Late Lunchtime Links: Why you shouldn't keep your options open; people at Lazard are more threatening than at Goldman Sachs

The Huffington Post has an interesting article on decision making. The author, a PhD and 'motivational psychologist' cites research by Harvard psychologist Dan Gilbert, which shows that decisions that are irreversible reliably lead to higher levels of satisfaction than decisions you can back out of.

This is said to be attributable our 'psychological immune system,' whereby once we've committed to a course of action we stop thinking about the alternatives. Or, if we do think about the alternatives, we're less likely to think about them in a regretful way once we've completely committed to do something else. Conclusion: never ever accept a buyback.

Separately, William Cohan, the author of the recent epic book on Goldman Sachs, says he felt more intimidated when he wrote about Lazard than when he wrote about Goldman. Although Goldman would have definitely preferred it if he were run over by a bus, Cohan said they didn't do anything about it. On the other hand, he says people at Lazard were "much more threatening" and that he had to change his telephone number.

And in other news:

There have high level arguments at JPMorgan because Jes Staley, head of the investment bank, has been spending a lot of time focusing on Asia and regulation and not enough on US trading activities and fixed income. (Wall Street Journal)

Asia-Pacific's wealth management market remains "revenue-challenged." (Financial Times)

Goldman Sachs is considering releasing documents showing sloppy maths and incomplete analysis in the damning report from the Senate Permanent Subcommittee on Investigations. (Wall Street Journal)

Nomura slashed cash bonuses by 95% and its profits are meagre. (Reuters)

Standard Chartered's global head of high yield products is leaving after less than 2 years. (Bloomberg)

Credit Suisse has hired a Greenhill banker to be co-head of FIG banking. (Bloomberg)

Citigroup's hired an MD of pharma and healthcare research from Morgan Stanley. (Reuters)

UBS may not be able to demolish the existing buildings at Broadgate after all. (Guardian)

The Central Bank of Ireland may oblige banks to revert to Irish GAAP accounting, thereby creating millions in additional losses. (Telegraph)

UBS is in investment mode in the US and wants to hire, 'new regional talent, with a focus on industrials, private equity, energy, healthcare and technology among other sectors.' It has just hired an MD from Morgan Stanley. (Reuters)

Two-thirds of Britons would support government action to reduce the gap between high and low earners. (Guardian)

The banking industry enjoys operating margins, returns on assets and returns on equity which most other sectors would die for. It's actually an oligopoly. (Telegraph)

Just one night of sleep deprivation lowers men's libido. (Telegraph)