Lunchtime Links: It's starting to look like you're a sucker for not being in Asia

As we have noted, things aren't looking great in European M&A or ECM. M&A revenues are now at their lowest since 1999, and European ECM fees were down 42% year on year between January and April.

In Asia, however, everything is roaring ahead as if Spanish cajas were thousands of miles away. Financial News reports on a study by Freeman & Co, which shows that globally, the IPO fee pool was actually up 1,052% year on year between January and April, with Asia Pac now contributing nearly 50% of the total.

Year on year, total investment banking fees in Asia Pac were up 68%; in Europe, they were down 17%. Say no more.

Nomura's now has a dedicated head of Chinese ECM. (Financial News)

Nomura has been hiring large numbers of non-Japanese. (Alphaville)

Investment bankers are leaving Citigroup. (Financial News)

A banking levy is likely to cut annual earnings per share by 2 to 5 per cent, depending on the size of the tax and the bank involved. (Financial Times)

Compensation ratios could fall following legislation. (Financial Times)

UK opposes the pan-European resolution fund. (Guardian)

European banks' exposure to indebted nations unsettles investors. (Guardian)

Banking stocks take another bath. (The Times)

Even building society jobs aren't safe. (The Times)

Do not admit to attending the Chelsea Flower Show. (The Times)

Mega-yacht seized for tax evasion. (Wealth Bulletin)