Bank of America's Ken Lewis has strongly recommended that he receive absolutely no bonus whatsoever this year and has suggested his fellow senior executives also go without. Lewis described his decision to advocate self deprivation as "difficult," but said BofA is a "pay for performance" kinda place and profits have declined for five quarters straight. It doesn't bode particularly well for bonuses at Merrill Lynch, which has made huge losses for almost as long as anyone can remember.
Thundering herd might stampede into the twilight (Wall Street Journal).
What to expect when you're expecting Merrill Lynch (Wall Street Journal).
Close Brothers hires a FIG banker (Financial Times).
...and so does BC Partners (Financial Times).
Fidelity hires some bankers (Reuters).
Nomura promotes a rugby player (Financial News).
Prepare to join the army (MOD).
Counterparty risk is becoming a big deal for hedge funds (Financial News).
Whitney: US banks need more capital (Bloomberg).
Why you should be a mathematician (Wall Street Journal).
Prayer for the redundant (and for the not redundant who feel guilty about it) (Church of England).
Phone system crashes at NY unemployment office (Clusterstock).