So much for the rogue trading scandal that rocked Société Générale earlier this year and forced it to write off €4.9bn. Far from reducing headcount, the bank today announced plans to recruit 20,000 staff this year, 5,500 of whom will be in France. Details on which roles will be created are currently sparse, but the news will be music to the ears of investment bankers facing scant opportunities in the current market. (Reuters)

UBS, meanwhile, says it’s likely to save $4bn, as a result of chopping headcount and reduced bonus payouts. (Financial Times)

Even colour photocopies are too extravagant for Citigroup employees.
(Telegraph)

The number of banks vying for an IPO is on the up.
(DealBook)

Global investment banking fees hit $40bn…three months later than last year.
(Financial News)

Lehman’s South Korean deal is back on again. Oh wait, no it isn’t. (Business Week)

The crisis gripping Fannie and Freddie has spread to the banking system.
(Financial Times)

Singapore SWF profits double. (Bloomberg)

ETF party coming to an end. (Financial News)

Financial stocks continue to tumble.
(Wall Street Journal)

‘Tyrannical’ approach to regulating hedge funds.
(hedgeweek)