Lunchtime Links: There will be no need to divulge the pay of top traders

Even though our recent poll revealed that two thirds of you really don't think it would be a huge deal if banks were obliged to reveal how many people they employ earning more than 1m, the UK government isn't going to be making this an obligation. Nor is it going to be obliging banks to commit to a specific reduction in bonuses.

Instead, the government will be demanding merely that UK banks provide the pay details of the board and the 8 highest paid senior executive officers.

Apart from this, the chairs of the remuneration committees of banks are being obliged to write to the FSA to confirm they'll be paying lower bonuses this year than last year and lower bonuses than they would done this year had Project Merlin never ever existed.

Banks will also have to seek permission from their board for the pay of the 10 highest paid people in each of their business units.

For all staff at RBS and Lloyds maximum upfront cash bonuses will be limited to 2k and all executive directors will get their bonuses entirely in the form of shares. Bonuses at RBS and Lloyds will be smaller than last year and so will compensation ratios.

This will make London the most transparent pay disclosure regime in the world (Sky News)

Banks won't have to demonstrate to the UK government precisely how they're going to cut bonuses after all (Bloomberg)

Eric Daniels will get a 1.4m bonus (Sky News)

RBS rejected a two-year government veto on pay for its top staff (The Herald)

Banks first heard of the levy increases in a late night call (Telegraph)

51% of Tory donations now come from the City, up from 25% in 2005 (Financial Times)

Top 10 Tory donors in pictures (Guardian)

Are hedge fund managers the Tories' trade unionists? (BBC)

"This is a tax on the balance sheet. And yet they want us to increase the balance sheet by lending more." (Financial Times)

Painfully conscious of the accord's weakness on bankers' bonuses, it is said, Mr Osborne sought to bolster his virility in preparation for a Commons face-off with testosteronal Labour foe Ed Balls. Financial Times

Quelle Surprise! Tax Increases on Rich Do Not Lead to Exodus (Naked Capitalism)

Morgan Stanley may turn its remaining proprietary trading group into an electronic client trading business (Financial Times)

"The US concept of clawbacks is inconsistent. We would like to know why you aren't also recommending that bonuses be subsequently adjusted upwards if additional profits are realised?" (Financial Times)

Are you a woman who wants to succeed in private equity? Here's some free advice: Learn about sports. And don't get pregnant. (CNN)

Running a great company is all about firing people (NY Times)