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The Finanser’s Week: 30th July – 5th August 2012

Our biggest stories of the past week are …

Is SWIFT fit for purpose?

This is the final week in which you can take part in the Financial Services Club annual survey on payments infrastructures: are they fit for purpose?  We would be delighted if you would join this year’s survey: click here to take part.

Five Good Things Banks Are Doing

Someone made the comment that I would not receive any business from the five banks named yesterday with the biggest mistakes, so I thought I would rectify that by picking on five good things that banks are doing. It’s harder…

The Top Five Most Embarrassing Mistakes By Banks

I kinda thought that some of the things that have happened in banking in the past – like the collapse of Lehmans and Barings Bank; Jerome Kerviel, Henry Blodgett and Frank Quattrone; insider trading and Ponzi schemes; and more –…

LIBOR is fundamentally flawed and threatens London’s global position

This is a guest post by Financial Services Club alumni Professor Michael Mainelli: One of the most famous security posters of the Second World War read “Loose Lips Sink Ships”. The idea was to curtail careless talk and prevent giving…

Half the world is unbanked, especially women … it will change

I just received a Gallup report for the World Bank about gender differences in bank account usage. The headline is that gender barriers exist worldwide to banking. Hmmm … women are less included in finance than men. Hmmm … my…

Data not only measures progress, it inspires it

I liked what Hillary Clinton said about data in yesterday's blog: “Data not only measures progress, it inspires it.” The reason I liked it is that it brought me back to the basics of what I do in banking: data…

Things worth reading: the European View (12)

This week's view from Europe, courtesy of Edith Rigler:

  • Euro area government debt up to 88% of GDP, EU27 up to 83% – Eurostat, 23 July 2012
  • European banks are facing job cuts and consolidation – Bankmagazin, 24 July 2012
  • Breaking up Deutsche Bank? – Handelsblatt, 31 July 2012
  • EU consultation on a future framework for investment funds launched  – European Commission, 26 July 2012


The major general news stories of the past week include 

Libor scandal: RBS facing huge fine, warns chief Stephen Hester – The Telegraph
Stephen Hester has warned that Royal Bank of Scotland is facing a huge fine over the Libor scandal that has engulfed Barclays.

Cabinet discusses full nationalisation of RBS – The Telegraph
Cabinet ministers reported to have held discussions over a full nationalisation of RBS but talks are understood to have stalled amid a lack of support from the Treasury.

JP Morgan shakes up management team – The Telegraph
JP Morgan has shaken up its top management team with a raft of appointments that could lead to a successor being groomed to take over from Jamie Dimon.

HBOS whistleblower hits out at bank regulators – BBC
HBOS whistleblower hits out at bank regulators

Roger and Diana Jenkins in £150m 'happy' divorce – The Telegraph
Roger Jenkins, the financial expert who made his fortune heading Barclays' tax-planning business, is reported to have awarded his Bosnian-born wife Diana £150m in an amicable divorce settlement.

Tate Modern death fall man 'was senior HSBC banker' – The Telegraph
A man who plunged 100ft to his death at the Tate Modern is named as Michael Foreman, a senior bank manager with HSBC.

Young people fall out of love with high street banks – The Telegraph
Youngsters are angry with their high street providers and refuse to recommend them to their peers.

How hackers steal bank details from chip and pin machines – The Telegraph
The banking details of millions of British customers are at risk amid claims that card readers used in shops and restaurants can be hacked.

Viewpoint: Building banks from scratch – BBC
Does building banks from scratch create real competition?

Banks face giant bill for IT upgrade – The Independent
Britain's beleaguered banks must quickly inject billions of pounds into their creaking IT systems, on top of forking out for the many scandals that will continue to hit banking results this week.


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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, 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...

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