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More Tax On Bonuses ? We Already Pay 70%

Your Bonus Here

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.

Bonus Quote Of The Week

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 Tries To Save One Of Its Own

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.

Barclays, Citi, Goldman, JPMorgan, Wells Fargo

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'.

Second Round Draw

Here's the draw for the Second Round of our 2010 'Best Place to Work' in the global financial markets poll.

Merrill Staff Happy, Goldman Staff Said Not

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.

On The Hire - You Can Always Count On Shell

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.