The European Union wants to cap bonuses as a percentage of salaries. It may not need to bother: market forces could do the job instead. In the past 27 years, the average bonus per head on Wall Street has risen 90% according to figures released today by the New York State Comptroller (see below).
According to a famous piece of research from the Stern School of Business, banker pay has artificially inflated by deregulation since 1982. As regulation increases again, pay could yet fall accordingly.
UBS is expanding in Brazil. (Reuters)
George Osborne has insisted that RBS give up its international ambitions. (The Times)
Bank of America has hired Olivier Thiriet from Credit Suisse as its new head of equities for Asia after existing head relocates to London. (Wall Street Journal)
UBS has hired Mark Yallop, ex-COO of ICAP as its country head in the UK. (Financial News)
Capping bankers’ bonuses would be “lunacy” says Norman Lamont. (Telegraph)
Arqaam Capital, a Dubai-based investment bank, has hired ex-Credit Suisse banker Wafic Nsouli to head its institutional equity sales unit. (Reuters)
Mark Carney: “When bankers become detached from end-users, their only reward is money.” (Telegraph)
Big M&A possibly coming soon in Ireland. (Financial Times)
Sleeping less than six hours a night plays havoc with genes governing metabolism, the immune system and responses to stress. (Guardian)
Controlling for performance, working from home reduced rates of promotion by 50%. (MarketWatch)