Lunchtime Links: This is very bad news for all the new equities people at ICAP

In a sign that interdealer brokers can be just as fickle as investment banks, it emerged today that ICAP is having second thoughts about its equities business. This is the same ICAP that spent the 18 months to November 2009 amassing 210 cash equities professionals in eight different countries, and which was looking forward to the fruits of its hiring this year. In November, Michael Spencer, chief executive of ICAP told Financial News cash equities was, "an important investment," a "great opportunity," and that ICAP was, "very much committed," to it.

However, there is commitment and commitment. Today, Bloomberg reports that ICAP is conducting a, 'broad ranging strategic review of some of its equity trading operations.' Speculation suggests they may be sold or wound down.

None of this sounds promising for all last year's equities hires, many of whom were reportedly lured with generous cash sign-ons, which have to be repaid if they leave within six months of joining.

Nevertheless, one equities headhunter says ICAP's equities people have been scouting for people for, "a while" and that they're "quite employable." However, another headhunter says most banks have put equities hiring on hold for the moment, and that there's already a surfeit of people looking to get out of boutiques and back into banking.

Caxton Europe, Citadel Europe, Moore Europe, SAC Global Investors and Tudor Capital Europe have all been hiring. (Financial News)

Senior Lehman veterans have joined RenCap to oversee its expansion. (Reuters)

MF Global is hiring in equities and equity derivatives. (Financial News)

Proof that Chinese banks pay atrociously. (The Big Picture)

Goldman will probably be blacklisted from working with eurozone governments for the foreseeable future. (Clusterstock)

Lagarde's comments indicate coming clampdown on sovereign CDS trading. (FT)

Can Eurobanks take a Greek default? (Naked Capitalism)

Credit Suisse will pay staff an average bonus of CHF144k ($136k) for 2009, including CHF86k in cash. (Reuters)

Deutsche Bankers will have to defer at least 25% of pay above 100k euros, with deferrals increasing as thresholds are passed. (Business Week)

RBS is only paying 25% of its revenues in comp. (Guardian)

RBS calls for lending target to be lowered. (The Times)

Eric Daniels to earn more than Lloyd Blankfein. (The Times)

Lloyds Bank is hiring a PR for its capital markets business. (The Telegraph)

Unlike Goldman Sachs, UBS won't be able to prosecute its former algo traders. (Finextra)

Exposing the story behind Goldman's record profits. (ZeroHedge)

Jefferies has set up an event driven team in London. (Financial News)

End of the high yield boom? (Financial Times)

"I'm more than a little confused about the political jostling surrounding the financial-reform bill in the Senate." (Felix Salmon)

Hallucinators are more likely to heed high status voices. (Marginal Revolution)