UK
Daniel Palmer, the newly appointed head of international equity derivatives in global capital markets at Morgan Stanley is living embodiment of the notion that enormous and enduring guarantees don’t work.
Palmer used to work at Morgan Stanley, back in the 1990s. However, Financial News says he left for HSBC in 2004, lured by a guarantee rumoured to be worth $15m over three years.
What happened next? Palmer stayed at HSBC until his guarantee ran out, ‘took a break from the industry’ to enjoy the proceeds, and has now returned to Morgan Stanley.
Credit Suisse says it had to pay September bonuses to stop people leaving. (Telegraph)
Don’t call them mid-year bonuses, call them “discretionary leadership awards.” (Guardian)
Credit Suisse followed the spirit of Darling’s tax but can now only be regretting it. (Telegraph)
The coalition Government, has warned that it may impose another bonus tax on banks for 2010 if it sees evidence of compensation being bumped up to pre-financial crisis levels. (The Times)
London is doing very well at FX trading, (Financial Times)
What’s wrong with JPMorgan? (WSJ)
BofA stock is now down 37% from this year’s high. (DealBook)
France calls for stricter rules on commodity derivatives. (Financial News)
Citigroup wants to hire 7,500 (retail) bankers in China over the next three years. (DealBook)
Ambrian, a London-based bank, is opening a metals trading office in Shanghai. (Bloomberg)
During the past decade the number of women working in the finance industry fell by 2.6%, while the ranks of men in the industry grew by 9.6%. (WSJ)
Is being interesting more important than being happy? (Marginal Revolution)
One in five UK-based expats are considering returning to their home country. (Telegraph)
Note that it is their Commodity Prop traders that are leaving. I expect this will be closely related to their purchase of RBS Sempra, and the employees that came with them. Many of whom have already left.