Lunchtime Links: 'Think of the stress of the early years in M&A as a call option on your later career'

Ruth Porat, CFO at Morgan Stanley has some advice for any junior bankers feeling overwhelmed by the nightmare that can being a junior investment banker can constitute. In an interview with BigThink, Porat, who was formerly a technology investment banker at Morgan Stanley, admits the early years in M&A can be, "very challenging" and that it takes a lot of effort to reach the more senior ranks.

However, Porat says junior bankers need to remember that those early years are, "opening doors to go and do so many different things, working with corporations, starting your own business or advancing in investment banking.

"I would say, think of it almost as a call option on the next part of your career," she advises. People working on late night pitchbook corrections are advised to bear this in mind.

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There is also no mechanism for quitting the euro in an orderly fashion. Any obvious preparations to do so might trigger a bank run. (Financial Times)

The only "structural" question now seems to be whether AIB will be merged with BoI or will some rump financial institution be cobbled together from AIB and what is left of INBS and Anglo and offered for sale to the likes of Deutsche Bank, Santander or BBVA. (NamaWineLake)

Trafigura is transferring 80 people from London to Geneva; Vitol is shifting 25 traders. (Financial Times)

BofA has hired a new head of G10 FX strategy from the IMF. (Bloomberg)

Computer driven trading shops and independent prop firms next to be regulated in the US. (NYPost)

UK government's immigration cap for skilled workers is to be 13% lower than in 2009. (Reuters)

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Paul Calello fed his daughter's Tamagotchi a digital hamburger in a meeting. (NYObserver)