Lunchtime Links: JPMorgan's results look like bad news for pay at its European investment bank

JPMorgan has released its third quarter results. They are better than expected, but they don't look great for pay. They also don't look great for Europe.

Year to date, revenues at JPM's European investment bank are down 29% y-o-y, compared to a decline of just 8% in America and an increase of 6% in Asia. This doesn't look good for the European business, particularly given an apparent sense that decision making is felt to have moved back to the US following the departure of Bill Winters.

Concomitantly, the pool of pay seems to be shrinking. JPMorgan has added 1,545 people to its investment bank over the past year, but its compensation bill is down 10%. At the current rate of accrual, comp per head will be down 15%. European bankers don't look well placed to fight

for their share.

The EU and the US are crafting new rules to curb high frequency trading. (Reuters)

The Prudential Regulatory Authority will need some high calibre staff. (Telegraph)

Bank of America is staying in Canary Wharf. (Freeofficesearch)

Okritie has hired 5 bankers from Renaissance Capital. (Bloomberg)

Lazard's hired Naguib Kheraj as chief exec of its international division. (Evening Standard)

Government triples the pay of its chief information officer in the equivalent of a 600k per annum buy back. (The Times)

Students to pay 36k for magic beans. (Daily Mash)

Pigeons could be employed as traders. (Telegraph)