Lunchtime Links: Why a JPMorgan analyst thinks Goldman Sachs is glorious and fixed income trading jobs are going downhill

Let it not be said that Goldman Sachs is not the preeminent investment banking employer and that people working in sales and trading should aspire to JPMorgan, a JPMorgan researcher himself has declared Goldman to be great.

In a note released yesterday, JPMorgan banking analyst Kian Abouhossein, upgraded Goldman and said the bank will be a winner in the new banking environment. He also pointed out that Goldman easily pays better than any of its rivals.

"We do not see GS employees leaving the industry or being attracted to competitors," wrote Abouhossein, adding that, "GS has the revenue scale to compete in all product categories within FICC and equities in our view," and that Goldman Sachs partners will benefit from the anticipated increase in the firm's share price which is expected to follow imminent re-leveraging.

More particularly, Abouhossein thinks Goldman's substantial investment in technology will leave it well placed in a more 'cash equity' like FICC world.

This is fortunate, because Reuters today has a good article on why traditional fixed income trading is dying.

Reuters says the two key causes of death are: extended low interest rates and low volatility, and the wholesale shift of fixed income trading to electronic platforms - thereby crushing margins and killing the OTC market. Redundancies are likely to result, particularly in liquid products like interest rate swaps. But Abouhossein says Goldman will be fine. It is an investment banking "machine," with a "deep talent pool," he says.

The small business lending managers at RBS who are being berated by the British government for their lack of generosity, are generally leaving after 12 months. (Telegraph.)

Standard Bank has hired five equity sales people. (Financial News)

BNP Paribas has hired a new head of German corporate finance. (Powermoves)

Nomura has hired a senior star energy analyst from Morgan Stanley. (Financial News)

"There's a growing feeling that the banks have played a big part in the problems now facing Spain." (Bloomberg)

Banking systems cannot be allowed to remain national. Banks must be backed by a common treasury or by the treasury of unimpeachably solvent member states. (Financial Times)

Wanted: chair and tax director for the Office of Tax Simplification. (British Treasury)

Women at the IMF say the workplace is not hostile and that it's wonderful working with so many talented people, 'up close.' (IMF)

Harvey Nash has raised its financial services recruitment market share by 20%. (The Times)

How to deal with sex parties in your tax declaration. (Handelsblatt)

Wine parties are more and more common as recruitment events in France. (Figaro)

Did the NYT hack Fabrice Tourre's email? (Reuters)