As we mentioned last month, Bank of America has been offering some very generous retention packages to its most prized employees. The New York Post has unearthed just how generous - Fares Noujaim, BofA's vice chairman of investment banking, is said to have been offered $15m over two years. A Merrill spokeswoman told the paper references to specific compensation levels were inaccurate but that the bank's taking, “steps necessary to retain key talent in response to competitive pressures.”

London financial services jobs were UP in May. (Bloomberg)

But competition for them was tougher than at any point since the crisis began. (Reuters)

Nomura hires three for fixed income. (Financial News)

Ex-Morgan Stanley structured credit bankers set up own firm: Serrone Capital Management. (Financial News)

Mervyn King wants to split retail banks from investment banks. (The Times)

EU pincer movement on Britain puts City at risk. (Telegraph)

Suppose the government hadn’t bailed out AIG? Goldman, JPMorgan, Barclays, Morgan Stanley, Citi, and Bank of America would all now be owned by the state. (BradDeLong)

Inside story of BofA’s move on Merrill. (BigPicture)

Obama’s regulatory intentions – key points. (BradDeLong)

Obama’s reforms could hurt bank profitability. (CNBC)

Pathetic, inadequate banking regulations not to blame, says Darling. (Daily Mash)