Goldman Sachs has been busy in South Africa. It’s issued a R1.25bn ($156m) floating bond on the Johannesburg bond market. The purpose of this cash is apparently to “support Goldman Sachs’ strategy locally and abroad,” and to “strengthen its ability to service clients in the region.”

Right now, Goldman Sachs has one African office in Johannesburg, whereas more Africa-focused rivals such as Renaissance Capital have seven.

Separately, a new ‘Global Financial Centres Index’ from the Z/Yen group says London is still the top financial centre of the world, followed by New York, Hong Kong, Singapore, Shanghai, Tokyo, Chicago, Zurich, San Francisco and Toronto, in descending order.

A draft copy of the Volcker Rule suggests market making traders will in future get paid from fees and the spread of the transactions rather than the appreciation or profit from their positions. (Bloomberg)

“The board made a terrible blunder” by not persuading Gruebel to stay. (Bloomberg)

In a memo to staff, Villiger urged them to remain focused. “Please do not allow yourselves to get involved in speculation,” he wrote. (Guardian)

Oswald Gruebel’s resignation letter. (Financial Times)

The three-pronged plan will see vulnerable European banks recapitalised, the €440 billion (384 billion) bailout fund boosted to as much as €3 trillion and an orderly default of Greece, although the country is to remain within the eurozone. (Sunday Times)

Christian Noyer, head of the Bank of France denied there are no plans to recapitalise French banks saying they can cope with Greek debt. (Daily Mail)

The EFSF is a Trojan Horse eurobond. (Telegraph)

Sorry Deutschland. You must sign away €2 trillion, and debauch your central bank, and accept 5% inflation. (Telegraph)

French banks have fallen (again) on a rumour that the French government has been preparing to inject €10bn to €15bn of capital. They have denied this. In fact, French banks may need €60bn. (Alpahville)

Who owns the world’s sovereign debt? (The Reformed Broker)

Providers of synthetic exchange traded funds are bracing themselves for a draconian clampdown. (Financial Times)

Chuka Umunna, the Shadow Business Minister, has been leading a campaign to mutualise the banks supported by over 100 signed-up backbenchers. (Order Order)

HSBC is said to be “furious” about the ICB provisions and believes it will cost the bank far more than its rivals to implement. (Telegraph)

Josh Lewsey, the former England rugby player and part of the team that won the Rugby World Cup in 2003, has joined Citigroup as a European equities sales trader in London. (Financial News)

Investment bankers and traders who are hard-charging, capable, and, dare we say it, psychopathic enough to climb the slippery pole and get within reach of the top tend to have sharp elbows, short tempers, and little patience for those who oppose their wishes. (Epicurean Dealmaker)

It is for the interests of the well to do – to protect them from the results of their own folly – that we should take from them a sufficient amount of their surplus to enable consumers to consume and business to operate at a profit. (London Banker)

If banks hired traders’ mothers to sit next to them, they’d never step out of line, according to Professor Aswath Damodaran of New York’s Stern Business School. (Sunday Times)