Lunchtime Links: Not so sensational now at DB

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It seems only a few days ago that Deutsche Bank got everyone excited by saying that the first few weeks of the year had been positively "sensational". Unfortunately, its fourth quarter results, released today have put paid to the notion that all is fine at Deutsche World: DB announced its biggest annual net loss since the 2nd world war, of €3.9bn ($5bn). Needless to say, the investment bank was largely to blame, with big losses in credit and equity derivatives trading. Headcount in the corporate banking and securities division fell by a (mere) 696 people in the final quarter. Average annual comp per head across the corporate and investment bank fell 64% to €257k. More promisingly, Ackermann said further cuts in global markets are unlikely unless things worsen, and that that revenues rose significantly in January.

Deutsche said to be cutting people marginally before bonuses are paid. (Dealbreaker)

The sudden popularity of Credit Suisse, Deutsche and boutiques - anywhere without Tarp money. (Wall Street Journal)

Great news: large bonuses planned at RBS (The Times)

"If you're 50 per cent down, you've done OK". (Financial Times)

Goldman Sachs wants to pay big bonuses pay back Tarp money. (Financial Times)

"If the incentive for reaching the top of the banking tree is a salary that is well below what a junior hedge fund trader can aspire to, how will Goldman Sachs and Morgan Stanley groom future leaders?" (Financial Times)

It is time to understand your boss now lives in the White House, and he is relying on the votes of your doorman and your secretary. (Financial Times)

Profits fall less than expected at Lazard. (Bloomberg)

'Encouraging' January at Bank of America. (Bloomberg)

100 jobs going at Bloomberg (The Times)

New boutique Audi Quattro Partners makes first hire (Financial News)

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