Late Lunchtime Links: It's been a bad morning to be working for a French bank
No sooner had the European Union rescued French banking bonuses on Monday, than worries about European austerity measures have pounded anyone paid in deferred stock by French banks today.
Last time we looked, shares in BNP Paribas were down 5%, shares in SocGen were down 6%, and shares in Credit Agricole were down 4%. BarCap's deferrals weren't looking too healthy either: Barclays' shares fell 4% this morning.
It's some form of consolation, however, that most banks have now increased basic salaries substantially in the front office (French banks, finally, included). Meanwhile, the Guardian has conducted some analysis of ONS figures which appears to show bonuses across financial services rising 21% year on year in the four months to April, while salaries rose 9%.
Sumitomo wants 25% more commodities staff in London this year. (Bloomberg)
Deutsche has hired new of ECM from BofA. (Bloomberg)
Deutsche Bank, defender of the social utility of the carry trade. (Bloomberg)
The dark magic of structured finance. (Marginal Revolution)
House prices soaring in Kensington and Chelsea. (Bloomberg)
With the financial system no longer in danger of collapse, there is little downside to going after bankers. (Floyd Norris)
A 9.5p rise in the basic rate of income tax may be necessary, in addition to a VAT rise. (Telegraphs)
MOT worker drove client's Ferrari into a lamppost. (Telegraphs)
"Baby faced" people, judged to be less competent, tend to be more intelligent. (WSJ)
