Lunchtime Links: Banks will not be allowed to pay 'huge bonuses' if they do not lend to 'small businesses'

Today is the first day of the Tory conference. Anyone deludedly hoping the Conservatives would be nice about the City is likely to be feeling a little tearful.

Before the conference even started, George Osborne was saying things like, "Britain should never again hitch "its entire fortunes to the City of London".

Then, towards the end of his speech this morning, Osborne came over all Vince Cable and declared, "Let me make this clear today, we will not allow money to flow unimpeded out of those banks into huge bonuses if that means money is not also flowing out in credit to the small businesses who did nothing to cause this crash and suffered the most in it."

Given that most investment banks don't lend to small businesses, this would appear to rule bonuses out. Channel Four's Faisal Islam noted that the Tory conference enthusiastically clapped the tax the banker rhetoric. It's easy to see who will be denigrated as soon as the coalition's popularity wanes, he noted.

BAML has hired lots of senior corporate bankers from RBS. (Dealbook)

Vince Cable rethinks bank targets for lending to businesses. (Guardian)

Credit Suisse and UBS may need to double the amount of capital they hold. (WSJ)

New report argues that UK banks will need another bailout next year. (NewEconomicsFoundation)

Households earning 88k can still get child benefit, as long as their income is divided between two earners. (Independent)

BarCap's former star equity strategist is joining Odey Asset Management. (Financial News)

The EU will be pursuing plans to set up a credit rating agency. (Bloomberg)

JPMorgan let go of about two dozen people in S&T this past week. (Wall Street Journal)

The Lehmanisation of Nomura is startling. (NY Times)

Stuart Gulliver will not be replaced as HSBC's head of global banking and markets for the foreseeable future. (Financial News)

Revenues and profits at Standard Chartered's wholesale banking division have tripled in the past five years. (Financial News)

Morgan Stanley has almost doubled its capital introductions team. (Financial Times)

Private banks are 'steaming ahead' with recruitment drives and guaranteed bonuses. (Financial Times)

UBS asset management is hiring for a structured solutions team. (Financial Times)

After closing its HK office two years ago, Fortress is opening in Singapore. (FINalternatives)

China challenge to the Swiss and Singaporean private banking industries. (Stuff)

The perfect team has a visionary, a classic manager, a customer champion, and an enforcer. (NY Times)