Lunchtime Links: Surprise, surprise - more layoffs at Morgan Stanley and Goldman

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This is unlikely to come as a great shock to anyone, but investment banks haven't finished eliminating the people they so carefully nurtured over the past few years. The Wall Street Journal reports that Morgan Stanley is contemplating the extraction of a further 5% of its staff, and that Goldman Sachs is also mulling further cuts. Back office functions, HR, technology, and risky traders are most at risk. According to our own estimations, Goldman could do with eliminating another 7,500 staff. Morgan Stanley doesn't necessarily need to do away with anyone.

Morgan Stanley cutting Canary Wharf office space by 25%. (Financial News)

Bonuses have let down the American people, says Obama. (Guardian)

Bailouts really do mean big bonuses could disappear altogether. (Bloomberg)

Few ways to recover bonuses to bankers. (DealBook)

BofA bankers ask 'pointed questions' on bonuses of Moynihan. (Wall Street Journal)

UBS bankers to receive 100% stock bonuses in 2010. (Dealbreaker)

Life after a bad bonus: The next Wall Street jobs. (Wall Street Journal)

900 jobs to go at Dexia. (Bloomberg)

'Only senior lesbian' in the Square Mile speaks. (Independent)

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