Northern Rock released their annual report this morning, a year after their ‘temporary’ nationalisation on 22nd February 2008. The report provides some fascinating reading, and here are the headline numbers: A loss of £1.4 billion, of which £900m is for loan losses and £300m for write-downs The bank reduced staff by 1,300 to 4,500 through…
This video is a newish single by ex-Christian (a band) Henry Priestman. It's called "Don't you love me no more", and is all about being made redundant. Unfortunately, it has been banned as the video uses the logos of many mainstream banks without their permission. That's why, halfway through, it says the next 2 minutes…
There is a great deal of anger and disquiet bubbling away worldwide thanks to this crisis created by the financial system. I note however, that there seems to be a distinct lack of news coverage on these widespread protests and, in some cases, riots. The start point of such a conversation has to be Iceland,…
There is a great deal of anger and disquiet bubbling away worldwide thanks to this crisis created by the financial system. I note however, that there seems to be a distinct lack of news coverage on these widespread protests and, in some cases, riots. The start point of such a conversation has to be Iceland,…
There is a great deal of anger and disquiet bubbling away worldwide thanks to this crisis created by the financial system. I note however, that there seems to be a distinct lack of news coverage on these widespread protests and, in some cases, riots. The start point of such a conversation has to be Iceland,…
I just picked up Boston Consulting Group's (BCG's) annual report on banking which is called “Living with New Realities: Creating Value in Banking 2009”. The preface says it all: "Since the pre-crisis peak, the market capitalisation of the global banking industry has fallen by $5.5 trillion. This is equivalent to 10 percent of global GDP…
