Our biggest stories of the week are ...
Information as a competitive weapon
A year ago, I was hugely influenced by a 16-page technology supplement in the Economist that talked about information wars. The stand-out quote from that report was from Craig Mundie, Head of Research and Strategy at Microsoft, who stated: “Data is the greatest raw material of business, on a par with capital and labour. What we are seeing is the ability to have economies form around the data and that, to me, is the big change at a societal and even macroeconomic level.” Now this is where it gets interesting ...
A new banking system for social life
Some time ago I was having a debate about social networks and the problems of where they overlap with professional networks. For example, Facebook mixes my family and friends with my work colleagues and clients. Strangely enough, I have the same problem with banking ...
Not just a banker but a Diamond geezer
So we start the year as we mean to go on, with a bunch of MPs grilling a banker about bonuses, bailouts, lending and such like. Banker bashing 2011: same sheet, different day. This time it’s the turn of Bob Diamond, Chief Executive of Barclays Bank ...
The Social Construction of Technology (SCOT)
In response to my fifty years of magic blog, one reader felt that it missed a key point about SCOT. SCOT is all about the Social Construction Of Technology, which proposes that technology does not determine human action, but that human action shapes technology. The key underlying principle is ...
Visa, the BBA, Metro Bank and more
Here's a summary of the meetings we have planned for Spring 2011 in the Financial Services Club London, including keynotes from Peter Ayliffe, CEO of Visa Europe on the likelihood of a cashless society; Vernon Hill, Deputy Chairman of Metro Bank on launching a new retail bank; and Angela Knight, Chief Executive of the British Bankers Association on the role of the media throughout this crisis.
The major general news stories of the week include ...
RBS outperforms Barcap - The Telegraph
The investment banking division of state-backed lender RBS is likely to have significantly outperformed that of Barclays, which has spent hundreds of millions of pounds building up the business.
Bankers' bumper bonuses are the 'mistake' of flawed accounting rules - The Telegraph
Billions of pounds of bonuses may have been paid out "by mistake" as a result of miscalculations thrown up by flawed accounting rules.
Suspicions grow over Barclays toxic debt move - The Telegraph
Suspicions about a scheme devised by Barclays during the financial crisis to spin off its toxic debt have been reinforced by the lack of detail in the deal's only public disclosure to date.
Bob Diamond: the 'unacceptable face of banking' - The Telegraph
Bob Diamond, the American-born Barclays chief executive, was once described by Lord Mandelson as the "unacceptable face of banking".
Bob Diamond: No apologies. No restraint. No shame. - The Independent
The time for bankers to show any remorse for the failings that dragged Britain into the worst recession since the Wall Street crash is "over", the new boss of Barclays said yesterday, as the fury over the City's forthcoming £7bn bonus binge grows.
Santander could quit bonus talks - The Telegraph
Santander could become the second bank to pull out of talks with the Government over bonuses and lending targets, potentially delivering a major blow to the negotiations.
Santander prudence highlights IAS risks - The Telegraph
Santander's UK business chose to operate more cautiously than any other bank under flawed accounting rules now blamed for worsening the financial crisis, raising fresh questions about the judgment of regulators, auditors and rival banks' management.
Ex-banker and wife face jail as FSA crackdown nets results - The Independent
A former senior investment banker, his wife and a family friend pleaded guilty yesterday to eight charges of insider trading.
Fraudsters make iTunes top of the crime pops - The Independent
The public sector now suffers more from fraud than financial services, one of the nation's leading firms of accountants says – while iTunes is proving a hit with white-collar criminals.
Drugs 'readily available' at JP Morgan - The Telegraph
Drugs were "readily available" at global financial company JP Morgan, the Old Bailey has heard.
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Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...
