Lunchtime Links: One day, banks may have to say how many people earn 500k
Evidently smarting from accusations that David Walker was a little too lenient when he said banks should disclose how many of their people earn > 1m, 2.5m and 5m, Alistair Darling has decided to take matters into his own hands. In future, The Telegraph reports, he may oblige banks to reveal precisely how many of their employees make 500k or more.
It's not entirely clear what this would achieve, except for encouraging candidates to bid up pay in the knowledge that plenty of people are being paid half a million. Darling doesn't appear to have justified his suggestion; he may have other things on his mind - like a Morgan Stanley report suggesting a hung parliament could lead to a UK sovereign debt crisis in 2010.
Citi hires Willem Buiter. (Bloomberg)
Willem Buiter once called Citi, "a conglomeration of worst-practice from across the financial spectrum." (BusinessInsider)
"As a consequence of this career move, Maverecon will be mothballed." (Willem Buiter)
Goldman Sachs bankers said to be buying handguns to defend selves against populist uprising. (Bloomberg)
Goldman is about to become a 2nd tier bank. (Daily Beast)
Another long article (featuring Lloyd Blankfein) on why Goldman is glorious. (Vanity Fair)
Shock - SocGen has finally hired an M&A banker. (Reuters)
41% of BNP Paribas' savings at Fortis will come from corporate and investment banking. (Bloomberg)
Private equity firms squeezing salaries and compressing bonuses. (eFinancialNews)
Bad news for Dubai DCM bankers as credibility gap kills the capital markets option. (Financial Times)
"Dubai's corporate landscape is now effectively a high-yield market." (Reuters)
40% of offices in Dubai are empty; 6% are empty in Abu Dhabi. (Telegraph)
Big demand for barmen. (Guardian)
Taking the tube is a deeply traumatic experience. (Bloomberg)