Late Lunchtime Links: Europe would still appear to be by far the most appropriate place for Nomura to cull a lot of staff; the EU's heavy breathing on compensation

Nomura's results are out today. They are not that good, especially for its people in Europe.

As the Financial Times points out, Nomura amassed a loss of Y32.8bn from its wholesale operations last quarter, its worst result in the past 15 months. The loss was particularly nasty in the European business, where losses swelled from Y16.5bn to Y31.7bn year-on-year. By comparison, the Asian wholesale operations lost the merest Y1.5bn.

What with this loss, Nomura is understandably looking to take out some costs. CEO Kenichi Watanabe said the bank will be implementing a "cost reduction programme in wholesale", while also making, "targeted investments for future growth."

With Nomura's Americas investment banking business lauded for having, "its best ever quarter" and for generating for the first time ever, "more wholesale revenues than any other region," it doesn't take a genius to see where these cost cutting measures are likely to fall. Nomura's London staff may want to take pre-emptive action.

Separately, Sam Whitaker, counsel in law firm Shearman & Sterling's executive compensation and employee benefits practice, has been in touch to point out that the EU has stepped up its pressure on banking compensation. Yesterday, the European Banking Authority issued two papers on remuneration disclosure (here and here).

These specified both that banks will need to provide more detailed information on Code staff (people covered by the EU's pay requirements) and that they'll have to give details of all people earning more than €1m in order that this can be disclosed on a country-by-country basis. Whitaker says the first specification implies that the Code staff definition may yet be extended (meaning higher deferrals for more people). The second specification means data will soon be available on how many people earn €1m in London vs. Paris and Frankfurt.

Hedge funds will now face the same European pay rules as banks - including limits on cash payments; forced deferral and high levels of disclosure. (Telegraph)

Even if banks cut pay, they can't cut administrative expenses. This is a problem. (Financial Times)

Banks have cut 40,000 jobs so far this year. (The Times)

Banks must cut 'footballer pay' to help investors, say UK fund managers. (Bloomberg)

Even prime broking professionals are being made redundant. (FinAlternatives)

Some traders that have left the bank said they fear Goldman may turn into just another investment bank. (Reuters)

Lazard and Evercore have done quite well. (Dealbook)

Lazard's profits were up 24%. (Financial Times)

Money funds have experienced outflows of $9 billion per day this week. (WSJ)

Smith likens the current situation to an episode of the New Avengers in which a character gets killed by a bullet lodged in his heart 10 years ago. (Alphaville)

Photographs of JPMorgan's intern modelling underwear.(MyriamGirard)