Things we're reading today include ...
Today's must read:
The world is living in a financial "fool's paradise", according to the
Governor of the Bank of England, Mervyn King, who has called for radical
reform of the financial system and the break-up of big banks, as one of
the biggest, the majority state-owned RBS, announced losses of £3.6bn
yesterday.
Royal Bank of Scotland
RBS reports loss of £3.6bn - The
Telegraph
RBS to pay £1.7bn in bonuses despite £3.6bn loss - The Times
Now RBS creates 100 millionaires (and you're paying for
it) - The Independent
MPs blast 'ridiculous' pay in RBS bonus row - The Times
RBS is losing some talented staff, but maybe it doesn't
matter too much - The Telegraph
RBS faces FSA complaints inquiry - BBC
RBS sketch: Up pops Stephen Hester like some circus
messiah - The Telegraph
Markets
Bank of England chief Mervyn King calls for 'narrow
banks' - The Independent
Scottish financial sector 'to lose 12,000 jobs' - The Telegraph
Fears grow that Britain may still be in recession -
The Independent
Iceland walks out of £2.3bn debt repayment talks - The Times
Other news
Bankers still overpaid, boss says - BBC
Goldman Sachs faces Fed inquiry over Greek debt - The Telegraph
To Hell and back for the happy couple but at least they
still have each other - The Times
Not a banker in sight as the Queen takes a tour of the
City of London - The Times
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...