Late Lunchtime Links: Bankers and hedge fund managers turn to God. Secretaries will suffer

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Yes, there is some hiring in investment banks, but there are also still plenty of redundancies.  Michael Corbat's Citigroup is the latest to ramp up the staff removals: the Wall Street Journal says another 300 sales and trading jobs will be eliminated globally at Citi before the end of 2012. Meanwhile, PWC has compounded last week's dire bonus forecast from the CEBR with a dire forecast of its own suggesting that European investment banks will cut their bonuses by 50% this year. US banks will also be cutting bonuses, PWC predicts, but by the merest 20% - which suddenly seems quite generous.

In the circumstances, investment bankers can be forgiven for despairing. One UBS banker has suggested how to make amends. The Telegraph reports that Oliver Pawle, the ex-chairman of UBS is encouraging all bankers who earn more than £200k to give at least 10% of their (gross) income to charity. Pawle is a Roman Catholic and so we assume that his suggestion emanates from the Christian tradition of donating a proportion of your income to the less well off. Florian Homm, a notorious German hedge fund manager accused of stock fixing, seems to have hit on the same redemptive path: having once shared a €5m villa in Majorca with a Russian table dancer, Homm told the New York Times that he now prays every day, has founded a charity, and is donating the proceeds of his memoir to schoolchildren in Liberia.

Separately - and despite the new spirit of charitable giving, the Times reported that secretaries and operations staff at investment banks will suffer disproportionately in this year's bonus round.  PAs at Goldman Sachs can earn salaries of £25k-£35k and bonuses of £10k-£15k, says the Times. These 'hangers on' are now considered very overpaid.


Back stabbing at Citi: Michael Corbat was a good friend of John Havens, with whom he went on family holidays (WSJ)

Richard Taylor, Barclays' new head of investment banking only joined last year - from BAML. (Financial News) 

Deutsche is reshaping its fixed income business under Zar Amrolia, head of FX, and Wayne Felson, head of rates and credit trading. It will be called fixed income and currencies, will comprise global finance and foreign exchange, and rates and credit.  Amrolia is in charge of all electronic platforms across fixed income, in addition to his existing role as head of FX. In future, 66% of Deutsche’s OTC business from institutional clients will go through electronic platforms, up from 33% now. (Financial News)

Peter Mandelson has been quietly appointed as the new chairman of the investment bank Lazard. (Telegraph) 

Lord Mandelson is thought to have been introduced to Lazard by his friend Nat Rothschild. (Financial Times)

Man leaves asset management, creates Facebook for pets. (WalesonLine)

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