Lunchtime Links: UBS readying for FICC redundancies? The old equity researchers are the best

With the exception of HSBC, two things stand out today: UBS and an interesting piece of research from GLG.

In the case of UBS, an article has appeared in the Financial Times quoting, 'senior UBS bankers' who say its targets are aspirational and will be, 'extremely difficult to achieve.' Another article, also in the FT, cites another (or possibly the same) 'senior executive' who says the bank is thinking of lowering its targets, that it started the FICC buildout too late and there are some areas where it now makes no sense in the light of increased capital requirements.

Peter Thorne, an analyst at Helvea, says the articles seem strange.

"To us, it looks like an article planted in the paper to prepare the ground for some recalibration of the investment banking business away from capital intensive FICC activities," he says, pointing out that job losses may result.

Separately, The Times reports on some interesting research from the Systematic Strategies Group at AHL/GLG, which suggests buy recommendations from analysts with more than 5 years' experience consistently outperform buy recommendations from more junior colleagues. (Click below to see a larger version of their graph depicting this)

Source: AHL/GLG

The research also suggests that female analysts might be better at issuing sell recommendations and that male analysts might be better at issuing buy recommendations. However, it also underscores just how few female analysts there are: the gender split between males and females is 85:15.

Stuart Gulliver says HSBC would "genuinely" like to stay in the UK. (Guardian)

HSBC is postponing its decision to move overseas until next year. (Telegraph)

It may take HSBC three years to meet its cost reduction plan. (Bloomberg)

"HSBC never sells anything. It buys, it expands, but it never retrenches," says one banker who knows Mr Gulliver well. "That is going to change." (Financial Times)

JPMorgan had a perfect first quarter for trading too. (Bloomberg)

JPMorgan has hired more than 50 corporate banking relationship managers to present an integrated front to big clients across investment banking, lending and payments. (Financial News)

US restrictions on energy derivatives trading might be the real reason why commodities got slammed last week. (Business Insider)

Last year 96% of shareholders approved compensation at Goldman Sachs. Now it's 'just' 73%. (Bloomberg)

There is sudden demand for leveraged financiers. Credit Suisse and SocGen have both been hiring. (WSJ)

The new Scottish government could let the old UK support the two big Scottish banks. Or maybe the Scots could keep the retail banks and let their London-based investment banking arms fall where they may. (Financial Times)

Swiss Cantons are voting on whether to abolish tax breaks for foreigners. (Sunday Times)

Pippa Middleton likes bankers. (BusinessInsider)

Women in fashion, meet men in banking. (DealBook)