Our biggest stories of the past week are …
Is SWIFT fit for purpose?
This is the final chance to take part in the Financial Services Club annual survey on payments infrastructures: are they fit for purpose? We would be delighted if you would join this year’s survey: click here to take part.
Anatole Kaletsky, the well-known journalist with the Economist and Financial Times, is advocating Quantitative Easing for the People (QEP) over in his Reuters blog today. The idea is to give every household $6,000 or £6,500 per person to increase consumption…
I was amused to read the story about Barclays Bank making all of their staff watch a video about how not to rig interest rates recently. This followed the LIBOR scandal, and is a 12 minute piece to camera starring…
As you can see from this morning’s headlines, Standard Chartered Bank (SCB) is being investigated for supporting Iranian banks and businesses, much to the irritation of the US Authorities. The newly formed New York acState Department of Financial Services (DFS)…
I’ve blogged a lot about the history of the City of London, but what about its future? Right now, we could all imagine there won’t be one, but there is. It’s just going to be different. Now, I could speculate…
Technology develops at a pace and this is no more vividly illustrated than by the Olympic Games, as I discovered in a visit to the BBC’s Olympic theatre yesterday. The BBC has been involved in the Olympics pretty much since…
The major general news stories of the past week include …
The US Treasury and the Federal Reserve have been blindsided and angered by the New York banking regulator's decision to accuse Standard Chartered of conducting secret money laundering transactions with Iran.
Co-op chief quits before Lloyds deal completes – The Telegraph
Peter Marks stepped down as chief executive of the Co-operative Group in a shock move that raised fresh concerns over the company's deal to buy 632 bank branches from Lloyds.
Jessica Harper, the former head of online security at part-nationalised Lloyds Banking Group, has admitted a £2.5m fraud.
RBS facing US money laundering investigation – The Telegraph
Royal Bank of Scotland is being investigated by US authorities over failings in its money laundering controls.
Standard Chartered has been assused by US regulators of "scheming" with the Iranian government to conduct secret transactions worth $250bn (£160bn). Here are some key extracts from the New York State Department of Financial Services' (NYS) statement.
Barclays' new pay deal: you don't get your bonus until you retire – The Independent
Barclays is pondering a radical new pay deal for its top executives as it seeks to rescue its battered reputation in the wake of a series of scandals that led to the ousting of the chief executive, Bob Diamond.
City has failed on unfit IT systems – The Telegraph
Banks are using computer systems that are "unfit for purpose" and as a result have little idea what is going on inside their own businesses, a report has warned.
Architect of euro delivers exodus warning - The Independent
One of the founding fathers of the single currency and a former chief economist at the European Central Bank has warned that some nations may not be able to remain inside the euro.
Banks are hiring not firing – at least for now – The Independent
Hopes that a City jobs bloodbath could be averted arrive today in the form of figures from the leading headhunter Astbury Marsden.
Leeson: Rogue trader culture is more rife than ever - The Independent
Nick Leeson, the original rogue trader whose actions led to the collapse of the venerable Barings Bank and to a six-year prison sentence, yesterday warned that the culture of the City has spun out of control.
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