Lunchtime Links: Could the second half be even worse for investment banks?

The disintegration of FICC revenues within most investment banks during the first half has been highlighted by many publications in recent weeks, but today it's received renewed attention.

City AM has compiled a list of the banks whose FICC revenues suffered the most (Credit Suisse and Goldman BTW), while Financial News has unveiled a gloomy prognosis for the second half of this year - it will probably get worse.

Several banks are expected to report their worst full-year earnings since the financial crisis first reared its ugly head in 2008; debt issuance has ground to a halt, banks have taken unnecessary risks in an attempt to claw FICC market share back and markets have experienced an "extreme degree of liquidity" in the last two weeks.

"The second half will be tougher than the first," surmises one head of European investment banking. Hmmm, grim times indeed.

Man Group have hired top Goldman banker Jonathan Sorrell in prelude to possible push in the US and Asia (Financial Times)

SocGen has bolstered its research team (Financial News)

S&P president has left, but this has nothing to do with the US downgrade (Telegraph)

Private equity firms want investment bankers in Europe to join, and move to Asia (Financial News)

"The cost-cutting is an admission of defeat. UBS overhired after its near-collapse in early 2009, but was unable to win back market share. With more difficult markets, the economics of its investment bank became so uncompelling that the group now has to retreat." (Times)

Who's to blame for the investment banking job cuts? (Lex)

A bank has INCREASED profits on the back of HIGHER investment banking earnings (Bloomberg)

IG Group has done very well out the recent volatility, despite the holiday season (Times)

Bank of America shares have tanked (Financial Times)

...as have Goldman's after Lloyd Blankfein admitted hiring top defence lawyer (Financial Times)

Boutique investment banks are winning more and more M&A work (Dealbook)

Citigroup's most senior prop trader is leaving to set up a hedge fund (Financial Times)

"These young financial wizards invest a great deal of money and effort to develop sophisticated financial products, the sole purpose of which is to generate more profit for both their employers and, ultimately, for themselves" (Der Spiegel)

Tech analysts are being hired on multi-million dollar packages (Dealbook)