Late Lunchtime Links: Macquarie - paying more, deferring longer

Macquarie, once famed for its generosity, has recently acquired a reputation as a particularly poor payer. Its annual results, published in the midst of the wedding, suggest it might be trying to make amends.

Last year, average pay per head at Macquarie Group rose 20% to 153k. Macquarie's chief executive, Nicholas Moore, insisted that there is "no way" they're, "underpaying people relative to the market," but did say that staff turnover levels have increased.

To remedy this, Macquarie appears to have opted for some particularly punitive deferrals. Henceforth, 'senior bankers' will get only 30% of their bonuses in cash, with the remainder deferred over 7 years.

Macquarie Group said it may buy trading and investment banking businesses in Europe in a move to reduce its reliance on the home market. (TheTimes)

UBS's co-head of US M&A is retiring in May. (Bloomberg)

UBS has lost another senior Asian prime broking professional. (Reuters)

Investment bankers are powerful-and get paid a lot of money-because they are custodians of their firm's power: its networks. (Epicurean Dealmaker)

Investment bankers and hedge fund managers are not inclined to work in the UK. (Financial Times)

Nomura's compensation ratio is now 75%. (Financial Times)

HSBC might get rid of all the retail bankers at its Canary Wharf HQ, and will put all unprofitable parts of the business out of their misery. (Telegraph)

7 attitudes to avoid if you don't intend to antagonise a recruiter. (Les Echos (in French))

JPMorgan Asset Management is looking for client advisors with a background in investment consulting. (Financial News)

Lloyd Blankfein won't be going anywhere for 2 years. (New York Post)

Banks might need to designate more people code staff next year. (Guardian)

Prepare to pay 50% tax on money secreted in Swiss bank accounts. (Financial Times)

Cliff Asness is an Ayn Randist. (FinAlternatives)

Michael Hintze of CQS was at the Royal Wedding. (FinAlternatives)

The only photo you need to see of the Royal Wedding. (Twitpic)