Lunchtime Links: Bonuses, defending bankers, hedge fund pay - big stories from the Christmas break
Assuming that self indulgence or small children kept you from keeping up with the news over Christmas and the New Year, we've aggregated all the big stories below. In summary: Goldman's bonuses are likely to be the lowest percentage of revenues since it's been a public company. And senior Conservatives made the most of the Christmas break to stand up for the City.
On bonuses:
Goldman Sachs bonuses at near record lows? (WSJ)
Goldman may grant bonuses that depend on future earnings, as well as stock performance. (Bloomberg)
Under the so-called Basel III rules, international banks will have to provide a "scorecard" for each banker to prove they deserve a bonus. (Telegraph)
Remember, for every 100 paid in bank bonuses, roughly 57pc will go straight to the tax-man in income tax and national insurance contributions. (Telegraph)
Leading charities want a bonus tax to help protect their services. (Telegraph)
British banks suggest shareholders should vote on the size of bonus pools. (Guardian)
Actually, bonuses will only fall 7%. (CNBC)
US bankers are feeling the pressure of European bonus regulations. (Baseline Scenario)
Banks are fighting back against the ban on buybacks. (Telegraph)
Banks plead for guidance on how to set bonuses. (Telegraph)
On whether London is or isn't going to remain a major financial centre:
Former Goldman Sachs partner, said the 50% higher rate of income tax was "just the cost of doing business in London" and was outweighed by the city's many advantages. (Telegraph)
Boris Johnson warns that the City mood music will encourage banks not to expand in London. (Telegraph)
Michael Heseltine: Banks are essential to the economic recovery, and the coalition must not succumb to the temptation to cast them as the enemy. (The Times)
Record 10bn drop in UK exports blamed on 'banker bashing.' (Telegraph)
George Osborne hinted at increasing the bank levy unless banks show restraint on bonuses. (Financial Times)
On individual institutions:
BofA shares rose 6.7% on Monday after it paid $3bn to buy back bad home loans from Fannie and Freddie. (Telegraph)
Deutsche is Europe's top investment banking fee earner for 2010. (Financial News)
The proposed new HQ of Swiss bank UBS is an aloof fortress that ignores its responsibilities to the wider community. (Guardian)
Another three senior executives have left Citadel's securities unit. (NY Post)
On hedge fund pay:
Colm O'Shea, founder of Comac, a Mayfair hedge fund, earned 111k a day for three months. (Sunday Times)
Crispin Odey earned 36.4m in one year. (Sunday Times)
Start up hedge funds are setting salaries according to growth in assets under management. (FinAlternatives)
Miscellaneous:
2,800 retail bank staff earned more than 1m last year. (Guardian)
Nomura says it wants to hire people who'll stay for 10 years or more. (Financial News)
You will almost never find an investment banker "sicklied o'er with the pale cast of thought." It's just not in their genetic makeup to be reflective, introspective, or speculative in an intellectual sense. (Epicurean Dealmaker)
George Monbiot calls for mandatory house sharing by wealthy people with spare rooms. (Guardian)
The top 20 roads to live in, in London. (Evening Standard
