Today is D-day for the FSA's bonus reform proposals, which is possibly an overly-dramatic way of describing what is essentially a watered-down version of the original.
After initially suggesting up to two-thirds of bonuses should be deferred, the regulator has been quick to back-track. Having found no similar moves being voiced in either the US or Europe, the fear is that the UK would be at a disadvantage attracting and retaining staff.
"Such an approach cannot work if it is only applied in the UK," writes Hector Sants in today's Financial Times.
The crux of the new proposals, says Sants, is: "Ensuring that boards and remuneration committees focus more closely on the link between compensation, risk appetite and sustainability; and ensuring that individual compensation practices provide the right incentives."
Meanwhile, Bloomberg reports on how the new rules are likely to result in banks doubling base salaries along with other "inventive" incentives, such as assessing an employees' performance on using criteria that satisfy the regulator.
Toxic assets are still very much a threat (FT Alphaville)
Deutsche Bank hires for new South Africa equities platform (Wall Street Journal)
Life working for a B-list bank: "It's not a private golf course, it's a personal golf course." (Wall Street Journal)
New Collins Stewart recruits will not be paid guarantees ( Financial Times)
Lloyds offloads HBOS asset management arm (Financial News)
Deutsche Bank continues to reel in recruits from BoA-Merrill Lynch (Deal Journal)
"What I have learned about the hedge fund business is that I hate it." I could not agree more with that statement. (Deal Journal)
JPMorgan may struggle to offload excess office space (Deal Book)