Lunchtime Links: Barclays will take the "broader community" into account when setting bonuses
If ever anything sounded ominous, it is this. Most banks have promised to take risk taking, capital, long term outcomes, and profitability into account when setting bonuses, now Barclays has agreed to take the "broader community" into consideration too.
Finance director Chris Lucas said it's 'too early' to say precisely how large or small bonuses will be, but after a predictably strong performance from Barclays Capital in the interim results, Barclays is nevertheless expected to pay 5bn in compensation this year according to The Telegraph. It's also contemplating whacking up salaries. The broader community may have something to say.
Did Barclays perpetrate 'the biggest theft in financial history' during the Lehman purchase? (DealBook)
Commerzbank introduces a clawback on bonuses. (Reuters)
JPMorgan has lifted its salary freeze on everyone earning over $60k. (WSJ)
Bonus season will be rather hit and miss this year. (Reuters)
Credit Suisse hires a Nordic banker, plans to open a Swedish office. (Financial News)
JPMorgan will double its Indian investment banking team over the next 18 months. (Bloomberg)
Close Brothers is on an expansion drive, intends a new office in Warsaw. (Financial News)
Lloyds to cut another 5,000 jobs, with a focus on contractors. (DealBook)
BofA Merrill hired four for Japanese equity sales. (Bloomberg)
FSA to require 'integrity' in candidates for top financial services jobs. (The Times)
Hector Sants - "people bankers will go to jail." (Guardian)
'Taxpayer-supported banks are requiring indebted corporate clients to use their corporate finance and equity capital market services as a pre-condition for continuing their lending support." (Telegraph)
"It is a natural progression of our business following the acquisition of ABN Amro that we would look to build an equity relationship with some of our lending clients." (eFinancialNews)
Morgan Stanley lost money on 5 trading days last quarter. (Alphaville)
Poker playing Bear Stearns exec lost his entire $22m (13m) stack of chips on a single bet. (Guardian)