Lunchtime Links: Deutsche unveils its not particularly new bonus system

Never say never. No sooner had we reiterated Deutsche Bank's immunity to the British government's increasingly harsh approach to bonuses, and pointed out that Deutsche's bonus system remained comparatively unaltered, than Josef Ackermann has announced some changes.

At a banking conference today, Ackermann said that Deutsche will be introducing a malus (clawback) system to the way it compensates staff. There was no mention of the British government's dreaded 40-60% deferrals, however, and the remainder of the 'changes' sounded remarkably like business as usual - in future, Deutsche Bankers will be obliged to meet performance targets or face reductions in their pay.

Tearing up contracts would be illegal. (Telegraph)

About 650m will be split between 80 former Cazenove partners. (The Times)

JP Morgan wants to get the deal done before bonuses are set for Caz staff at the end fo the year. (Telegraph)

David Mayhew is regularly to be seen enjoying a cigarette outside Cazenove's Moorgate offices. (The Times)

JP Morgan does not have a separate investment banking operation in the UK and so there is little risk of a jobs bloodbath. However, both businesses have equities teams, which will have to learn to work together. (The Times)

Was that Varley pleading for Barclays to keep BarCap? (dofonline)

SLI Capital Partners wants to hire 50 people for fixed income, property investment and private equity. (Financial News)

The coming private equity default crisis. (The Reformed Broker)

In 2008, Goldman's prop trading was on par with some of the worst performers on Wall Street. (ZeroHedge)

UBS to unveil its recovery plan tomorrow. (Wall Street Journal)

In France you're expected to take clients for dinner; in the UK you're expected to take them to a lapdancing club. (Telegraph)

The British are among the ugliest people in the world. (CNBC)