Lunchtime Links: What does this mean for the people who've joined Lloyds' markets business already?

While other banks have pulled back from hiring, recruiters say Lloyds wholesale banking business has been picking people up. Back in September, there were rumours that the bank wanted 150 people for its wholesale banking business by the end of the year. In October, recruiters said there was definitely hiring happening - albeit in the middle office.

Much of the impetus for recruitment was the expected buildout of the wholesale division by Nathan Bostock, head of restructuring and risk at RBS, whose appointment was announced in July. Bostock was poached by stressed out and currently absent chief exec Antonio Horta-Osorio, and wasn't expected to join Lloyds until 2012. Then, he was expected to continue building-up the fixed income business.

Now, however, Bostock's decided to stay at RBS and Antonio Horta-Osorio may never return. Suddenly, Lloyds' wholesale banking strategy looks uncertain. It's hard to see how this can be a good thing for anyone who's joined its fixed income business in recent months.

In July, Mr. Horta-Osório said Mr. Bostock would "play an important part in my senior leadership team." (Dealbook)

RBS is halfway through its equities execution buildout and has attracted 30 clients this year. (Financial News)

UBS might take a lump sum out of this year's bonuses to cover Kweku - rather than clawing back last year's. (Financial Times)

The average level of base pay in the City came in at 83,000 in the 12 months to the end of September, the report said, while the average for managing directors reached 237,000 per annum. The average salary has risen 12% over the past year. (City Am)

The falling price of RBS shares means Stephen Hester has lost 9.5m on his deferred bonuses. (Herald Scotland)

Paul Norris, Nomura's global head of markets research, appears to have been removed from the bank only 8 months after being promoted to MD. (Financial News)

Nomura has dispensed with 8 European fixed income researchers. (San Francisco Chronicle)

Brazil not promised land after all: "Many banks will not have the money to pay their staff and, accordingly, some will just give up," says Marcelo Kayath, Brazil co-head of investment banking at Credit Suisse in São Paulo. "We have seen this picture several times before - usually three or four newcomers come in and then leave every five years." (Financial Times)

John Major says a Tobin tax would be like a heat seeking missile for the City of London. (Guardian)

Mr Schäuble said Germany will stand firm on its call for a financial transaction tax and that Britain will join the euro before long. (Telegraph)

Research has shown that intellectual ability matters for success in many fields - and not just up to a point. (NY Times)

Once the Euromillions jackpot exceeds 80m, large numbers of bankers will start participating. (Telegraph)