Our biggest stories of the past week are …
We had a good debate this week about the future for multilateral
interchange fees (MIFs) amongst the card companies. The argument made for
change by regulators appears to boil down to that the card operators and
issuers are ripping off…
Two journalistic heavyweights – Patrick
Hosking in the Times and Financial Services Club friend Ian Fraser – have
highlighted a number of questions that the Treasury Select Committee should ask
Sir James Crosby, former Chief Executive of HBOS (now Lloyds), today.
The ECB just released their latest
Quarterly Update Magazine and, as we have a plenary meeting of the Clearing
& Settlement Working Group next Tuesday, I thought you might be interested
in an update on T2S from the ECB.
I've worked for
American firms during my main working life, just as we saw the rise of
political correctness (PC) and the PC-police. It got to the stage where you
couldn't even say "I like your new hairstyle", without falling…
Giles Andrews, Chief
Executive of Zopa, recently spoke at the Financial Services Club, London, and
has kindly provided me with his script and slides to share with y'all so, here
it is … Thanks very much to Chris and Andy…
For the last decade,
I’ve been a fan of the Eurozone. It’s created a lot of business for many of us.
The Financial Services Action Plan (FSAP), the forty or more Directives, the
Single Euro Payments Area (SEPA) and all … but there's now a clear reason to
see it isn't going to work
The Sunday Times had a
specially sponsored section on mobile business this weekend. The section gave
some interesting stats that are worth repeating (just in case you didn’t think
mobile payments is big business): 28.2 trillion messages will be sent…
The major general news stories of the past week include …
new chief cuts 11,000 jobs as 'logical next step' – The Independent
Citigroup, fresh from a boardroom tussle
that led to Vikram Pandit's ousting from the chief executive's chair, announced
11,000 redundancies today, a move that will cost the financial behemoth more
than $1bn (£620m).
Islamic finance faces growth challenges
EU finance ministers fail to reach
agreement on setting up a single supervisor for eurozone banks after a meeting
FSA chief Hector Sants in talks to join Deloitte – The Telegraph
Former FSA chief in talks to join
accountancy firm Deloitte as a partner less than six months after quitting
HBOS collapsed because of
"incompetence" in the bank's corporate lending division, Sir James
Crosby, former chief executive, has admitted.
A top Bank of England official tells the
BBC the banking crisis has been as bad for the economy as a world war – and
bankers' pay should fall further.
start selling £25bn of toxic US debt – The Telegraph
HSBC is preparing its first sale of
sub-prime loans since the height of the financial crash, as Britain's largest
bank begins to off-load more than $40bn (£25bn) of toxic US debt it still holds
on its books.
London should be stripped of its status as
Europe's main financial hub and sidelined to allow the eurozone to
"control" transactions within the 17-nation bloc, the governor of the
Bank of France has said.
LONDON (Reuters) – It will take a decade to
fully return Royal Bank of Scotland to the private sector, the state-owned
lender has predicted, according to the UK's Times newspaper on Monday.
failure for Bank lending scheme – The Independent
The Bank of England is poised to deliver
the first verdict on its flagship scheme to boost lending in the economy
tomorrow, amid growing fears of an early flop.
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