Lunchtime Links: What's up with Morgan Stanley?

While all other banks appeared (at first sight) to have had a fairytale first quarter, Morgan Stanley's looks a bit scary from the outset. It's just announced a larger than expected loss, unmitigated by improved revenues in fixed income trading and the removal of 2,189 employees in the past three months. Compensation per head is down 75% year on year to just $47k for the quarter (compared to $168k at Goldman) and EMEA revenues were particularly feeble, at just $70m, compared to $2.7bn in the US and $250m in Asia.

More promisingly, John Mack pointed out that the firm would have been in the black had it not been for the combination of a $1.5bn revenue reduction resulting from tightening spreads on its own CDS and losses of $1bn on its real estate investments.

IMF says another $200bn of bank losses are coming in the UK... (Financial Times)

...And then retracts that statement. (Alphaville)

Moelis hires senior ML European banker to lead growth. (Reuters)

Goldman banker joins boutique. (PRNewswire)

Citigroup directors, past and present, subjected to boos hissing and abuse. (Independent)

Citi is in a real mess. It is bankrupt. Look at its financial statements. Its assets are not fairly valued but then who wants another Lehman? (Fintag)

Geithner sparks banks rally. (Alphaville)

US PPIP fund managers might be forced to accept compensation caps after all. (Reuters)

RIP PPIP. (Economist)

Stress tests are biased in favour of Wall Street. (BusinessInsider)

Credit Suisse expected to return to profit, thought to be gaining market share in several product areas. (BusinessInsider)

Deutsche might be profitable too. (Bloomberg)

National debt is now 16.7k for every person (or 43k for every taxpayer) (Evening Standard)