Lunchtime Links: Citigroup's investment banker exodus disaster

The downwards trajectory of Citigroup's M&A business has already been documented. Now Bloomberg draws attention to the simultaneous sad disintegration of Citi's capital markets activities.

Between 2006 and 2008, Bloomberg points out that Citigroup was involved in 43 IPOs in EMEA. In 2009 it was involved in one. This year, it's been involved in...zero.

Meanwhile, following the departure of at least 12 MDs from its investment banking unit, Citi

has plunged from 1st to 8th in offering European M&A advice for the year to date compared to the same period of 2009.

Citi is maintaining that some of those departures were totally intentional and that others were entirely mutual. However, Bloomberg has spoken to Citi M&A escapees who say they left because a) they weren't going to get paid, b) deal flow was slowing down, c) Citi wasn't focused on investment banking in Western Europe.

100,000 'finance jobs' lost since the Northern Rock crisis. (This is London)

It's reasonable to assume that Goldman employees, both before and after they make partner, are competing against their colleagues just as much if not more than they're competing against their actual competitors. (Reuters)

Energy hedge fund set up by ex-Goldman trader has hired two members of staff. (Bloomberg)

Jefferies has hired a head of electronic trading. (Financial Times)

Pre-tax profits double at Shore Capital. (Evening Standard)

Basel III: the whimper. (Economist)

Vince Cable warns banks to unlock the flow of credit. (Guardian)

RBS returning big to the securitisation market. (Financial Times)

Police warn of widespread threats to the peace from spending cuts. (Telegraph)