Writing in the Observer, Gordon Brown says that, in the future, banking "becomes the servant of our economy and society, never its master." He wants banks to return to the basics, with the keys to basic banking being "a place where people can keep their savings safe and to provide funds for those who want…
CNN report that New York District Attorney Andrew Cuomo has just served a subpoena on Ken Lewis, CEO of Bank of America, over Merrill Lynch's bonuses and dealings. That's slightly more serious than a Congressional Hearing. The Financial Times expands upon the issue by saying that when "Merrill paid out close to $4bn in bonuses…
CNN report that New York District Attorney Andrew Cuomo has just served a subpoena on Ken Lewis, CEO of Bank of America, over Merrill Lynch's bonuses and dealings. That's slightly more serious than a Congressional Hearing. The Financial Times expands upon the issue by saying that when "Merrill paid out close to $4bn in bonuses…
The UK Banking Bill received Royal Assent to pass into Law on 12th February, and comes into force this weekend. The Banking Act 2009 can be downloaded or read online and in full. The Act has been rushed through to cover the need to nationalise stabilise the UK banks, and has specific provisions that ensure…
The UK Banking Bill received Royal Assent to pass into Law on 12th February, and comes into force this weekend. The Banking Act 2009 can be downloaded or read online and in full. The Act has been rushed through to cover the need to nationalise stabilise the UK banks, and has specific provisions that ensure…
The UK's Office for National Statistics is now estimating the Royal Bank of Scotland and Lloyds Banking Group combined losses will cost between £1 to £1.5 trillion in additional public debt. That's the equivalent of 70% to 100% of the UK's GDP. They've also been reclassified as "public" institutions, which means that all of their…
The UK's Office for National Statistics is now estimating the Royal Bank of Scotland and Lloyds Banking Group combined losses will cost between £1 to £1.5 trillion in additional public debt. That's the equivalent of 70% to 100% of the UK's GDP. They've also been reclassified as "public" institutions, which means that all of their…
There's been a distinct lack of outspoken bankers talking about this crisis. Most seem to be hiding under the lights of their own bushel. But no. There is one brave banker out there, willing to stand up and be counted. And no. It's not Jamie Dimon! It's US Bancorp's CEO Richard Davis. Speaking at a…
There's been a distinct lack of outspoken bankers talking about this crisis. Most seem to be hiding under the lights of their own bushel. But no. There is one brave banker out there, willing to stand up and be counted. And no. It's not Jamie Dimon! It's US Bancorp's CEO Richard Davis. Speaking at a…
I chaired a dinner on compliance last night, with eight risk and compliance professionals from a range of international and global banks. Without any particular science to this, I noted key words used throughout the evening and came up with a word cloud that looks a bit like this: What this demonstrated is that there…
