Lunchtime Links: "Serious financial hardship" in store for those dismissed for gross misconduct?

The name of one of the UBS traders implicated in the 'trading scandal' which came to light last week has now been revealed: Andrew Cumming, a former UBS client advisor.

At 30k, Cumming's fine is comparatively small compared to the 8m penalty levied on UBS over the affair. Notably, however, Reuters reports that that Cumming was going to be fined 100k but this was reduced to his cooperation and "serious financial hardship."

This is sad. Cumming will be unable to work in regulated financial services firms for at least five years. However, he may have other strings to his bow. Back in 2003, someone called Andrew Cumming who worked at UBS told The Telegraph that he was a talented carpenter who sold furniture to family and friends. He also said that he wanted to be a pilot before opting for banking. In the event, he may have done neither: someone called Andrew Cumming from UBS has set up a lifestyle management company instead.

Want to leave the City? Be prepared for a huge cut in pay. (Guardian)

Curbs on bonuses to be introduced in the Queen's speech. (Daily Mail)

Alistair Darling: "The first instincts of too many people in these institutions is to say 'What can we pay out [in bonuses] rather than what can we pay in to society." (Wall Street Journal)

Kenneth Feinberg, the Obama administration's special master for executive compensation, said he is "very concerned" about the possibility his pay cuts may drive talent away from companies bailed out by U.S. taxpayers. (Dealbreaker)

Goldman and Morgan Stanley aren't really reducing leverage any more. (Alphaville)

Charities say, 'hell yeah' to Goldman bonuses. (Bloomberg)

Hard to make a legal living in banking. (Bloomberg)

Algorithmic now traders needed in Brazil. (Bloomberg)

Matt Zames and Daniel Pinto usher out Eric Rosen. (Financial News)

BarCap has poached a global head of healthcare from Moelis. (Reuters)

John Corzine is not about to become the new Ken Lewis. (The Deal)

Banking veterans trying to buy failing banks. (Reuters)

Every Wall Street job is responsible for creating or maintaining 3.3 additional jobs in other sectors. (DealBook)

Morgan Stanley hires head of US institutional derivative sales from BarCap. (WSJ)

Our Chairman,

Who Art At Goldman,

Blankfein Be Thy Name.

(Ritholtz)

No Christmas party at Goldman Sachs. (Ritholtz)

Military spending increases unemployment and decreases economic growth. (Naked Capitalism)