Lunchtime Links: The decade starting 2011 will be the worst one for US banks for 80 years

What with UBS's unimpressive results, questions are already being asked about its 'aggressive investment bank rebuild strategy.' UBS is insistent that things are getting better. It may be right. Then again, it may be badly mistaken.

When it comes to US banks, US banking analyst Mike Mayo thinks things are definitely not improving. Instead, Mayo thinks they're about to get a lot worse

"Revenues aren't just weak for this quarter, or even for this upcoming year, but for the entire upcoming decade," predicts Mayo, cheerfully.

According to Bloomberg, new rules on derivatives trading and higher capital limits will combine with restrictions on credit card fees and consumer banking to depress revenues.

"The trend over the last two quarters is hitting almost every line of income statements and is spread across the sector, affecting investment banks, consumer banks and commercial lenders. It's eating away at profits, depressing stock prices and threatening bonuses and new hiring," Bloomberg opines.

Bob Diamond thinks the banking industry is in for a big shakeup, particularly in Europe. (Reuters)

The solution is obvious. Barclays and HSBC should leave the U.K., while UBS and Credit Suisse should leave Switzerland. (Bloomberg)

Mervyn King says banks should be broken up. (Telegraph)

Stephen Hester thinks the UK banking levy should only last until banks are no longer dependent on state support. (Reuters)

"Only very much higher levels of capital - levels that would be seen by the industry as wildly excessive most of the time - would prevent such a crisis," King said. (Guardian)

Josef Ackermann and Martin Blessing say banking regulation in German is in danger of becoming oppressive. (Financial Times)

The financial services industry is growing in Iraq. (Financial News)

Lord Myners warns pension schemes to curb the next bonus round. (Financial News)

Hedge funds have finally passed their 2008 high water marks. (WSJ)

Pierre Henri Flamand was fed up with managing people at Goldman. (WSJ)

Johnny Cameron's going for a part time consultancy role at Gleacher Shacklock. (Telegraph)

David Wormsley urged Citigroup colleague to show, 'big love' for Terra Firma. (Guardian)

David Cameron hints at relaxation of the immigration cap. (Telegraph)

10 things recruiters won't tell you. (WSJ)

Bees are quicker than computers at maths. (Independent)

Bill Gross gets up at 4.30am, does yoga at 8.30am, dances round office. (GlobeandMail)