Lunchtime Links: Morgan Stanley promises NOT to make redundancies; Goldman's prop traders aren't THAT good

If you're working at Morgan Stanley and you're worried about your job, James Gorman has a message for you. According to Fox Business, Gorman attended an 'employee meeting' yesterday and said 'emphatically' that there won't be job cuts at Morgan Stanley this year. He also apparently said that the fourth quarter will be better than the third.

Separately, the Wall Street Journal suggests that the Goldman prop traders who've gone to KKR aren't actually that good. By 'this summer' their gains were reputedly only 5% year on year. According to Morningstar's hedge fund index, this is roughly in line with the market.

The WSJ speculates that KKR wants the Goldmanites because of their prestige and ability to generate steady profits without spectacular losses.

Less than a year into his job, Gorman has asked for patience as the company tries to rejigger itself into a more stable and diversified shop. (WSJ)

There is a growing risk that Credit Suisse faces a triple whammy of falling revenue, high staff costs and a long tail of deferred pay. (Financial Times)

Nomura and Goldman have moved their FIG bankers to Asia. (BusinessWeek)

Arbuthnot is having trading problems. (Financial Times)

Piper Jaffray is cutting London jobs. (Financial Times)

Two Man executives made redundant after GLG merger. (FinAlternatives)

Former head of UCITS at Brevan Howard joins Schroders. (FinAlternatives)

"Banks are going to have to be very, very sensitive in the coming months. If they just press ahead with substantial bonuses... They will be soaked in some way." (Guardian)

If the Treasury had been minded, far greater sums than 2.5bn could have been justified. (Guardian)

The levy was initially planned on the entire balance sheets of banks with liabilities >20bn, now just on 20bn plus. The rate will have to be raised as a result. (Financial Times)

UK banks could be hit twice by the levy - they'll be taxed once on their global balance sheets at home, and again abroad. (Telegraph)

Wealthy people found to possess certain hormone. (WSJ)

Is prosperity possible without growth? (Wall Street Oasis)