When ex-UBS bankers kick-started Vestra Wealth they attempted to bring the Swiss giant’s top staff and clients with them. The resulting near-exodus of private bankers prompted an acrimonious court battle in August that was set to conclude in October. But they’ve now reached an agreement whereby Vestra will not poach anymore of UBS’s staff or solicit any clients for the next year. There, settled…
(Financial Times)

Back-office staff are now more crucial than ever…so stop firing them, says the FSA.
(Independent)

The current crisis will get worse and be with us for at least another year, say experts. What do they know, though, they’re only Nobel Prize-winning economists…(Telegraph)

Lehman is ripe for hostile takeover. (The Times)

Analysts are “winging it. They can’t find out the stuff they want to find out, and they’ve got so much to do because there have been so many cuts.” (Bloomberg)

Canada, typically viewed as the poorer cousin of the States, must’ve loved this. Redundancies in the top US banks has given RBC the opportunity to scoop up 100 top bankers it would normally have struggled to attract. It’s now setting its sights on London. (Telegraph)

Babcock & Brown is to sack a quarter of its staff following a management shake-out.
(Financial Times)

Merrill beefs up senior mortgage trading team (er, what happened to the hiring freeze?)
(The Street)

Banks buy back bonds sold to government. (CNN Money)

Georgia conflict prompts investors to shun Russian market.
(FT Alphaville)

ECB: banks need to start fending for themselves
(naked capitalism)

Money can’t buy you love, but it can buy you the attentions of hot models for the night and lots of expensive cocktails, as this investment banker proves…livin’ the dream.
(Youtube)

You have to love the show jumping in this year’s Olympic Modern Pentathlon event. Not only are the contestants inexpert riders, but they have to try their luck in a ‘horse lottery’ where they could end up with a prize show jumper or a stubborn donkey. The results play out less like an elite sport and more like an episode of Gladiators…(BBC)