Federal rules on banker bonuses may be at least several months away from implementation in the U.S., but not so for their European counterparts.
Bloomberg reports that European lawmakers are seeking to impose limits on bonuses later this year under the umbrella of broader financial regulation reform. The Socialist and Green parties from the European Parliament are driving the push to adapt these new rules on Jan. 1, 2013. Some of the measures could include "restrictions on the difference between a lender's maximum and minimum pay," according to Bloomberg.
This is the latest bout of rules to undergo discussion at the European Parliament; the EU put guidelines in place in 2010 that restricted the cash component of a bonus.
Before more stringent rules are passed, banks and financial firms are sure to deploy armies of lobbyists who may argue that compensation needs to remain high to attract the best talent. In other words, tougher EU rules could be a boon for Asian and U.S.-based banks who aren't bound by such restrictions.
Government Hiring (Reuters)
The U.S. Justice Department plans to hire analysts and accountants to help with its mortgage fraud probe. We hear the government offers a pretty good benefits package.
Bulking Up (DealBook)
Boutique banks Perella Weinberg and Greenhill & Company each added senior-level hires. It's worth looking into smaller banks at a time when the larger ones are cutting thousands of jobs.
The Top Ten (Poets & Quants)
New business school rankings come out next week, and NYU Stern is no longer in the top ten.
Rage Against the Machines (Bloomberg)
Your top competitor for that job you've been wanting may not even be human. Citigroup just hired Watson, the IBM computer, to advise on risk and clients. Maybe the Terminator movies really did have it right.
In This Economy (Zerohedge)
One flashy foreign exchange trader believed to be in his early 20s certainly made an impression at a Liverpool nightclub: He racked up a a $300,000 bar tab.
On the Lookout (CNBC)
A woman arrested on charges of operating a brothel on Manhattan's Upper East Side is believed to have clients from Wall Street banks, who are no doubt fervently hoping the police keeps mum on their names.
Buzz Around the Office
Lucy Blodgett, an assistant editor at the Huffington Post LA, tries out Sprinkles' new cupcake vending machine.
List of the Day: Funny Bone
Don't be afraid to toss out some career-related humor to show your interviewer you've got a personality.
1. A well-timed punch line can ease the natural tension of a job interview.
2. A joke may help offset potential disapproval over a long period of unemployment on your resume.
3. Don't force it or things could get awkward.
(Source: CBS MoneyWatch)