Late Lunchtime Links: Look at these Chinese banks that are opening up in the City
Fear not. You may be about to lose your job at Deutsche Bank, Man Group, or even Credit Suisse, but you could always find a new one at the Agricultural Bank of China.
The Sunday Times pointed out that Chinese banks are proving rather partial to traditional buildings in the City of London.
The Agricultural Bank of China is taking an entire floor of 1 Bartholomew Lane opposite the Bank of England. Bank of Communications, China's fifth biggest lender, is also said to be keen on the building.
As we noted in August, there are several other Chinese banks already operating in London. These include Bank of China, China Construction Bank, and CICC.
Some of them even hire investment banking types. The only problem with Chinese banks is that they're renowned for not paying much. Then again, American and European banks may not pay much in future either.
Bob Diamond says Barclays will "balance its responsibility to manage pay with the need to be commercial and competitive." (Telegraph)
Bob Diamond says: No bank should ever receive taxpayer money and strong banks are in favour of strong regulation. (Reuters)
JPMorgan's return on equity isn't even enough to cover its cost of capital. (ZeroHedge)
Did the bonus tax raise 3.46bn or 2.5bn? (Financial News)
The Treasury has set only its target tax take and the 20bn liabilities allowance above which the levy will bite. The rest will be reverse-engineered from there. (Financial Times)
The British government has paid 64m in banking fees this year. (Guardian)
Vince Cable says he doesn't want to do "sterile public exchanges of insults" with banks. (Guardian)
Many former prop traders are hiring bankers with operational or prime brokerage backgrounds to join their fledgling businesses. (Financial News)
Great moments in MBA desperation. (NY Observer)
Bankers and other investors took on excessive risks not just to make money but for the "desire" and "exhilaration" of destruction. (Telegraph)
Poker and bullriding are more lucrative than banking. (Paul Kedrosky)
