Mid-afternoon Links: Macquarie raising money to pay its bonuses
We know that banks have been a little short of cash recently and that governments and Sheikhs have had to chip in to keep things ticking over, but we had yet to come across a bank which said it was raising money specifically to cover bonuses.
According to Bloomberg this is what Macquarie will be doing soon. It quotes unnamed sources as saying that the bank plans to raise A$1.24 bn in share sales, of which A$500m will go towards the payment of bonuses. This follows the release of Macquarie's annual report today, which devotes long pages to bonuses and announces the introduction of a limited clawback system for executive directors and the end of stock options (given that all options issued recently are underwater).
Promisingly, MacBank says it plans to hire for its 'US and European greenfield
Businesses' and build out its synthetic products platform. It also aspires to grow derivatives businesses in South America and India.
Nomura still wants to hire people, says London on track to becoming centre of global financial universe. (Financial Times)
Nomura cuts 12 London lawyers. (Law.com)
JPMorgan hires six people in India. (Reuters)
Moelis continues "opportunistic" hiring spree. (Financial News)
Citadel expanding into investment banking, hiring 5 people from Merrill Lynch. (Wall Street Journal)
Citigroup employees giving less to charity. (The Times)
Citigroup raising cash, selling Nikko Cordial. (MarketWatch)
Ex-Citigroup banker sets up very own investment bank in Vietnam. (Finance Asia)
Citigroup employee in NY got the flu, building disinfected. (Bloomberg)
Ernst & Young is scrubbing large areas of its Times Square building with disinfectants and has given permission for anyone who wants to work from home to do so. (CNN)
It was the bankers wot done it. (CNBC)
The UK government's decision to tax people earning more than 150,000 ($225,000) a year on 50 percent of their earnings is a de-facto stagnation package. (CNBC)
BofE under pressure to print more money after previous cash hoarded. (Evening Standard)
Mayday riot outside BofE at 5.04pm on the dot. (IntheNews)
