Late Lunchtime Links: Barclays is certainly not going to be paying its very talented people zero bonuses

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Full of talented people

Full of very talented people (Photo credit: Wikipedia)

It has been a chaotic morning at the AGM’s of Barclays and Credit Suisse. On one hand, nearly a third of Credit Suisse shareholders rejected the bank’s pay plan.  On the other, there was heckling and laughter at the Barclays AGM, where protestors turned up wearing Robin Hood hats and dressed as blue birds with money pinned to them.

Marcus Agius, Barclays’ Chairman stood up and apologised for the bank’s poor communication regarding its pay policy. However, Agius was resolute that bonuses must be paid. Agius declared that Barclays had some, “very talented people,”  to reward and that it was, “not an option to pay zero bonus unilaterally.”

A 78 year old shareholder and former employee of Barclays retail division, declared himself mystified. “Performance is meant to be the determinant of bonuses,” said Peter Brown. “And I’m not sure it is.”

Meanwhile:

"It was not a robust first quarter; it was only robust compared to the third and fourth quarter," said  Bob Diamond. (WSJ)

Barclays plans to add senior bankers in Singapore, Indonesia and Malaysia as part of a plan to double advisory revenue from Southeast Asia in two to three years, said Sandeep Pahwa, Barclays’s head of investment banking for the region. (It actually only wants to hire 4-6 people there.) (Bloomberg)

Brad Hintz says that if Moody’s downgrades Morgan Stanley, total fixed income revenues at the bank could fall 5%. Equities revenues could fall 2%. It’s no big deal. (Bloomberg)

“From day one, I was ‘out of my comfort zone,’ but in a positive way.” (Goldman Sachs' new careers video)

The Chartered Institute for Securities and Investment is setting up an office in Bahrain. It wants to hire someone to run it. (The Times)

Remember what happened when you bought GLG, Peter? You overpaid. And I still generate some three-quarters of profits. You thought I was the perfect trader. I don’t drink, or demand a bonus, or visit strip clubs. The downside? You can’t fire me when my returns falter. (Financial Times) 

Deutsche’s transformation into a flow monster is now complete. (Alphaville) 

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