Lunchtime Links: Now BarCap's increased salaries to 300k too

Pressure is building on banks that haven't yet increased salaries (thought to include all French banks, RBS, and Deutsche) to do so imminently. The Telegraph reports that BarCap is hiking salaries by 150%, with increases backdated to June. The paper reports that junior employees will benefit the most, although senior employees also appear to be doing quite well - MD salaries will be hiked to as much as 300k, putting BarCap on a par with Merrill, UBS and Citigroup.

Myners estimates that at least 5,000 bankers in the City will earn 1m this year. (Telegraph)

"Some people [at RBS] still don't seem to get it," said one Treasury official. "But frankly, if they don't like it they know what they can do." (Financial Times)

Gordon Brown is telling the RBS board to tow the line on bonuses. (ITN)

But Peter Mandelson is backing them. (The Times)

Sarkozy is lining up tax breaks to attract bankers to France. (Telegraph)

"If anyone in the European project thinks for a minute that they are capable of subverting the years of effort it took us to make the UK the world's financial centre, they are sadly mistaken." (The Times)

The time to defend the City from the French was weeks ago. (Wall Street Journal)

Private equity firms have cut too many staff and may now need to outsource some number crunching (or is this wishful thinking?) (Pe Hub)

Inside Dick Fuld's bunker. (Daily Beast)

Another 5,000 law jobs could go next year. (The Times)

The Chinese government is touring the world, trying to lure financial services professionals back to China. (Wall Street Journal)