Late Lunchtime Links: Does this REALLY mean BAML won't be selling Merrill Lynch?

There will be more answers to this later, when Brian Moynihan (possibly recklessly) participates in a conference call about the state of Bank of America and the need, or not, to raise more capital - potentially by selling Merrill Lynch.

For the moment, however, Brian has been speaking to Maria Bartiromo from CNBC about what happens next.

Never one to miss an opportunity, Bartiromo asked Brian whether a sale of Merrill Lynch is on the cards.

This is roughly what Brian said in response:

"When people think of Merrill Lynch, it is of an integrated Bank of America Merrill Lynch combination. This [integration] has occurred both on the management side and on the capital markets, sales and trading and investment banking side. It's core to our customers to have those activities. There are plenty of other things we can sell to create capital that are much less important to our customers..."

What is notable here is that Brian did not actually say, "No" and rule out a sale of Merrill Lynch. Nor is it clear that the 'core to our clients' argument really stands. Would a sale of Merrill Lynch necessarily mean the closure of all Bank of America's investment banking activities and the attendant alienation of clients? Probably not.

What is more questionable is whether Merrill could be disentangled from BAML and how much it would be worth without it. Bank of America bought Merrill for $50bn, but that included the retail brokerage arm. On its own, in the current climate, Merrill Lynch would be worth far less.

Brian Moynihan despatches staff pep talk email mentioning fortress balance sheet. (Zero Hedge)

Mr. Pandit has been urging employees to reach out to clients and remind them of Citi's strengths, including six straight quarters of profitability and a large and liquid capital base. (Wall Street Journal)

Citigroup Chief Executive Vikram Pandit told staff Tuesday morning that the hit Citi's stock took Monday is "a call to action" to drum up business. (Wall Street Journal)

Citigroup and Bank of America shares bounced back yesterday; Goldman and Morgan Stanley shares didn't. (The Street)

Goldman's PIIGS exposure - a mere $2bn. (Alphaville)

RBS CDS are now at a record level since the bank collapsed. (Telegraph)

Deloitte has given above inflation pay rises to almost all its staff. (The Times)

The number of new vacancies in London's financial sector fell 11% in July from June. The number of new jobseekers rose 32%. (Evening Standard)

Morgan Stanley's analyst bonuses - the rumours. (Dealbreaker)

Are recruiting practices at prestigious employers (e.g., top banks, consulting and law firms) elitist? (Quora)

Try relaxation, massage, exercise and showers to combat jet lag. (Financial Times)

There's a parallel between the riots and the stock market sell-off. Both are examples of how social behaviour can shift from stability to instability. (Stumbling and mumbling)

Sales of Baseball Bats on Amazon Increase by 5,000% in England. (Gawker)