Friday's Headlnes: Another Sign More Pay Rules Could Be Coming
The U.S. could follow Europe and require bank executives to defer a portion of their pay under new rules set to be proposed by regulators. However, differences remain within the government. [FT]
JPMorgan's results confirm banks can't reduce compensation substantially even if they want to. [eFC-UK]
UBS says the battle for talent in Asia is putting cost pressures on the industry. This comes as Barclays, Deutsche Bank, and Citigroup are each hiring there.
Greg Fleming was named president of Morgan Stanley's retail brokerage and Ken deRegt will lead fixed-income trading as part of the bank's management shakeup. [Bloomberg]
Minority-owned firm Siebert Brandford Shank & Co. continues to expand among the ranks of bond underwriting, following the hiring of 30 bankers from Lehman Bros., Bear Stearns and UBS. [San Francisco Chronicle]
SIFMA has recommended the creation of a self-regulatory organization to increase oversight of registered investment advisers.