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Lunchtime Links: Goldman Sachs does NOT foresee the need for additional redundancies in FICC

As we noted yesterday, Goldman Sachs cut 300 people in the first quarter. Amidst rising non-compensation costs, it's also been cutting pay per head and shifting operational positions in the US to Utah.

However, it probably will not be making extra redundancies in FICC - despite the fact that its FICC revenues were down nearly 30% year on year in the first quarter. In yesterday's conference call, David Viniar said that, 'as he sat there now' there were no plans to downsize FICC.

Specifically:

"We continue to be hopeful that that business is going to grow over time. And it's going to grow in more places. It's going to grow in the growth markets. We continue to be optimistic looking forward. "

Viniar also said that not many people were leaving and that the redundancies in the first quarter were in now way indicative of what might happen to headcount later in the year.

Goldman's doing very well in trading, but would prefer you ignore this. (CNBC)

Seven reasons why Dick Bove has cut his rating on Goldman Sachs. (WSJ)

These are the non-financial books you should be reading this summer. (Amazon)

British banks should have paid more for state guarantees, says the Public Accounts Watchdog. (Financial Times)

A cross-party panel of British lawmakers said it is "inappropriate" for banks to award staff large bonuses and reap excessive profits while they rely on support from taxpayers. (Bloomberg)

RBS needs to change the management of its investment banking arm after the deputy chief executive of global banking and markets was injured during a skiing accident. (Financial Times)

John Costa's fund, PrinceRidge is opening in London, but may not need to hire anyone. (Financial News)

China has sentenced a young business woman to death for raising the wrong kind of financing. (Economist)

In a "huge development", Singapore wants to be the first overseas hub for trading the Renminbi. (Financial Times)

Christian Meissner has become more important at BAML. (Bloomberg)

Ex-Lehman banker sets up company: Petshopbowl.co.uk. (Financial News)

If one person became obese, the likelihood that his friend would follow suit increased by 57%. (Wired)

Good looking women are discriminated against by female recruiters. (Telegraph)

Having a desk job doubles the chance you'll get bowel cancer - even if you engage in vigorous exercise. (Telegraph)

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