Lunchtime Links: From Dresdner to Evolution to Investec to unemployment?

If you've lost your job and are looking for a replacement in a time of not much hiring, you may feel that you don't have much choice in when you go. Maybe you don't. But the unfortunate fate of many of the Dresdner bankers who thought they were onto something when they joined Evolution should act as a warning against thinking that just because you've found a new job, you're fine.

To recap, Evolution hired a massive 45 staff from Dresdner Kleinwort in May 2009, across equity research, sales and trading. This fortunately coincided with a round of redundancies at Dresdner following its acquisition by Commerzbank. Then, fewer than two years' later, in March 2011, Evolution had second thoughts about its involvement in pan-European equities and cut 30 people from its non-UK team. And now today, Evolution has been sold to Investec.

According to the Evening Standard, the sale will entail redundancies at Evolution. It quotes Investec chief executive Steve Kosoff, who said there will be job cuts following the deal and that they will be, "mainly in the investment bank," rather than the private client business.

Dresdner's bankers appear to have left their frying pan for a slow burning fire.

BofA's top executives did have a plan to cut 50,000 staff, then they went for 40,000 instead. (Wall Street Journal)

Bank of America is doomed and should just declare bankruptcy now. (Business Insider)

Tom Montag is a natural leader with a sharp wit, a keen understanding of the markets, plenty of people skills and a willingness to take night flights. (Reuters)

"Investment banking is on the defensive and on the wane." (Financial Times)

London to 'develop as Chinese yuan trading hub.' (BBC)

Credit Suisse is cutting 10% of its London equities jobs this week. (Financial News)

Who is ZeroHedge and why should we care? (GlobeandMail)