As we noted last week, commodities traders are experiencing a resurgence in popularity. Barclays wants around 20 commodities traders and has reputedly paid generously for five so far, Bank of America and Morgan Stanley are also said to be hiring. Now SocGen has joined the throng.
Bloomberg reports that the French bank wants to double the size of its commodities team, hiring 35 salespeople and traders plus 35 commodities support people by the end of next year. Its deputy head of commodities marketing is quoted saying the commodities 'space' could easily double or triple in size.
French budget minister says all international banks will have to 'regulate variable compensation' following the G20 meeting. (Bloomberg)
Redundant bankers turn to entrepreneurialism. (Evening Standard)
Jamie Dimon says BarCap and Nomura have become tougher and that there is hiring 'left and right.' (Chicago Tribune)
50% of pay for Goldman analysts is based on 'feedback' from trading customers. (DealJournal)
Sumitomo Mitsui forming a new investment bank in Japan. (DealJournal)
What is it about Canadian banks? (Voxeu)
Nastiness coming for Citi. (DealBook)
KPMG says taxes are increasing everywhere. (Finfacts)
Trailer for 'capitalism, a love story.' (PaulKedrosky)
'I am bringing City urgency to Blackpool.' (BBC)