Our biggest stories of the week are ...
Why banks and socials agree to disagree
SIBOS sparked several big conversations this year, one of which is what Generation Y wants from their bank. In particular, Venessa Miemis wrote some interesting thoughts on her blog about her impressions of SIBOS and talks about what she wants from her bank. But her blog has caused a raging debate about whether young people understand what banking is about.
Where banks and socials can agree
Continuing the conversation with Venessa Miemis, here are the areas where banks and social needs overlap. This includes transparency in banking, financial visualisation tools and social network analysis and integration with financial tools. Interestingly, this has also garnered the most responses for any entry made on our blog to date!
If banks are like oil, build better vehicles
I think we’ve been arguing the wrong point when we attack the banking system per se, as the core of banking – the bit that it really exists for – is to oil global trade, as opined by Stephen Hester, CEO of RBS. That part will never change, but the things that sit on the network will ...
So is there a chance of getting rid of banks?
So to the really interesting question: if the industry is in a foul mess, should we try to shut it down? The reason I ask this is that this is the question that came up as I was writing yesterday's blog, debating the similarities between the banking and oil industries. If BP and their brethren had a Deepwater Horizon every few years, we would seek to substitute oil for another fuel ... and we are. If JPMorgan and their brethren had a financial crisis every few years, we would seek to substitute banks for another service, and some of us are.
I was at this big debate about the state of trust in banking, based upon a survey of 164 professionals working in financial firms. The survey found the following key results ...
The major general news stories of the week include ...
Goldman caterer is accused of 'discrimination' - The Independent
Unite has called on Goldman Sachs to intervene in a furious row with its caterers over allegations of racism.
Stephen Green says Basel III change should avoid hurting trade - The Telegraph
Stephen Green, the outgoing chairman of HSBC, said the new Basel III rules on bank capital could be revised to avoid hurting international trade.
EC Markets head Michel Barnier refuses London clash with MPs - The Telegraph
The European Commission's head of Internal Markets, who is in charge of the machinery of financial regulation, has refused a request to explain his reforms to the Treasury Select Committee.
Anger at 'no' to state-backed bank - The Independent
The Government unveiled plans to invest in Post Offices, cut queues and increase opening times yesterday but angered unions, business and pensioner groups by deciding against setting up a state-backed Post Office Bank.
What are the key battlegrounds ?
Ireland on Edge as the EU Pays a Visit - Business Week
Ireland will try to win support this week from the European Union to avoid a Greek-style bailout as investors balk at buying the country's bonds
Whistleblower accuses HSBC and JP Morgan of silver futures scam - The Telegraph
Whistleblower accuses banks of 'intentionally and unlawfully' suppressing the price of silver futures traded on the Comex exchange.
Global criticism of US stimulus - BBC
Germany's finance minister calls the US stimulus programme "clueless", while China warns of its "negative impact".
New commodity funds 'may be next financial bubble', FSA warned - The Telegraph
FSA warned that new commodities funds being launched by investment banks are a bad deal for investors.
Take the money or the bashing? - The Telegraph
Gary Hoffman's £500,000 pay-off that never was has kick-started the now annual bankers' pay-and-bonus bashing season a little earlier than normal.
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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...
