Credit Suisse might have avoided the 5.6m fine levied by the FSA yesterday if only its product controllers had been a little less overawed by the might of its traders. The FSA’s probe into the mispricing of $2.7bn of trades at Credit Suisse in February found its traders had been treated with ‘too much deference.’ A lawyer told the Financial Times it “happens a lot.” (FT).

UBS has an unfortunate gap in its staffing (Telegraph).

Renegades decide not to leave UBS after all (Wealth Bulletin).

Novel strategy at UBS: focus on BRIC countries (Bloomberg).

ING suddenly looks like a good place to be (Financial Times).

And so does Deutsche Bank (Alphaville).

Who said hiring pays off? (Wealth Bulletin).

Why bank mergers need to happen before December
(Naked Capitalism).

Five reasons why JPMorgan has taken a dive (Wall Street Journal).

Merrill may cut dividend for first time ever (Bloomberg).

Shocker: Hiring freeze at Merrill (Dealbreaker).

Shocker: Goldman won’t help the rich (Wall Street Journal).

End of the cheese grater (Telegraph).

Average employee at KKR earned 1.4m last year (The Times).

Born in a recession? Die of a heart attack (Science Daily).