Lunchtime Links: Much of Goldman's hiring has been in the middle office

A few weeks ago, a recruitment firm issued some research suggesting there had been an enormous amount of middle office hiring this year. Yesterday, Goldman Sachs gave their claims some credibility.

During Goldman's Q3 conference call, Glenn Schorr at Nomura queried precisely why it was that the firm had increased headcount 12% at a time when revenues had declined.

David Viniar responded that a lot of this hiring was related to the new regulatory environment and was, "on the risk management and control side of the firm." Apart from that, he said it included graduates, investment management staff, and persons outside the US.

Goldman's full year compensation ratio is currently at 35.8%, the lowest rate since the company went public. (Guardian)

EU has toned down its hedge fund rules - foreign funds WILL be able to passport into the UK. (NY Times)

Warning that the EU hedge fund rules will lead to: "A heavy compliance burden that the industry will have to bear." (Telegraph)

BAML says it's got bigger IPOs on its books than during the dot com boom. (Telegraph)

Even after the cuts, the UK's tax bill will still need to increase. (Telegraph)

Green bank to be funded by asset sales. (Sky News)

Former head of global capital markets at Morgan Stanley who was banned from going to Nomura by the FSA, has joined Cheyne Capital. (Financial News)

More reasons why you shouldn't do an MBA. (WSJ)

Economic literacy around the world. (Paul Kedrosky)