Lunchtime Links: Where are these 46,000 new jobs?

Morgan McKinley released its latest monthly employment monitor today and it has some good news: in October, the number of new City jobs rose more than 15%, a bigger rise than at any time over the nine months previously. This is slightly surprising given most banks desist from hiring from for front office roles this late in the year due to the cost of buying out bonuses - we can only assume that back and middle office hiring has got a spurt on.

More surprising though, is that according to Morgan McKinley's monthly releases, the cumulative total of jobs on offer in the market this year currently stands at 46,000. This seems rather steep given there are only 324,000 people working in the City as a whole (according to the CEBR).

A spokesperson for Morgan McKinley said it might be explained by staff turnover, rather than extra hiring. "This doesn't refer to new jobs actually created in the City - it covers both replacement hiring and additional headcount."

"What people fail to mention is that net income generated per head is a multiple of our peer average. The people of Goldman Sachs are among the most productive in the world." (FT)

Lloyd's presentation, in full. (Goldman Sachs)

The question is whether a $1 trillion Goldman provides any value to the world that wouldn't be provided by four $250 billion Baby Goldmans. (Baseline Scenario)

Ken Lewis says the recovery is 'very fragile' and that banking has 'some ways to go.' (Bloomberg)

Swiss bonus rules will only apply to the 12 biggest banks and insurers. (Bloomberg)

Barclays thinking of increasing base salaries (surprise, surprise). (Telegraph)

TUC is for a Tobin tax. (Guardian)

AIG chief wants to leave, partly over constraints on what he can pay people. (Dealbook)

Another senior Asia departure at RBS. (Bloomberg)

Fortis closes prime brokerage, employees are hawking their CVs. (Financial News)

Who else has been hiring around the world. (Reuters)

"We have never claimed that our trading success was 'divinely inspired'. This is pure fiction. What we have said is different: Our traders are blessed with good luck (and information) and are anointed". (Nihon Cassandra)

Life on severance - comfort, then crisis. (WSJ)

Men only buy pants for 17 years of their lives. (Telegraph)

What you never knew about JobCentres. (Reuters)