As we reported earlier this week, compensation at BNP Paribas doesn't look set to be particularly lavish compared to its international rivals: all operating expenses at its corporate and investment banking division only accounted for 44% of revenues in the first half, compared to 50% for compensation alone at US investment banks.
Despite this, the additional €1bn that BNP Paribas has allocated to costs is proving traumatic and leading to accusations of unfair competition.
Yesterday, French industry minister Christian Estrosi took to the radio to say that the French central bank will be "supervising" bonuses at BNP Paribas. The bank itself complained that its rivals aren't adhering to a G20 agreement not to pay multi-year guarantees.
Today, it emerges that the French prime minister has summoned bank executives to his office tomorrow for the purpose of reminding them of their terms of engagement under the French bailout plan and to ensure that they display "strict respect of bonus rules."
Senior executives may want to leave SocGen. (Bloomberg)
Goldman faces enquiry on pay. (DealBook)
Goldman made over $100 million on 46 out of the 65 total trading days in Q2, 70% of total. (Zerohedge)
I think it's pretty clear where Goldman's profits came from. Here's my take on it. (Economics of Contempt)
Goldman Sachs DID NOT have a near death experience. (New York Times)
BofA thought Merrill losses weren't material. (Wall Street Journal)
Commerzbank results 'clearly unsatisfactory.' (Wall Street Journal)
Schroders is now in expansion mode and may want to add talent. (Financial News)
ING, Execution and Religare Hichens Harrison have all been hiring in equity research. (Financial News)
There are jobs in statistical analysis. (NY Times)
How to change your career out of finance. (Timeout New York)