Lunchtime Links: Citigroup's done dreadfully in EMEA too

When JPMorgan reported its third quarter results last week, things didn't look great in Europe. Now Citigroup's reported its third quarter results too, and things don't look good in Europe either.

Across Europe, the Middle East and Africa, revenues from continuing operations in Citi's Institutional Clients Group, which includes its investment banking business, are down 37% year to date in 2010. In Asia they're down 28%, in the US they're actually up 8%.

This may be partly a Citi thing. The bank's standing in European M&A has declined in line with an exodus of its senior European M&A bankers. In 2009 it ranked 4th in terms of deals announced according to Thomson Financial. In 2010 it ranked 13th. Nor has it fared particularly well in DCM, where it went from 4th to 10th in the EMEA underwriting rankings in the first nine months of this year.

Globally, revenues across Citi's Institutional Clients Group were down 17% quarter on quarter, and 21% year to date. The bank did particularly well in equity sales and trading, where Q3 revenues were up a massive 60% on Q2. However, as at JPMorgan, the disproportionate decline in the EMEA business doesn't bode well for bonuses in London.

On average, revenues are expected to be down 33% this quarter. (Financial News)

Macroeconomic uncertainty means M&A plans are being put on hold. (Financial Times)

Banks able to avoid paying tax on 19bn of future profits by offsetting losses during the financial crisis against their tax bills. (TUC)

Labour's about to unveil plans for public spending growth funded by a levy on banks. (Guardian)

Goldman's surveys suggest clients don't trust it. (NY Post)

Moelis is looking for people for its European capital markets business. (Financial News)

Guy Hands says he was tricked by David Wormsley. (Bloomberg)

Which private equity funds won't survive the great recession? (The Deal)

BlueBay Founders will earn 82m from the fund's sale. (Evening Standard)

South African chief executive of Glencore could make $7.5bn by floating it. (Sunday Times)

"If you really love the money and you see Ferraris going up and down you won't be a good trader. A good trader can disconnect from their emotional state." (Financial Times)

Sitting is the new smoking. (Washington Post)