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Things worth reading: 23rd – 24th June 2009

Things we're reading today include …

Today's must-read: RBS topped the losses list while Chinese banks raked in profits (Guardian)

"The Banker's Top 1,000 annual survey reveals that RBS's pre-tax operating loss of $59.3bn (£36bn) puts it way out in front of Citigroup, which was second with losses of $53bn … the world's most profitable bank last year was the Industrial and Commercial Bank of China, which made $21.3bn, followed by China Construction Bank. Spain's Santander was the highest-placed European bank, coming in third with profits of £15bn. The highest UK bank was sixth-placed HSBC with profits of $9.3bn, beating Barclays, which was seventh, by $448m."

UK:

Banks are forgetting lessons of crisis already, warns Turner (Independent)
Banks told: restructure or face tougher rules (Times)
Tough targets set for Hester’s package (Financial Times)

Europe:

Gordon Brown hasn't beaten off the EU financial regulators (Telegraph)
Britain chided by Brussels for ballooning government deficit (Telegraph)
ECB chief Trichet says governments have reached borrowing limit (Guardian)
World's biggest hedge funds oppose EU cap on leverage (Telegraph)

USA:

E*Trade living on borrowed time (The Deal)
Citigroup revamps pay structure (Financial Times)
Wall St pay soars in bid to halt talent exodus (Financial Times)
How internet gambling is keeping Wall Street rich (Style)
President Obama: 'No fresh stimulus needed' (Telegraph)

World:

China and US head for trade war (Guardian)
Recession has bottomed out, say business leaders (Guardian)
World Bank cautions against recovery talk (Telegraph)

Quote of the Day:
"A rich man's joke is always funny." Heywood Broon

Sorry we missed yesterday's news due to unforeseen circumstances

  

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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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