Lunchtime Links: Nomura may not grow in London after all; Tullett looking to move HQ out of the UK

First came The Tax, now come The Repercussions.

Following a story in the Telegraph at the weekend claiming that financiers and entrepreneurs are leaving the UK at a rate of 10 a week to escape tax increases, we now have some more solid indications of the fallout.

According to the Financial Times, Nomura executives in Japan are getting cold feet about basing their investment banking activities in London, and are demanding 'alternative options.'

Separately, brokerage firm Tullett Prebon is said to be preparing to help its employees relocate out of the UK to avoid higher taxes, and is apparently thinking of shifting its head office to Singapore.

And in other links...

Eversheds study predicts that London will be relegated to third place (behind Shanghai and New York) as a financial centre by 2019. (Bloomberg)

Collins Stewart, Oriel Securities and Numis Securities have overcome mutual dislike and are hiring accountants PricewaterhouseCoopers to argue that The Tax doesn't apply to them.(Telegraph)

Jon Terry, head of remuneration at PricewaterhouseCoopers, said that, after 48 hours of intense discussions with clients, he believed the size of bonus pools would not be altered - meaning total tax revenue for the government could be at least 2.5bn, almost five times the Treasury's estimate of 550m. (Guardian)

There may be a second round of pay rises, but they'll need to be permanent to avoid contravening the rules on the tax. (Guardian)

BarCap will be deferring up top 40-60% of bonuses (up from 24% last year) . (Telegraph)

"I did not run for office to be helping out a bunch of fat cat bankers on Wall Street," Mr Obama said. (Telegraph)

Obama has less leverage over US banks now that they're repaying TARP. (CNN)

Citigroup's repaying TARP and will substitute "substantial common stock" for cash compensation. (Bloomberg)

Feinberg has emerged from his chambers to announce that the 25th to the 100th top earners at Citi, GMAC, AIG and GM will get no more than $500,000 in cash. (Dealbreaker)

Macquarie's paying all its bonuses in shares too. (Business Spectator)

The $17bn that Goldman has so far set aside for total pay this year is equivalent to a fifth of its market capitalisation. (Financial Times)

US hedge fund Moore Capital Management is building its presence in Europe. (Financial News)

RBC Wealth Management has hired three people. (Wealth Bulletin)

Morgan Stanley has hired Greg Fleming to run its asset management unit. (Financial Times)

Bankers have claimed that their private lives have been under surveillance, their wives and children followed and their rubbish sifted. (The Times)

Crispin Odey will pay himself 30.4m. (The Times)

Forward, bankers, forward! You shall not retreat to the safety of your penthouse apartments. It is time to drink champagne. It is time to devour caviar. The season has arrived in which to make money and to spend it - uncontrollably and beyond reason! (MoneyistheWay)