Lunchtime(ish) Links: Redundant bankers ready to work for 80% less
An interesting follow-up on Bloomberg today goes a long way to explaining why Mizuho Securities and others are so keen to build up in London at the moment. Mizuho president, Keisuke Yokoo, tells Bloomberg that, "Pay demands by top bankers have fallen by as much as 80%."
Obama administration begins 'serious talks' on regulating pay at ALL banks. (Wall St. Journal)
"I sincerely doubt Team Obama will do more than set guidelines and principles and that may not even prove necessary if they show enough resolve." (Naked Capitalism)
"We suppose there is some way that this could be implemented that wouldn't be an absolutely terrible idea, but we're scratching our heads as to what that might be." (Clusterstock)
"If you let a big firm out [of TARP], they can hire the best 200 people on Wall Street at a discount." (CNN)
Ken Lewis regrets losing all those Merrill bankers and plans to build in Asia. (Financial News)
Ken Lewis says there are lots of good people at BofA to replace him. (Biz Journals)
Merrill Lynch tries to muzzle a blog. (Reuters)
Bank of America telling people it fires in the US that they will forego their severance if they work for a competitor within three months. (Reuters)
No way will BofA do a ML IPO. (Clusterstock)
FSA bans Matthew Sebastian Piper, fines Morgan Stanley 1.4m. (CNBC)
Jefferies hires Frank Sekula. (Reuters)
Significant cost cutting coming at Julius Baer. (Wealth Bulletin)
Standard Charters hires Citi's former European wealth head. (Wealth Bulletin)
America's social security fund could be exhausted by 2037. (CNN)
UK unemployment will continue to rise. (Guardian)
One in six 18- to 24-year-olds in the UK is now out of work. (Independent)
