Our biggest stories of
the past week are …
Just been talking about innovation with a bunch of folks and
found myself getting more and more wound up about the way people bandy the word
around without knowing its meaning. It’s not that I’m some pedant or radical
I was at a conference yesterday where a leading economist
talked about the global economic forecasts and specifically about the UK. When
he got to the UK, he started talking about which sectors were expanding and
succeeding the most, citing…
One of the panellists at this week’s conference said that he
employed twenty people whose sole duty was to find a way to destroy the
business. I liked the idea of that. It is a strong and emotive statement.
No, it’s not about flagellation and sado-masochism, although
the current regulatory regime is not far off that. It’s also true that the
regulatory regime is pretty mind-boggling these days, with fifty shades of
interpretation of fifty shades of law. This…
In another conversation, I gained a new dimension as to how
the regulatory and governmental influence is changing a bank’s outlook. I was
talking with a very senior manager in a bank. This person heads up risk, audit
The Wheatley review made ten recommendations for LIBOR reform. In response, the British Bankers’ Association
(BBA) has determined to remove five currencies from LIBOR publications. What’s
I don't normally place press releases on the blog, but this
one's an important one so here it is pretty much unedited: Paying a friend or business on your mobile as easily as sending a text
is set to become a mainstream option in spring 2014, when the Payments
Council’s new mobile payments service launches.
FinovateEurope 2013 is only 4 weeks away and readers of the
Finanser can get a 10% discount on the ticket price by entering 'FSClub2013' as
your discount code when registering.
The major general news
stories of the past week include …
bankers' Libor anonymity 'implausible' – The Telegraph
A move to block the naming of 42 Barclays staff named in documents linked to
the investigation into Libor-rigging has been branded "implausible"
Look at PayPal's 4Q2012 Financial Results – Payments News
PayPal's parent eBay announced financial results for 4Q2012. PayPal's active
account growth accelerated to 15% and ended the year with approximately 123
million registered accounts. PayPal added nearly 2 million accounts a month in
the fourth quarter, representing the company's fastest active account growth
rate in years. Net total payment
using Funding for Lending Scheme to 'rip off' customers – The Telegraph
Banks have been accused of using the Government's taxpayer-backed cheap credit
scheme to rip off customers by cutting rates on savings accounts more than on
and RBS need billions more capital, BoE says – The Telegraph
Britain's bailed-out banks need billions of pounds more capital to shore up
their balance sheets and support the economy, senior Bank of England officials
by text to launch Spring 2014 – BBC
A database pairing phone numbers to bank accounts will launch in the UK in
Spring 2014, allowing people to text money to each other.
Social Networks, Payments and Banking Intersect – Payments News
Terri Bradford of the Federal Reserve Bank of Kansas City has recently
published an Payments System Research Brief entitled, "Where Social
Networks, Payments and Banking Intersect". This article reviews the extent
of social network adoption, describes ways in which commerce and banking
services are arising, discusses payment methods, and highlights
banks admit poor lending decisions, says Lord Green – The Telegraph
Britain's largest banks privately admit they are in a "downward
spiral" of poor lending decisions and have a "computer says no"
attitude to small businesses, according to the former chairman of HSBC.
back-to-the-future banker – Financial Times
Pär Boman, chief of Handelsbanken, tells Richard Milne how the bank’s
idiosyncratic model has helped protect it during financial crises
chief in line for £4m bonus – The Telegraph
Lloyds Banking Group's chief executive, Antonio Horta-Osorio, is set to receive
a multi-million-pound bonus this year despite a forecast loss at the
sackings soar as FSA cracks down – The Independent
Sackings and suspensions hit a five-year high in the City last year, as the
financial crisis continued to take its toll on employment amid a clampdown on
wrongdoing by the regulator.
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