While JPMorgan’s FICC revenues fell 3% ex-DVA on Q111, Citigroup rose by an impressive 19% year-on-year. The bank attributed this to: “strong performance in rates and currencies across all products and regions,” as, “overall market conditions improved and client activity increased.” Alternatively, it may have been linked to: the LTRO.
As we noted earlier, Citi has been engaged in a little upgrading in London. However, as Bloomberg points out, it’s also committed to cutting more than 1,000 jobs from its investment bank globally. Equities might be a good place to start: despite an overhaul of the business by Derek Bandeen and some serious building in London since 2008, Citi’s equities revenues fell 18% ex-DVA year on year in the first quarter.
Net income at JPMorgan’s investment bank was down nearly 33% on last year. (Financial Times)
Andrea Orcel has been poaching people from BofA for UBS. (Financial Times)
A new media and internet-focused boutique, Lepe Partners, is being set up by one ofLondon’s ‘most established dealmakers.’ (Financial Times)
Lloyd Blankfein's total compensation for 2011 fell 35.5% to $12 million. (WSJ)
Marcus Agius is going to cut Bob Diamond's pay 75%. (The Times)
BarCap will pay Bob Diamond £600k this year, to offset his US tax liabilities. (Financial Times)
A new legal case offers insights into what goes on in the secret sect that is Barclays’ structured tax business. (Document Cloud)
In Hong Kong: “It’s great being in such a dynamic city, where bankers are no longer pariahs and have never been pariahs. People ask what you do, you say you work in a bank, and they say, 'oh, that’s nice, what a great thing to do’. It makes a nice change.” (Telegraph)
Switzerland is placing unspecified restrictions on hedge fund pay. (Financial Times)
How to get a job at Bridgewater. (Businessweek)
Outbreak of strange itching bugs on tube trains at Morden. (CityAm)