Lunchtime Links: Unfortunately, emerging markets hiring is no panacea for profitability

Bad news. Banks are not making bigger profits in Singapore. Nor are they making bigger profits in India. They might be making bigger profits in Hong Kong and Africa, but costs are rising fast.

This is the message behind the results of Standard Chartered, which (on page 17) show a certain stagnation of profitability in the wholesale division in many regions, despite (or maybe because of) a massive injection of headcount.

Much of this moribundity seems associated with the fact that bankers in Asia are demanding more money than ever before.

As Bloomberg points out, staff costs at Stan Chart rose 17% in 2010 while headcount rose 9%.

The bank said it had increased bonuses last year. It also said staff and premises costs rose substantially in Singapore and India. The only really, truly exciting increase in profitability at the wholesale bank happened in the Middle East and was mostly attributable to a 'sharp improvement in loan impairment.' Whether this will remain the case in the circumstances is yet to be seen.

Investors ask, 'Where's home for Standard Chartered?' (Wall Street Journal)

KKR has hired a head of European distressed debt and wants to hire some more in the same area. (Bloomberg)

RenCap has hired six equities staff in London, including persons formerly of Citigroup. (Financial News)

RBC has hired a new head of European Credit Trading from UBS. (Bloomberg)

Credit Suisse has hired a team of 10 ABS bankers from BarCap. (Financial News)

It's ok: Cazenove is still great. (Financial Times)

Here at last: MBA TV. (LBS)

How to deduce the origin of blood spatters. (Technology Review)

Travel to become the prerogative of the wealthy. (Telegraph)

If you ever feel that human need for validation and need to unburden yourself of a valuable secret, make sure you phone a journalist, rather than a hedge-fund manager. (Reuters)