Lunchtime Links: Last year's options look more lucrative than ever

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Cash bonuses last year may have been depressingly small, but as we pointed out in April, the recovery in banks' share prices means that any options issued around December are now looking very lucrative indeed.

Share prices have continued to rebound, making 2008 options even more appealing today than they were two months ago: as the Bloomberg chart below shows, the stock of Goldman, Morgan Stanley and JPMorgan is now close to trading at pre-Lehman levels.

Share prices

The most exciting stock price recovery has, however, been at Macquarie, whose stock more than doubled over March and April. Unfortunately, however, its options would have been issued in May.

Abu-Dhabi's exit suggests the bank share price rally is over. (Reuters)

JPMorgan, Morgan Stanley sell $5bn, $2,2bn of stock. (Bloomberg)

The government induced rally, first quarter earnings and subsequent capital raises have given the banks the impression that they can earn their way out of this toxic asset mess. (Pragmatic Capitalist)

BofA and Citi risk losing a lot of talent. (Reuters)

Four senior people equities bankers leave Merrill Lynch in Europe, including Ashley Wilson, head of EMEA financing and client services. (Financial News)

Citigroup tells employees what to say about the delisting. (Dealbreaker)

Bank of America will comfortably exceed its capital goal. (Bloomberg)

JPMorgan closing principal investment management division, redeploying staff internally. (Bloomberg)

SEC contemplating increased pay disclosures for junior employees. (Wall Street Journal)

Another ex-Lehman executive quits Barclays for Nomura. (Financial News)

Barclays Wealth hires two senior risk managers from UBS. (Wealth Bulletin)

The top marginal income tax rate for a Chicago futures and options trader is 23% (but Obama wants to raise it). (Felix Salmon)

BBVA lets staff take 5 years off on 30% pay. (Telegraph)

ECB staff strike over pay and pensions. (Wall Street Journal)

Outplacement (AKA 'Career Transition') is booming. (Reuters)

Did Google, Apple and Yahoo agree not to recruit from each other? (New York Times)

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