Lunchtime Links: The US financial reform bill could oblige US investment banks to hire lots more women and minorities

Over on our student centre, we are currently running an article on the diminishing number of women interested in investment banking jobs ever since the financial sector imploded.

Evidently with a prescient eye to this, and various other articles, claiming the financial crisis would never have happened if only banks had more employees in skirts, the US government appears to have taken matters in hand.

Politico reports today that buried in the minutiae of the financial reform bill is a clause giving the federal government the authority to terminate contacts with any firm that fails to ensure the 'fair inclusion' of women and minorities.

Detractors of the clause say it's an example of racial engineering and will lead to quotas being imposed. Supporters say it's long overdue and that minorities need a leg-up into an industry comprised mostly of white male elitists.

UBS has hired an entire FX algorithmic trading team from BarCap. (Bloomberg)

"UBS has become a lot better at hedging its bets. They hear the alarm bells quicker and react quicker." (Bloomberg)

Kedge Capital, currently the family office of Ernesto Berterelli, will be hiring as it attempts to transform into a global asset management firm. (Financial News)

Citigroup's thinking of moving prop traders to hedge funds. (Bloomberg)

Goldman's thinking of moving its prop traders into asset management. (FoxBusiness)

Jefferies has hired Tariq Hussein, formerly of Dresdner. (MarketWatch)

Banking needs more robust stress tests than these. (Financial Times)

French banks are the big winners in the Basel III revamp. (Reuters)

ETFs are likely to grow 30-40% (a year) over the next few years. (Financial Times)

Don't write your CV, spin it. (IdeasbyTuesday)