Lunchtime Links: Jobs coming at the Libyan Investment Authority
Remember the Libyan Investment Authority; the country's sovereign wealth fund with fingers in so many international company pies? The institution investment banks courted over the last few years, only to quickly distance themselves from after the uprising against Gaddafi's regime?
Well, it wants to recruit. Some of the SWF's funds have lost up to 40% of their value since the six-month rebellion began, yet asset managers running funds on its behalf are still making millions in fees, says the Financial Times.
An investigation into corruption is underway, but to some extent the performance can be attributed to the poor quality of staff at the LIA - many of whom were friends and associates of the Gaddafi family - according to Mahmoud Badi, who has been appointed by the national transitional council as 'director of Libyan foreign investments'.
In order to stop the mismanagement of the Libyan people's wealth in the future, Badi is planning on recruiting a team of bankers and advisers to oversee the funds. Anyone?
Russian banks are hiring, but are less reliant on expensive expats (Bloomberg)
Ringfencing would cut RBS's profits by 15% a year and Barclays' by 12% (Telegraph)
Why it's still distinctly possible that Bank of America could fall (Business Insider)
UBS has removed BoA from its 'least preferred' list (Dealbreaker)
Warren Buffett has made $280m from BoA in one day (Telegraph)
Brevan Howard has made $1.5bn in three weeks thanks to the market turmoil (Financial Times)
Paulson is down over 38% (Financial Times)
SocGen has hired a new head of commodities research in the US (Bloomberg)
Chinese banks are booming (Bloomberg)
...but maybe you should take the results with a pinch of salt (Breaking Views)
UBS has hired a wealth manager with $110m in assets (On Wall Street)
In total, ABN Amro has now cut over 8,200 jobs in an attempt to bring its cost-income ratio below 60% by 2014 (Wall Street Journal)
Warren Buffet's bathtub fixation (Dealbook)
"Suit#1: 'Was that really an earthquake?' Suit#2: 'No, I just dropped my wallet.' (laughter)." Goldman investigating rogue Twitter account. (NY Post)
