The Financial Times quotes John Whiting, policy director at the Chartered Institute of Taxation, who points out that, taking into account existing higher-rate tax levels, national insurance, and VAT on goods and services purchased with pay awards, UK bankers are already paying some 70% in taxes to the government.
UK Chancellor Alistair Darlings says that British bankers 'should be able to look at your next door neighbour and justify what you are doing'.
Wall Street is said to be rallying around to try and save one of its own - 49-year-old Alan Cohen, the head of credit over at hedge fund York Capital. Alan has a rare and aggressive form of leukemia (acute erythroleukemia), and is is dire need of a bone marrow transplant in the next few weeks.
Reuters reports that Barclays Bank, which has now been sued three times in the last month over an alleged windfall profit of $5bn the bank is said to have made on the purchase of Lehman assets in September 2008, says that all talk of secret profiteering is just nonsense. The bank says that the lawsuits are simply a means to try and 'renegotiate now a deal that (was) fully understood and approved more than a year ago'.
Here's the draw for the Second Round of our 2010 'Best Place to Work' in the global financial markets poll.
The Wall Street Journal reports that all is now well in MerrillLynchland, after Bank of America back-tracked and permitted the firm's investment bankers to have the old bull logo back on their business cards.
So, with trading and the credit crunch well and truly in the mainstream news, everyone thinks that they know who the major players are. Goldman Sachs, JPMorgan, Barclays Capital are three firms which immediately come to mind. But you sometimes have to look at other well known companies from a different angle to realise that they, too, have pretty substantial trading operations.
A memorial service was held at the Lincoln Center in Manhattan Monday to commemorate the life of Bruce Wasserstein, who was chairman and CEO of Lazard until his death in October.
The Sunday Times reports that, according to its unnamed sources, over 1,000 investment bankers have quit Royal Bank of Scotland this year, which represents around 5% of the headcount over at the bank's Global Banking & Markets Division.
Rumours abound that UK Chancellor Alistair Darling is preparing to levy a supertax on rich bankers to make his boss, Gordon Brown, feel better about screwing up the economy. A politically motivated move of this kind would also go down well with the masses, who doubtless will cry that greedy bankers have at last got their come-uppance.
A British expat in Singapore stirred up an Internet storm after his Facebook posts mocking the "poor people" using mass transit went viral, hitting on the city-state's touchy issues of anti-foreigner sentiment and a growing wealth divide.
People will no longer earn more than peers in other industries simply because they work in finance.
The technology industry is a place where an idea scrawled on the back of an envelope in a college dorm room can become a multimillion-dollar company overnight.