Links are late today. You may have noticed this. Sorry.
To compensate, today’s main links bring good news. Somewhere is hiring and London is looking up.
In the first place, the Telegraph reports that Edison Investment research is hiring six people. The independent research house is expanding and wants people to write English language research reports. Less promisingly, it wants them for a new office in Germany.
In the second place, London’s position as a world leading sales and trading hub is looking good. Sarkozy has suggested that if he gets reelected, he will impose a unilateral transaction tax in France this summer, suggesting French banks will swiftly move more of their trading activities to London. Alongside this, it transpires that US banks have been campaigning to have their international derivatives trading businesses exempt from the Dodd Frank Act. The Act will reduce the profitability of trades by mandating margin and capital requirements for non-cleared trades, which are at present more profitable. In the event that non-US locations are exempted, expect US banks to shift derivatives trading to London too.
If I were Chancellor, I would tell Hester that his job is to simplify RBS in such a way that it could be managed by people of moderate ability who wouldn’t need huge salaries. (Stumbling and mumbling)
UBS is leasing its new building for 18 years and therefore seems to want to stay in the City. (Bloomberg)
Having got rid of Jesse Bhattal, Nomura doesn’t plan to appoint a new head of its wholesale bank for five years. (Financial Times)
Nomura’s hired a new head of equity syndication from Credit Suisse. (Bloomberg)
Jefferies is retaining less than half of Hoare Govett’s 125 staff. (Sunday Times)
Michael Sherwood got a £1.6m bonus. (Sunday Times)
Some people at Citi have had their bonuses cut 70%. They are probably in equity derivatives. (Bloomberg)
Small coffees at Goldman Sachs; economy flights at BofA. (NY Mag)
Christian Meissner is relocating to New York. (Dealbook)
This is Meissner’s third role in 18 months. (Bloomberg)
The FSA has hired William Samuel from Lazard as a senior investment banking advisor. (FSA)
Unlike Gorman, Moynihan says he wouldn’t encourage employees unhappy with their bonuses to leave: “Our employees know what they’ve contributed and how they’re paid. We’re with people every step of the way, so the discussions are always open and honest and fair.” (Bloomberg)