The Evening Standard reports that Chris Kyle, the CFO over at Royal Bank of Scotland Global Banking & Markets, might get it in the neck for his comment that it's unfair to force banks to publish the names of top earners.
But don't stress, Chris, the move to publish details on banker pay could end up being good news for the likes of you. The 'Law of Unintended Consequences', they call it. One banker told Here Is The City: 'Take Royal Bank of Scotland as an example. The bank isn't known to be a top payer of staff. So, it publishes the pay of its top earners (as it is now required to do). A rival firm clocks the comp details, knows that it can easily offer more, and gets a headhunter to make a call. How ironic that a measure designed to keep a lid on pay will probably actually make rich bankers even richer. You gotta love that!'.
In the meantime, The New York Post reports that JPMorgan Chase CEO Jamie Dimon is emerging as a possible replacement for under fire US Treasury Secretary Tim Geithner. Can you just imagine the fireworks on Capitol Hill if Dimon got the job!
The Wall Street Journal reports that some US federal officials are urging the government to lighten up on AIG, and allow the firm to lift the compensation restrictions in place for 2010 which, many say, are making it difficult to turn the company around and, ultimately, repay the taxpayer.
And Bloomberg reports that Dominique Strauss-Kahn, Managing Director over at The International Monetary Fund, has said that he believes that banks have actually only revealed around 50% of the losses they sustained during the financial crisis. While The Daily Telegraph reports that Standard and Poor's has come out and said that almost all of the world's largest banks have insufficient capital and risk further downgrades in the months to come. The most vulnerable are said to be Mizuho Financial Group, Citi and UBS.
Finally, the news agency also reports that Hong Kong's Securities and Futures Commission has banned former CLSA banker Allen Lam from the industry for life following his convicted for insider trading, and Mark Lowe, the founder of Nomos Capital Partners (who is being sued for $6.6m by a female executive who claims discrimination - and worse), has said that the explicit Latin poem he once sent to a woman who contacted him seeking help finding a job, 'was intended to be a joke'. The joke, in the end, might be on Mr Lowe.