eFinancialCareers

In what would seem to be a piece of particularly bad news for all those people at Barclays Capital who thought they might get paid like they’re at Goldman Sachs this year, British banks have agreed what the Financial Times says are unduly onerous bonus restrictions with Alistair Darling.

The restrictions, which the FT says are more punishing than those likely to be implemented in the US, mean the banks are implementing the changes agreed at the G20 summit to the letter. According to The Telegraph, this will result in a ban on multi-year guarantees, the introduction of clawbacks, and senior staff having 40-60% of their bonuses deferred over three years, with at least half paid in shares.

By comparison, the FT says the US is interpreting the G20 guidelines a little more liberally. It won’t be obliging banks to defer 40-60% of executive pay, and thinks the G20’s recommendation that a “substantial” proportion of pay is deferred is open to interpretation.

BarCap bankers can, however, take solace in the fact that Darling is apparently intending to co-opt US banks in the City into the new bonus rules soon.

US pay czar won’t be recovering money [bonuses] from anyone. (Dealbreaker)

Peter Weinberg’s solution for compensation: skin in the game, only 10% of annual comp in cash that’s immediately accessible. (Wall Street Journal)

“He’s drifting out to sea like a dying Eskimo, knowing the company can do better and thrive without him.” (Bloomberg)

Dark horse to replace Ken Lewis: Bill Winters. Even darker horse: John Thain. (Financial News)

Jes Staley will need to heal a rift between New York and London at JP Morgan. (Wall Street Journal)

JPMorgan planning a push to win business overseas. (Financial Times)

John Mack almost comes to Jesus. (Senseoncents)

UBS says ‘irritating one-off’ items will cause a third quarter loss, but that its investment bank is now the right size. (Senseoncents)

FSA hired 517 people between Sept ’08 and August ’09. Now plans to hire more accounting staff. (Financial News)

BofA Merrill hires Michael Guy from Credit Suisse as managing director and co-head of EMEA distressed sales and trading. (CityAm)

Brewin Dolphin is expanding its business along the South Coast. (Brewin Dolphin)

RBS jobs could move to London. (The Times)

Ernst & Young hired 700 new graduates and promoted 48 people to partner in the UK last year. (The Times)

Citigroup hires in high yield bonds. (DealBook)

Adam Applegarth gets a job in private equity, advising on distressed loans. (Telegraph)

Goldman Sachs hires 11 people in Brazil to start a private banking and fund management operation. (Bloomberg)

Paulson pushed for a merger between Goldman and Wachovia. (Bloomberg)

Rising trend – traders and bankers becoming food cart people. (Clusterstock)