Late Lunchtime Links: BAML's corporate bankers will want its investment bankers' bonuses; NINE children for Helena Morrissey

In the interest of relaxation, it might be nice if there were a day when a big US bank didn't report quarterly results. Sadly, this is not the case.

After JPMorgan reported on Friday, Citigroup reported on Tuesday, Goldman Sachs reported on Wednesday, and Morgan Stanley reported on Thursday, today is the turn of

Bank of America Merrill Lynch.

As elsewhere, it's not pretty. There was a big loss in the fourth quarter, related to faulty mortgage loans.

Net income in BAML's global banking and markets business fell 50% on Q3 and full year net income fell 37% on 2009. The return on equity in global banking and markets fell from 20% in 2009 to a mere 12% in 2010. Fixed income did dreadfully; M&A and capital markets bankers did ok.

In brief:

BAML, net income/loss, global banking and markets:

BAML, net revenue (less charge-offs), global banking and markets:

On the whole, BAML's investment bankers might be hopeful of getting paid well for 2010. After all, they ranked second globally for net fee revenue and EMEA M&A is an area of focus for hiring in 2011.

However, we suspect simmering discontent between BAML's M&A and corporate bankers.

In the presentation accompanying today's results, BAML points out that it's been 'enhancing its dual coverage model' between the commercial bank and the investment bank and that 23% of investment banking revenues last year from corporate banking clients.

Needless to say, corporate bankers are paid substantially less than investment bankers. Maybe this should be addressed. Corporate bankers probably think so.

Separately, The Guardian says Helena Morrissey, chief executive of Newton Investment Management, now has 9 children. Morrissey leaves work at 6pm each day and has a husband show's a Buddhist priest.

RBS is in talks to leave the asset protection scheme. (Financial Times)

Why you may now want to be paid in shares from RBS. (Alphaville)

The Volcker Rule study - key takeaways. (Economicsofcontempt)

The Volcker Rule is encouraging US traders to join boutiques. (WSJ)

Boutiques are being squeezed by the big banks. (BusinessWeek)

Meet Nomura's new head of M&A . (Financial News)

Since the hiring value of a dollar in the EU is now less than the value of the same dollar in East Asia, it is cheaper to grow outside the EU. (Quora)

To boost philanthropy, banks might have to reveal the amount staff to give to charity. (TheTimes)

The enormous stock and options award of December 2008 creates the impression that the partners of Goldman once again outsmarted the rest of the world. (CNBC)

Dubai's 'The World' is sinking back into the sea. (Telegraph)