Our biggest stories of the past week are …
I was going to use this in my presentations but it’s far too difficult to fit everything in these days, so it’s a blog post instead. I’ve been asked to research 2035 by a client. One of the things I stumbled across was this: “Scandinavian scientists develop dog ‘translator’”.
There have been a few major headlines lately about the American fines of banks. I’ve blogged about some of them like Standard Chartered and HSBC, but the news has recently seen several more major headlines such as Credit Suisse today being fined $2.6 billion for criminally aiding US citizens in tax evasion (watch my interview on Bloomberg if interested).
I read three interesting commentaries this week about the financial crisis, and it builds upon yesterday’s discussion of Credit Suisse being the first bank for over a decade to admit to criminal wrong-doing in the USA.
I wanted to give up talking about bankers being jailed, fined, sued and sanctioned, but during my investigations into background issues over this week's Credit Suisse fine, I stumbled across an article I had missed in Germany's Spiegel that is pretty interesting and crucial reading.
Talking about job losses in the City reminded me of a comment a colleague made: "if we had delivered on all the headcount savings our bank has been promised from technology change, we would not have any staff in this bank anymore".
The major general news stories of the past week include …
The banker, the strippers and the UBS deal that went sour – The Independent
A UBS banker allegedly hired strippers and went on a luxury safari with consultants advising on intricate swap deals that went sour at the start of the financial crisis.
'Don't call us the bad bank' – BBC
'Don't call us the bad bank'
Lloyds sues RBS for $709 million over rights issue: report – Reuters
(Reuters) – Lloyds Banking Group is joining a class-action lawsuit against government-owned Royal Bank of Scotland, seeking 420 million pounds ($709 million) over the bank's handling of its 12-billion-pound rights issue, the Herald Scotland newspaper reported.
The story of how a tiny, 'annoying' coin was abolished – BBC
How an 'annoying' coin was abolished
BNP Paribas 'faces $5bn fine' over Iran sanctions – The Telegraph
French bank's shares fall amid reports fine would be biggest ever paid for violating sanctions
JP Morgan executive who jumped from bank's roof 'obsessed with parallel universes and couple's suicide pact' – The Telegraph
Gabriel Magee plunged 500 feet from the firm's Canary Wharf roof after writing "Trying to jump off building. Hate life."
Banking standards body to be set up – BBC
Banks have agreed to report each year on their behaviour and competence under measures set out by former CBI chief Sir Richard Lambert.
Deutsche Bank video warns traders not to be vulgar, indiscreet or brag – The Telegraph
German bank runs out of patience with 'Wolf of Wall Street'-style behaviour
Marks & Spencer new current account to take on the high street banks – The Guardian
Retailer hopes account with no monthly fee, cheap overdrafts and small overseas charges will challenge the main banks
Mobile payments revolution is still to take off – Financial Times
The closure of a high-profile app launched by Twitter’s co-founder suggests too few people are prepared to make payments with mobile phones.
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