Our biggest stories of the week are ...
What the Facebook IPO means for banks
I haven’t written much about social media lately. The reason is that it’s now mainstream and dull. When you're scanning future views, you’re not as bothered about Facebook and Twitter when everyone’s familiar with and using such services. Facebook's pervasiveness...
We had our annual debate at the Financial Services Club this week, with a classical Oxford style debate about whether SEPA, the Single Euro Payments Area, matters or not. This year, with the backdrop of the Eurozone implosion, the debate was far livelier than usual ...
It’s bonus season and, as in previous years*, the media and politicians stir up a row over rick pickings and knighthoods. Some say there’s even a “whiff of the lynch mob” in the air. Certainly in the UK it’s getting ridiculous as this week we saw the hysterical media coverage over Stephen Hester getting a million pound bonus for steering Royal Bank of Scotland (RBS) through this crisis, immediately followed by the Queen stripping Fred Goodwin, the former RBS CEO, of his knighthood.
Just had an interesting banter about the future of technology with a technologist. We like to think that technology is special. It is. In the words of Arthur C Clarke: “any sufficiently advanced technology is indistinguishable from magic”, and he’s right. But do we really need armies of people to ...
The major general news stories of the week include ...
Hackers fool bank security system - BBC
Criminal hackers have found ways around new security devices used for online banking, the BBC has learned.
'Dead' trader found working in Las Vegas casino fined $90,000 - The Telegraph
A former Chicago commodities trader who disappeared in 1979 in murky circumstances and was found last year working in a Las Vegas casino was fined nearly $90,000 on Tuesday but was spared jail time for fraud, authorities said.
Backlash fear as Sir Victor Blank pressed over knighthood - The Telegraph
The head of the civil service has been asked to strip former Lloyds chairman Sir Victor Blank of his knighthood, as concerns grow about a rising "anti-business hysteria".
Criticism over Goodwin 'hysteria' - BBC
Figures from the business world hit out at a decision to strip former Royal Bank of Scotland boss Fred Goodwin of his knighthood.
London Mayor says 'bonjour' to banks fleeing French tax - The Telegraph
Britain should welcome with "open arms" French banks that want to move business from Paris to London to escape France's new financial transaction tax, according to the Mayor of London and Britain's top bank lobbyist.
How do countries run their state banks? - BBC
How do other countries run their state banks?
FSA chief Hector Sants says sorry for RBS failure - The Telegraph
Hector Sants, chief executive of the Financial Services Authority, has apologised for the failure of Royal Bank of Scotland on his watch and said he would not let any of the lender's former managers work in finance again.
Three are sent to prison for defrauding Swiss bank of $22m - The Independent
Three conspirators, including the former owner of the no-win, no-fee firm Claims Direct and an ex-partner at the top-drawer law firm Mischon de Reya, have been jailed for defrauding a Swiss bank.
Realities dawn on City bankers - Financial Times
Professionals in work want to stay put but those seeking jobs are looking at options they would not have considered previously
RBS to pay investment bankers £1.5bn settlement - The Telegraph
Royal Bank of Scotland, the lender at the centre of a storm over its chief executive's bonus, is to pay out as much as £1.5bn to City bankers as it counts the cost of its disastrous foray into investment banking.
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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...
