Late Lunchtime Links: Traders at RBS are not very good
Nestled among RBS's results today, was something about the performance of its traders over the past year.
The graph on page 139 reveals that RBS Global Banking and Markets made a daily average of 25.4m from its trading activities last year, down from 37.7m in 2009, and that there were 22 days in which it had trading losses.
This is all very well, until you consider what happened at JPMorgan. Last year, JPMorgan made average daily trading revenues of $76m (47m) and lost money on only 8 days, all of which were in the second quarter.
Every penny on the RBS share price adds 950m of value for the taxpayer. (Sky)
Cash bonuses down 8% on Wall Street, overall pay up 6%. (Telegraph)
Libya's secretive sovereign wealth fund has $32bn in cash with several U.S. banks each managing up to $500m, and it has primary investments in London. (Reuters)
The Obama administration is trying to push through a settlement over mortgage-servicing breakdowns that could force America's largest banks to pay billions of dollars. (ZeroHedge)
A Deutsche bank algorithm made $40m profit in minutes in Korea. (Bloomberg)
BarCap hires Adrian Valanzuela, an Asian equity derivatives specialist from JPMorgan. (Financial News)
A brief tour of China's dilapidated next financial centre. (BusinessInsider)
An interview with the Epicurean Dealmaker. (TrustedAdvisor)
Researchers convince people they have three arms. (Scientific American)
"Many middle-income families are entering a new dark age where they will see things in the Sunday supplement and not be able to afford them right away." (DailyMash)
