Lunchtime Links: Merrill to chop in the back and middle office

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Merrill's fixed income business may have been responsible for driving it into Bank of America's arms, but it looks set to avoid big cuts as part of the integration process. Instead of scaling back fixed income and commodities, Merrill chief exec John Thain told Bloomberg that he plans to chop thousands of jobs from IT, operations and finance in the drive to save $7bn from the combination of the two banks.

Fund managers cut jobs, decide they don't want to be in Asia after all. (Financial News)

UBS execs might have to pay back bonuses. (Wall Street Journal)

No more government money for UBS. (Financial News)

"Any time you take a business running at 30 times (leverage) and take it down to 16 to 17, that changes the nature of your business...We have to look at that and resize it."


Barclays: Wall Street's new gambler. (Fortune)

BarCap hires two Lehman equity derivatives traders. (Financial News)

Lehman wants to hire 450. (The Deal)

How Lehman killed the City of London. (naked capitalism)

"...there has recently been some outstandingly good news which has received too little attention." (Telegraph)

"Has talent really taken over from capital as the dominant economic force?"(Guardian)

Flow trading, asset management and distressed debt are only remaining revenue streams. (FT)

Ex-Goldman co-chairman: I'm appalled at the salaries [at Goldman]. (naked capitalism)

"...they were warned there could be tanks in the street and martial law if they failed to prevent a collapse of the banking system." (Telegraph)

Cheap skiing holidays for ex-Lehman bankers. (The Times)

Ex-Lehman banker learns to cook. (The Big Picture)

Winning recession trade: Long laxatives and chocolate, short deodorant.


Father takes son to court for idleness. (Reuters)

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