Lunchtime Links: Citigroup seeks government permission to pay bonuses

As if it's alleged failure of the stress tests isn't enough, it now transpires that Citigroup is no longer master of its own bonus destiny. According to the Wall Street Journal, the bank is asking the US Treasury for permission to pay 'special bonuses' to its key employees. The special awards would constitute retention payments for, 'demoralized employees who the company worries are vulnerable to poaching by rival firms.' Separately, the Financial Times reports that Citi is pondering various methods of raising capital, including the sale of non-core units and changing the conversion rate on its preference shares.

Six banks might need extra capital. (Bloomberg)

Lack of MAC clause spells trouble for Lewis at AGM. (Naked Capitalism)

Bank of America boosts greater China research team. (Bloomberg)

Mercer Investment Consulting plans to boost alternatives and real estate research teams by 50% this year. (Financial News)

Unicredit hires four people from Citigroup's equity sales team, Citi says headcount up by 10 net this year. (Financial News)

SocGen chairman Daniel Bouton stepping down after 'personal attacks.' (Telegraph)

Bouton: the banker the French loved to hate. (Telegraph)

EU is all for bonus clawbacks. (Reuters)

Only 20% of university graduates have secured jobs this year and applications to investment banks are down 30%. (The Times)

Those with the "broadest shoulders" must pay their share. (Telegraph)

Sir Fred Goodwin hired someone to ensure that only bank notes bearing his name were dispensed from cash machines at the Royal Bank of Scotland's headquarters. (Telegraph)