Unlike many of its French compatriots, BNP Paribas had come through the credit crunch smelling relatively rosy – until yesterday evening. While European markets were sleeping, the French bank sneaked out revelations of a €710m loss racked up since October in its corporate and investment bank. €350m of this was due to the (allegedly) nefarious undertakings of Bernie M, but the remainder appears to relate to bad trades. Bloomberg points out that this will wipe out all profits in the corporate and investment bank for the first three quarters. BNP is taking immediate emergency action and cutting a modest 5% of staff (800 people), of whom most look likely to go from the fixed income division in London.

BNP shares down 14% in early trading (CNBC).

Average pay at Goldman down 45% (Bloomberg).

$85k per redundant Goldmanite (Financial News).

In a year when Wall Street has utterly destroyed itself, Blankfein sees no need to change the Goldman business model (Wall Street Journal).

Goldman comp is more stock, less cash (Wall Street Journal).

Deutsche and Goldman cut in Japan (Bloomberg).

Volatility pushed the amount of risk taken in Goldman’s trading business to new highs (Financial Times).

Corporate and investment banking to become one at Citi (Reuters).

60 jobs cut at F&C (Evening Standard).

EFG plans to hire 250 new private bankers (Wealth Bulletin).

Many associates, vice presidents and executive directors at Morgan Stanley getting no bonus at all (Dealbreaker).

Crunch books (Infectious Greed).

The true story of how I got into investment banking and what you can learn from it (Mergers and Inquisitions).

At least you won’t die young (Financial News).