Lunchtime Links: Senior Rothschild bankers want reimbursement from UBS for an aggressive tax avoidance mechanism which didn't work

If you're the co-head of global investment banking at Rothschild in the UK, you'll undoubtedly be paying 50% tax and a lot of national insurance.

This being the case, you'll be interested in a "highly aggressive tax avoidance mechanism" which (simplistically) involves investing your bonus in a loss-making film production fund and offsetting those losses against your liability for personal income tax.

When that tax avoidance mechanism doesn't work, you may be annoyed. You may seek to sue UBS for wrongly suggesting you'd save income tax and simply investing your money at a loss. This, according to Bloomberg, is what's come to pass.

Random social mobility reduces everyone's preferred levels of taxation. (Stumbling and mumbling)

Goldman Sachs is making some of its Australian equity partners very wealthy. (Bloomberg)

Goldman intends to build a team of "five to eight" people to raise funds for private equity firms. (PrivateEquityInternational)

Bank of England staff aren't getting a pay rise, but they are getting redecorated toilet facilities. (Bloomberg)

Rachid Bouzouba - from Nomura to Ibiza. (Financial News)

Mizuho won't be building an Asian prime brokerage after all. (Bloomberg)

Deutsche says fund managers need to embrace algo trading. (Financial Times)

The marginal effect of financial development on output growth becomes negative when credit to the private sector surpasses 110% of GDP. (PragmaticCapitalism)

Having children improves a man's perception of his career prospects, reduces a woman's. (WSJ)