The Finanser’s Week: 2nd July – 8th July 2012

Our biggest stories of the past week are ...

Barclays advert

Diamonds are forever 

I wrote a brief summary last Friday about a wholesale need to change the industry and thought that was it ... it’s not. I need to write more about this heap of crap the UK banking industry has uncovered (and...

In through the out door

So, unlike my prediction of just yesterday, the Diamond geezer has gone. Like a revolving door Marcus Agius, the Chair of Barclays Bank, resigned on Monday. Now, two days later, Bob Diamond has resigned and Agius is back. What is...

Back to banking basics is nice, but not realistic

With all this talk of greed and corruption in the City (more on that later too), everyone is demanding a return to basic banking. I’ve heard this several times in the past week and over the past few years. Just...

The Eurozone – the road to nowhere?

We recently entertained Laurens Vis, Managing Director of KAS Bank London, to address the Financial Services Club. Here’s a manuscript of his speech which, to say the least, has some very key messages for the future of the Eurozone: “The...

The Future Bank: Augmented, Social and Mobile

We had a great discussion at the Financial Services Club Central & Eastern Europe (FSClub CEE) this week. Now in its fourth year of operation, the Club meets regularly at the residence of the British Ambassador in Vienna, Austria (see...

Social mobile will make financial inclusion a basic human right

More interesting dialogue about banking yesterday, and this time about financial inclusion. The fact that mobile phone ubiquity is creating a wirelessly connected planet, is a key part of changing our world for more inclusion. First, six billion people now...

Things worth reading, the European view (10)

This week's view from Europe, courtesy of Edith Rigler:

• Barnier calls for greater integration and common goals in the EU – European Commission, 11 June 2012
• Commission acts to ensure that European legislation is fully and properly implemented – European Commission, 19 June 2012
• Price levels vary widely among the EU27 – EuroStat, 22 June 2012
• Payment transaction fees paid by retailers are “still too high and too unequal” – European Commission, 19 June 2012
• Companies place too much emphasis on social media relative to mobile – Economic Intelligence Unit, May 2012

The major general news stories of the past week include ...

Barclays rate fixing scandal: Bob Diamond's letter to staff - The Telegraph
Bob Diamond, the Barclays chief executive, explains to staff why the reaction to the rate rigging scandal has been so severe and unveils steps to restore the bank's reputation.

There were 14 bad people at Barclays, but I wasn't one of them, says Bob Diamond - The Independent
Britain's financial regulator was warned that banks were blatantly fixing interest rates in the run-up to the financial crisis but did nothing stop it, the former head of Barclays claimed yesterday.

Diamond ousting 'was plotted by his outraged bankers in New York' - The Independent
Bob Diamond's New York bankers were enraged by his reluctance to quit after the Libor scandal broke.

The Libor Conspiracy: were the Bank of England and Whitehall in on it? - The Independent
The Bank of England was dragged into the interest-rate rigging scandal last night after an email was released suggesting it may have encouraged banks to doctor their borrowing costs during the financial crisis.

'Stressed' Bank of England official stabbed self to death - The Telegraph
A Bank of England manager stabbed himself to death due to the over-whelming pressure he was under at work, an inquest has heard.

The City of London is tearing itself apart and we'll all be the losers - The Telegraph
Two tribes have gone to war and a point is all that they will score, to paraphrase Frankie Goes to Hollywood.

Bankers' summer bash is cancelled - The Independent
An annual summer bash for bankers has been cancelled at the 11th hour, with members told it would be "wrong" to go ahead with a champagne-fuelled party.

RBS computer glitch: Ulster Bank customers still hit by crisis - The Telegraph
Up to 100,000 customers of Ulster Bank are still unable to access their money, as the IT crisis that crippled the RBS network stretched into its 14th day.

Indian gang held over ATM trick - BBC
A gang which used a novel trick to make cash machines think no money had been taken is arrested in India.

Warning over Pin pad payment security - Financial Times
IT security group says the terminals pose a risk to consumers who use the system for chip-based debit and credit card transactions.

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