Lunchtime Links: A reminder that financial services pay has a LONG way to fall
You might not be working in banking for the pay. Maybe you're at Goldman Sachs and are there for the "sense of family and belonging." Chances are, however, that the pay plays a big chance in your motivation.
The graph below is, therefore, bad news.
Taken from yesterday's Financial Crisis Enquiry report, it's a timely reminder that financial services pay diverged massively pay from all other pay in the 28 years after 1980. The discrepancy is now enormous and has only just begun to be reversed.
"J.P. Morgan bought Bear Stearns because the United States government asked us to!" Mr. Dimon said, nearly shouting. (WSJ)
Sarkozy goes postal on Jamie Dimon. (Zerohedge)
Sarkozy is the new poster boy for a Tobin tax. (Guardian)
Morgan Stanley has made more managing directors than at any time since 2007. (Wall Street Journal)
Only 16% of Morgan Stanley's managing directors are women. (Financial News)
Investment banks cashed in during the financial crisis from bumping up the fees charged to companies that were trying to raise money in the markets. (Telegraph)
Goldman believes FICC trading revenues could increase due to growth in emerging market securities and an increase in client risk appetites. (Financial News)
Mr Evans, one of three Goldman vice chairmen, was based in Hong Kong for more than five years, an unusually long period for such a senior banker. (Financial Times)
Amazing interactive graphic on HK banker migration: everyone left Nomura and UBS; everyone joined BarCap. (Wall Street Journal)
Forcing a break-up of British banks would damage taxpayers' returns from their 67bn stakes, Robin Budenberg, the boss of UK Financial Investment (UKFI), has warned MPs. (Telegraph)
In a crisis, people like hiring women. (HarvardBusinessReview)
People you know to be complete idiots will make a lot more money than you do. (CNBC)
Demi Moore says bankers more overpaid than movie stars. (BusinessInsider)
Hedge fund manager has relocated to the South Downs of England to establish the Rathfinny vineyard and winery. (FinAlternatives)
