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Morgan Stanley Hiring Coup

The Wall Street Journal reports that Morgan Stanley has tapped former Merrill Lynch President Greg Fleming, who joins as President of the firm's investment management unit. He will also be responsible for Merchant Banking.

We Wouldn't Have Been Bailed Out, So Why Are We Being Taxed ?

The Financial Times reports that Jonathan Kelling, the CEO of stockbroker Arden Partners has sent a letter to the UK Treasury drafted by the firm and seven rivals (Altrium Capital, Cenkos Securities, Collins Stewart, Evolution Securities, Numis Securities, Oriel Securities and Panmure Gordon) on the subject of the bank bonus tax.

Does The UK Bonus Tax Include Me ?

That's a good question because, as currently drafted, the tax legislation currently being drawn up by the UK government will cover a number of other firms not strictly regarded as banks.

Look Who's Stealing Our People Now

Bloomberg report that Standard Chartered is pretty miffed that banks owned by the UK government (for that read Lloyds Banking Group and Royal Bank of Scotland) appear to be poaching its staff.

Bonus Tax - Your Comments

Here are a few comments we have had in on the subject of the additional one-off 50% tax to be applied to this year's bonus pool. The tax will be paid applied to banks on any bonus paid out over £25,000 ($40,000).