Early Lunchtime Links: As of yesterday, Q4 redundancies look a lot more likely

The longer they're mulled over, the less pretty JPMorgan's second quarter investment banking results become.

Net income at the investment bank was down 16% year on year and the FT's Lex column points out that every single business line, except equities, made lower revenues than it did the year before.

Lex concludes, therefore, that bankers are going to have to work a lot harder for their money in future, and postulates that, 'With not enough client business to go round Wall Street, something - probably headcount - has to give.' Unfortunately, this seems about right, although more colour will be added by BofA and Citigroup this afternoon.

Dick Bove says JPMorgan's trading results were devastating. (CNBC)

Goldman's fine is equivalent to three days' compensation bill. (Financial Times)

Fabrice Tourre is not close to settling his own case with the US government. (Wall Street Journal)

US financial reform bill is all down to regulatory interpretation. (FT)

It will be at least a year before the new US derivative rules can be implemented. (DealBook)

The new Volcker Rule won't be implemented for 18 months. (Reuters)

At JPMorgan, 90 project teams are meeting daily to get to grips with the new rules. (CNBC)

Finance accounts for only 8 per cent of all London jobs, a lower share than health and social work and retail. (Financial Times)

Bad news for the 40 people left at Candover. (Financial Times)

Who's paying what in bonus tax. (Telegraph)

The financial sector failed three times. (Interfluidity)

How your pay package could affect your divorce. (Financial News)