Lunchtime Links: More cuts at UBS; higher base at BofA
Where will it all end at UBS? The Swiss bank's share price fell sharply this morning (but has since recovered slightly) after it emerged at the weekend that another 8,000 jobs are likely to be cut and another $2bn of illiquid assets written down. 5,000 of the job cuts are likely to fall in Switzerland, at the private bank. Where the remaining 3,000 persons will be eliminated is unclear. Separately, and in what ought to be more cheering news, Bank of America is apparently contemplating a 70% increase in the salaries it pays its investment bankers. However, it says their total comp will stay the same.
Blankfein's pay down 98.4% last year. (CNBC)
Goldman spent millions bailing out two executives. (Dealbook)
ICBC sale will put money into Goldman partners' pockets. (Dealbook)
Only $135bn left in TARP. (CNN)
With an insurance fund of just over $45 billion, the FDIC insures more than $5 trillion of deposits in U.S. banks and thrifts. (Maverecon)
AIG was responsible for banks' January and February profitability. (ZeroHedge)
Hedge fund managers threaten to leave UK. (Telegraph)
Most hedge fund managers are in their 40s. (Telegraph)
Middle class guide to the Job Centre. (Times)
2,000 jobs coming at Baguette Express. (Times)
"We haven't got any secrets. On 1 April, we fully intend to overthrow the Government." (Independent)
Guide to the City for the G20 protestor. (IndyMedia)
Some bankers and brokers are pledging to keep their suits crisply pressed and ties firmly knotted. (Bloomberg)
I shall be wearing a three piece suit, cravat and carry a walking stick with a shape point and a monocle. (Fintag)
