Lunchtime Links: How long before Morgan Stanley gets bored of 'building out' its FICC business?

Today is the day of Morgan Stanley's results. They too show deep pain in the region of fixed income currencies and commodities: after changes in the value of its own debt were taken into account, Morgan Stanley made negative revenues in fixed income sales and trading last quarter.

Discounting this, its fixed income revenues were down 37% quarter on quarter and 27% year on year. For the full year, Morgan Stanley's fixed income sales and trading revenues fell 19%.

This is all very well. All banks have been feeling the fixed income pain. Except that, like UBS, Morgan Stanley has been building in fixed income and might expect revenues to grow rather than shrink.

Undaunted, James Gorman appears to be asking for more time. Today's press release says that: "Fixed income results reflected the difficult environment while we continue to make progress building out our Interest Rate, Credit & Currency (IRCC) business."

There are signs, however, that James thinks something might be amiss. Last week, he appointed Ken deRegt as head of the fixed income business. A shakeup seems imminent.

Separately, Morgan Stanley has already been exposed as a poor payer in London. Today's release confirms that. Last year the bank paid $269m towards the UK bonus tax; Goldman paid $465m. It would appear that Morgan Stanley's bonus pool was 42% smaller than Goldman's.

Morgan Stanley has hired hundreds of traders and poured millions of dollars into the transformation. (DealBook)

Goldman Sachs is still just a big trading floor. (Telegraph)

Bankers gave staff 10bn as Britain's young struggled for work. (Guardian)

Charities pay price of greed at Goldman. (ThisisMoney)

A RECORD one in five young people is out of work - as fat cat bankers who caused the crisis celebrate a bonus bonanza. (Mirror)

Bonuses for bankers, bankruptcy for public services. (Guardian)

Shock! Banks will be allowed to decide how much they pay. (Bloomberg)

Britain's banks are fighting a rearguard action to block the disclosure of their top traders' bonuses. (Financial Times)

Real reasons Kevin Connors is out. (BusinessInsider)

Goldman won't be capping its bonuses at 1m. (IFA)

Goldman Sachs is moving its French investment banking chief to Moscow. (Bloomberg)

61% of Goldman's partners are American citizens even though 54% of its revenues are from the US. (Footnoted)

UK banks have duty to support poor children, says Clegg. (Bloomberg)

Peter Mandelson, former anti-City campaigner, joins Lazard. (Telegraph)

The big surprise for Wall Street was a requirement for chief executives to attest "publicly" that their compliance procedures are adequate to pick up forbidden proprietary trading. (Financial Times)

Unfortunate banker sends an email which loses RBS its role in a $1.6bn IPO. (Bloomberg)

A single investor has pulled $1bn from Man Group. (Bloomberg)

"Bonuses in JPM's prime brokerage were cut 75 percent (department-wide average)." (Dealbreaker)

"A players hire A players and B players hire B players." (Financial Times)

6 ways bankers drive lawyers nuts. (WSJ)

Citigroup forced to defend 'bong' traders. (Dofonline)