As we noted last week, putting teenagers to work is one way bankers suggest getting by in these difficult times. One Morgan Stanley banker seems to have got this particular money saving tip nailed.
Banking commentator William Wright pointed out yesterday that Lou Motilla, a vice president in Morgan Stanley's commodities trading business in London, is the father of the talented teenager Nicholas D’Aloisio-Montilla. Nicholas invented the Summly news summary app which was sold this week to Yahoo for £20m. Lou may thankful for his son's windfall: Morgan Stanley's bonuses are not said to have been particularly generous this year. Nicholas told the Telegraph he intends to use the money to become an angel investor and to buy a new shoulder bag.
How to make a million from your teenager. (Guardian)
It’s ok: fund managers can now pay bonuses equivalent to twice salaries. (Financial Times)
The European bonus rules, in full. (EU Register)
British banks need another $38bn. (Bloomberg)
Brian Moynihan says he'd quite like to be chief executive of BofA until he dies. (Bloomberg)
Ex-Nomura banker turned sex-therapist speaks again. (CNBC)
Since the 1980s, narcissistic personality traits have risen as quickly as obesity. (Atlantic)
You are best off being unemployed in France. (Twitter)