Things we're reading today include ...
Today's must read:
HSBC was one of the first banks to
come out and say we support the G20 remuneration strategy, we will be with
us. What’s disappointing is that the UK is leading it and it has been doing
some very sensible things but the rest of the world hasn’t come forward so
in a way I think maybe the UK is moving too fast in regulation change and
places like New York, Paris and the rest of the world is actually staying
behind and the UK is being penalised.
HSBC boss Michael Geoghegan attacks bank bonus tax - The Telegraph
Companies
Bank of America sees $194m loss - BBC
Bailout repayment pushes BoA £2.2bn into red - The Times
Morgan Stanley pay at highest level in decade - The Telegraph
SFO to look into missing millions at E-Clear - The Independent
Barclays faces £17bn shortfall - The Telegraph
Markets
Treasury could demand more financial transparency - Financial Times
China's economy in major growth - BBC
Consumer boost for US banks - Financial Times
US banking giants reveal bonuses and bad debts - The Independent
Quote of the Day:
"The UK has a poor record of proffering titles to financial titans who then turn out to be tarnished dwarfs."
Abigail Hofman, Euromoney
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...