Things we're reading today include ...
Today's must read:
"The question that has not properly been answered, despite the greatest
financial crisis in decades, is this: what is a bank for nowadays? What
businesses should it be in and how profitable should its shareholders
expect it to be? Is it right for deposit-taking to happen under the
same roof as risk-laden investment banking? Should a bank be allowed to
sell complex investments while a different department in the same
institution is betting against them for its own benefit?"
Bonuses are not the only issue facing banking - The Telegraph
Most concerning story of the day
Fraud fear blocks Haiti donations - BBC
Bonuses
Obama's bold action on bankers embarrasses Labour's gesture politics - The Telegraph
Darling rules out US-style levy on banks - The Independent
European governments will be tempted to follow Barack Obama's lead on taxing banks - The TelegraphUS banks to cut bonuses to allay public's anger - The Independent
Wall Street giants pay staff $100bn - The Times
Britain's bonus tax will raise about £300m from JP Morgan - The Telegraph
More hedge fund traders join rush to Geneva - The Times
Treasury urges bonus restraint on banks - The Independent
Companies
Virgin Money hires for high street push - The Times
Tesco banks on Clubcard to capture financial customers - The Times
RBS shareholders take bank to court over rights issue - The Telegraph
RBS anger as 'Fred the Shred' lands a new job - The Independent
JP Morgan reports $3.3bn profits - BBC
JPMorgan bows to pressure over pay - Financial Times
Goldmans to tell staff: give to charity - The Telegraph
Experian sees no signs of rising lending - Financial Times
People
Peter Sands: don't imagine that China is going to save us and City has been damaged by banking mistakes - The Telegraph
Maverick (Willem Buiter) laughs all the way to the bank - The Times
Markets
Quote of the Day:
“The great thing about Google is that as I get older and
forget who I am and where I live, I can just press a button and remind
myself instantly.” Prince Charles
Word of the Day:
Hippopotomonstrosesquipedaliophobia
Definition: the fear of long words.
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...
