Lunchtime Links: Pay is falling in banks but appears to be rising in hedge funds

All the indications are that pay in banks will fall this year. Average comp per head across RBS, Deutsche, Credit Suisse, UBS, Goldman, and JPMorgan is down 15%. Only UBS is (strangely) increasing pay.

But while investment bankers will probably be poorer, hedge fund managers may well be richer. According to the latest survey by recruiters Glocap and Hedge Fund Research, pay will probably rise 5% this year.

Glocap's figures suggest that a standard portfolio manager in a small hedge fund (in the US) can command total comp of $1.23m.

RBS's underlying Q3 operating profit looks quite impressive, but it's having a few problems with the asset protection scheme. (Alphaville)

RBS expects the fourth quarter to remain challenging. (Reuters)

RBS wants to expand its sales of structured notes, especially in France and Switz. (Bloomberg)

HSBC said it will review the location of its head office again next year because of EU bonus rules. (Guardian)

HSBC says emerging markets are faltering. (Financial Times)

Some firms that did badly still booked pay costs that pushed their investment-banking units into the red-most notably UBS. (Economist)

David Wormsley is a 'lovely guy.' Guy Hands was just making a fuss. (Guardian)

Coked up bankers of Hong Kong (Danwei)

Goldman bankers are still making 10X the average US family income. (BusinessInsider)

Banks - whose collective cost of funds is now less than 1% - are now lending overwhelmingly to just one borrower. (FelixSalmon)

Bank of America and Citigroup to allow employees to test the iPhone. (Bloomberg)

MBA jobs are coming back. (BusinessWeek)

Lesser-known US business schools are busting to attract international students. (WSJ)

Sergey Aleynikov wants you to donate money to help him defend himself against Goldman Sachs. (Aleynikov)

The best way for fathers to de-stress is to iron the socks. (Guardian)

Electric brain stimulation boosts maths skills. (Techwatch)