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The Finanser’s Week: 14th May – 20th May 2012

Our biggest stories of the week are …

The multibranded bank

Having made the claim many times that banks are not great at multichannel but excel in a single channel, I got into an interesting debate last night with the CEO of one UK bank.  He was asking whether branch-based banking had a future.  I said branches have a limited future …

European leaders agree wording for Greece deal

As we approach euro meltdown (join our webinar with GTNews on Tuesday for more on this), I thought it might be worth listening in to the videocall that took place between Italian Prime Minister Mario Monti, French President Francois Hollande,…

Drew, Dimon, Volcker and Voldemort

The shock news this week is that JPMorgan – that mighty institution of financial stability that has steered through this crisis with ease and made Jamie Dimon, its CEO, the sage of finance – has been rocked by a trading scandal… 

'Whiner Dimon', and why consumers are just as important as regulators

Talking with a friend this week, they said that they had found my blog entries a little over the top lately. “Calm down”, she said, “and stop being a rebel without a cause.” But that’s where she’s wrong. I am…

Mobile carriers are just banks

We talk a lot about the threat of mobile carriers and telecom firms moving into banking and eating our lunch. We cite examples such as NTT DoCoMo buying a credit card firm or Safaricom becoming the biggest financial transactor in…

SEPA will survive even if the euro does not

We've just completed our annual survey on SEPA and the PSD, which will be released via a free webinar next week [to register, please visit: http://digbig.com/5bgayr].  The headlines of the survey were released today for EBADay, and so here's the full press release …


The major general news stories of the week include …  

Once-mighty JP Morgan plunges on $2bn London trading crisis – The Independent
Shares in JP Morgan nosedived last night, dragging rival US and British banks with them in the midst of a mounting scandal over vast losses in its London derivative trading.

The City trader who lost $2bn… and he was the risk expert who was meant to play it safe – The Independent
A millionaire City trader known as the "London Whale" for the vast size of his bets on the markets, has emerged as the culprit behind a $2bn (£1.25bn) trading loss at one of the world's biggest investment banks.

Fund run by JPMorgan bet against Whale – The Independent
Hedge funders were not the only market whiz-kids betting against JPMorgan's disastrous London Whale trading positions. Another part of his own bank was too.

JP Morgan's Jamie Dimon admits he was 'dead wrong' not to act on warnings – The Telegraph
Jamie Dimon has admitted he was "dead wrong" not to act on warnings about the risks his chief investment officer was taking shortly before the bank reported a $2bn trading loss.

JP Morgan $2bn loss: Q&A – The Telegraph
JPMorgan Chase chief executive Jamie Dimon has shocked Wall Street by disclosing the bank racked up $2bn (£1.2bn) of trading losses in the past six weeks and warned they could get worse. Here, we take a closer look at what happened.

RBS investors say Stephen Hester 'not paid enough' – The Telegraph
Royal Bank of Scotland's chief executive, Stephen Hester, is not being paid enough for his work, according to some of the taxpayer-backed lender's largest shareholders.

'Pied piper' broker banned from City for life – The Independent
The "pied piper" broking chief who lured 10 of his colleagues away from the broker Tullett Prebon to a rival, BGC partners, has been banned from working in the City ever again.

Spanish banks given 15 days to plan how to raise €30bn or face nationalisation – The Telegraph
Spanish banks have been given 15 days to submit plans to meet an obligatory €30bn recapitalisation, or face nationalisation.

Santander: is my bank account safe? – The Telegraph
Fears that Spain will be caught up in the eurozone debt crisis is provoking fears among savers with deposits held by banking giant Santander. But should they act?

EU agrees strict new bank rules – BBC
The European Union agrees strict new rules for banks, intended to make them safer and eliminate the need for future bailouts.


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About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.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...

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