Our biggest stories of the week are ...
Bunfight at the Wall Street Corral
America has a new Consumer Financial Protection Bureau (CFPB), thanks to the Dodd-Frank reforms. The CFPB is a bit like the FBI, but focused upon money. Who could possibly run the CFPB?
Making the anti-social banker social
I’ve just started a new theme in my presentations: making the antisocial
bank social. It’s not about using social media, although that comes
into it, but it’s more to do with the fundamental challenge to banks and
banking to become social. In particular, it's how to deal with the
issue of making banking interesting when it's meant to be boring.
Alcohol ads throw a brick at bankers
Strongbow Cider has just launched a new ad in the UK. The original
advert honours the workers who create value - such as the pork pie
fillers of Melton Mowbray and the sofa deliverymen of the M4 corridor.
The new one is slightly less complementary and is targeted at ...
bankers!
Banks best customers? Themselves!
Over the weekend, Umair Haque tweeted the following: '"I'm going to make
you rich. You just have to be my b*tch". A must read (esp for non wall
streeters)'. That is direct quote from a banker at Merrill Lynch in an
article from ProPublica. The article is pretty shocking as it shows
that, after issues hit in subprime markets, several banks inflated their
portfolios through self-dealing on their own desks.
SIBOS 2010: How do you see the world in 2025?
At SWIFT's SIBOS this year, I'm going to be one of the key business
owners of the Innotribe stream focused upon the “Long Now”, a theme I've
blogged about several times before .
After the PSD and SEPA, has anything changed?
Last year, we performed a major survey in anticipation of the
implementation of the PSD and SEPA Direct Debits, to see how the world
viewed these areas. This year, we're doing it again. Click here to take the survey.
Monthly MiFID MTF Monitor: August 2010
We are pleased to provide our eighth month of monitoring the MTF
performances in
European Equities trading, in partnership with Thomson Reuters Equity Market Share Reporter (EMSR).
The major general news stories of the week include ...
Credit card debt is hitting banks - BBC
Banks have written off a record amount of credit card debt despite charities reporting a fall in calls from worried borrowers.
Taxpayers set to pocket £27bn from bailing out Britain's banks - The Independent
The taxpayer stands to make up to £27bn from the emergency bailout of Britain's banks when the Government's stakes in Lloyds Banking Group and Royal Bank of Scotland (RBS) are sold, estimates suggest.
Credit Suisse defends its bankers' mid-year bonus - The Telegraph
Swiss bank defends surprise bonus round for London staff by claiming it had no choice after its compliance with UK pay rules backfired.
Listen up Osborne, Labour's bonus tax did more harm than good - The Telegraph
When Alistair Darling introduced Labour's bonus tax in last year's pre-Budget report his intention was clear - he wanted to stop bankers being paid so much.
Bankers' bonus tax failed, admits Alistair Darling - The Telegraph
Former Chancellor admits the 50pc tax on bankers' bonuses he introduced failed to change City's attitude to pay.
Heyday of paydays for bankers is over now golden years are gone - The Telegraph
The disappearance of the City's big bonuses will have nothing to do with public disdain or even legislative pressure.
Don't break up banks, say top UK companies - The Telegraph
A group of Britain's leading companies is to demand that the Government scraps proposals to break-up Britain's banks.
Number of FSA top earners triples - Financial Times
The number of highly paid staff at the Financial Services Authority has trebled in the past four years as the regulator recruited more people with extensive industry or legal experience, according to new figures obtained by the Financial Times
Northern Rock chief admits to 'catastrophic black mark' - The Telegraph
Matt Ridley, the former chairman of the failed bank, says he is filled with remorse for what happened.
Free market has turned us into 'Matrix' drones - The Independent
A leading economist has likened the nation's acceptance of free-market capitalism to that of the brainwashed characters in the film The Matrix, unwitting pawns in a fake reality.
The Financial
Services Club is sponsored by:
For
details of sponsorship email us.
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...
