gulf banker 'because it's so busy in the UK.' (Financial News)

Italian banks hiring in London. (Financial News)

I used to work at Lehman Brothers and there was a huge atmosphere of machismo. (Guardian)

Career counselors at MBA programs are urging students to be open-minded about the jobs they will accept. (CNN)

9,000 new jobs at Kentucky Fried Chicken. (Telegraph)