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Lunchtime Links: Citigroup says it still has one third of its hiring to go

Citigroup has been this year’s big hirer. Having trimmed European staff substantially in 2008-2009, it’s been busy building them up again in 2011 – particularly in investment banking where according to search firm Sheffield Haworth, it’s accounted for 12% of all senior level IBD recruitment so far this year.

Figures from information provider Dealogic suggest all this investment might be starting to pay off. As we noted last week, Dealogic estimates that European IBD revenues (across ECM, DCM, M&A and loans) at Citi are up 57% year-on-year so far in 2011, versus a market average increase of 25%.

Maybe this is why Citi’s still hiring. During last week’s conference call, CFO John Gerspach said Citi was, “roughly two thirds of the way through” what it wanted to accomplish in terms of building out the securities and banking franchise.

As other banks cut staff, Citigroup could therefore keep hiring them. However, it will need to hope that business picks up soon. In the first half of 2011 operating costs at Citi’s global securities and banking business rose 4% versus the same period of 2010. At the same time, revenues fell 18%.

Citigroup is in the middle of stitching together its disparate technology systems – a mammoth effort known internally as Project Rainbow. (SFGate)

At a time when most large banks are cutting costs, Goldman Sachs is likely to give out an IT deal worth up to $900m. (MoneyControl)

The UK government won’t be selling its RBS stake soon after all. (Wall Street Journal)

The agencies replacing the FSA will need to increase their salaries by 50% if they want to recruit and retain people. (Financial Times)

Barclays is cutting 50 corporate banking jobs in India. (Bloomberg)

Is it possible to start a quant fund from a bedroom? (Quora )

US MBAs prefer Google to Goldman. (CNN )

“I interned in the investment banking division at Morgan Stanley and had a really fantastic experience.” (CNN )

The trials and tribulations of Morgan Stanley’s fixed income division. (Bloomberg)

The bottom line is that the debt ceiling is a gun pointed first and foremost at Wall Street’s head. (Economics of Contempt )

Machine gun mini breaks for City types. (Financial Times)

“In recent days the heads of investment banking at two European firms have gone out of their way to tell me how distinctly average most of their employees are.” (Financial News)

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