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The Finanser’s Week: 6th August – 12th August 2012

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.

Quantitatively Ease the People!

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…

Can banks mind control with video tests?

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…

Standard Chartered's money laundering is standard bank business 

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)…

The City of London in 2050

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…

Olympic Visions: the television you will be watching ten years from now

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 

Lawsky's 'go it alone' attack on Standard Chartered angers US regulators – The Telegraph

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. 

Former Lloyds Banking online security chief Jessica Harper admits £2.5m fraud – The Telegraph

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 accused of exposing US to terrorists: key points – The Telegraph

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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About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.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...

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