Lunchtime Links: 'Knowing full well that he was less desirable as a candidate, he set upon a scheme to make himself more marketable to a competitor'

SocGen has got issues with an ex-salesman who's gone to Credit Agricole.

Bloomberg reports that it's filed a lawsuit against Karma Tenzing, a junior FX salesperson who left for Credit Agricole and allegedly 'misappropriated trade secrets involving clients for his future employer.'

SocGen has apparently filed a complaint stating: "Knowing full well that his lack of 'a book' and minimal contacts made him less desirable as a candidate, he set upon a scheme to make himself more marketable to a competitor."

Documents taken from SocGen were allegedly found on Tenzing's computer.

Wall Street banks may need to cut 5-10% of staff if revenues don't pick up in the 2nd quarter, says Nomura analyst Glenn Schorr. (Bloomberg)

BarCap has hired a new head of Latin America from Deutsche. (WSJ)

Guy Hands will only do small deals in future. (Guardian)

Despite having sold a software company for $60m, man opts to become head of hedge fund services at Morgan Stanley. (Bloomberg)

A reminder that Barclays will pay 7% interest on deferred cash bonuses to its senior bankers. (Bloomberg)

Contaminants can flow up waterfalls. (Technology Review)