Lunchtime Links: Senior people won't be leaving Credit Suisse for the next five years

Someone at Credit Suisse deserves hefty congratulations. While Goldman struggles through the PR mire, the Swiss bank is managing to both pay its staff well, lock them in, and to come out looking virtuous.

The Wall Street Journal reports today that the $5bn pool of toxic assets which constituted the bonus pool for around 2,000 Credit Suisse bankers last year, has increased in value by 72% over the past 12 months. Even better, (from the perspective of CS) the toxic assets can't be cashed in before 2014, until which time the 2,000 will receive a dividend just 2.5% above Libor. It seems rather unlikely that any senior Credit Suisse bankers will be leaving for quite a while.

Greg Fleming wants $20m from BofA. (Reuters)

Prop trading may not be banned after all. (Bloomberg)

Citi's selling a hedge fund business anyway. (Wall Street Journal)

Equity trading in the 21st century. (Finextra)

FSA reached surprise conclusion that hedge funds aren't a systemic risk at all. (Independent)

Singapore's enthusiasm for foreign workers is waning, but bankers may be exempt. (Bloomberg)

1-3% pay hikes for HSBC's private bankers in Hong Kong. (Wealth Bulletin)

RBS appoints new head in the UAE. (Bloomberg)

Heritage Capital hires four people. (Reuters)

Erin Callan is leaving financial services altogether. (Fox Business)

A slovenly 32-year old junior trader with terrible social skills, zero management ability and no one reporting to him can make millions of dollars a year. (Naked Capitalism)