Late Lunchtime Links: These are the Chinese firms which will be hiring you soon

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First, BarCap decided London-based commodities trader Todd Edgar was surplus to its current requirements. Now JPMorgan has been found to have transferred various commodities traders to Singapore.

Bloomberg says JPMorgan has covertly moved Will Shropshire, its global head of agricultural commodities trading from London to Singapore in order to increase its focus on Asia. It's also moved Ray Eyles from London to Singapore to become chief executive for Asia Pac commodities.

Separately Matthew Ginsburg, BarCap's Hong Kong-based head of investment banking, says Chinese 'securities firms' are muscling in on international investment banks' territory and pushing up the price of staff.

Who are these Chinese firms? Bloomberg points to Citic Securities and Haitong Securities, both of whom it says are planning share sales in Hong Kong to raise money for hiring bankers outside their home markets.

Bad loans at Chinese banks will rise to "shockingly high" levels. (Bloomberg)

A Tobin tax could trigger another round of banking consolidation as profits fall in trading businesses. (Financial Times)

"The financial-services industry should not be seen as an additional source of tax revenue but as an essential part of a stable and sustainable economy." (Bloomberg)

Up to 4,000 jobs are at risk at the British arm of the Bank of America after the company decided to exit the credit card business in the UK and Ireland. (DailyMail)

Ernst & Young is hiring A level students on a starting salary of 21,500, rising to its graduate starting salary of 27k after 3 years. (TheTimes)

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