Lunchtime Links: 'Red' Adair Turner receives 263k pay increase at the FSA, while average pay per head at the regulator falls
Having complained variously about bonuses and banks' social uselessness, Adair Turner is not known for his red blooded capitalist credentials. However, does not appear averse to generous compensation when it comes to himself.
The FSA's annual report is out today, and it shows Turner received a 263k increase in pay this year, taking his total compensation from 247k to 482k. In a clear concession to Mervyn King, he did however, forego an increase in his salary to 435k, opting for 416k instead.
Turner's compensatory good fortune has coincided with a reduction in mean pay per head at the regulator from 78k to 76k, while headcount rose by 309 over the past year.
UBS earnings forecast cut after CFO says risk aversion in May will affect the business. (Bloomberg)
UBS has hired Nick Jordan for Russia. (Bloomberg)
Citigroup has hired a senior Polish banker. (BusinessWeek)
Wages on Wall Street dropped more in 2009 than at any point in modern history. (The Deal)
US pay czar is unlikely to recommend cuts for staff at small banks. (CNBC)
A look at the legendary and secretive Renaissance Technologies Medallion Fund. (Seeking Alpha)
Taxes on banks must rise instead of VAT. (Evening Standard)
OFT has launched its underwriting investigation. (WSJ)
The fact that underwriting fees on the 70bn raised in 2009 amounted to just under 2.9 per cent (according to the OFT's own calculations) doesn't smack of cartel activity. (Alphaville)
SEC's investigation of Goldman trading against its clients widens. (Naked Capitalism)
21,000 new IG Index accounts were opened last quarter. (Telegraph)
RBS is converting a large internal atrium into a football pitch. (Financial Times)
