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After the huge arguments between London and Brussels over bankers’ bonus levels, where the UK has argued Europe is encouraging our bankers to leave and go to Geneva, New York and Hong Kong, we have now responded by introducing levels of punishment for financial wrongdoing that far outstrips those in Geneva, New York and Hong Kong.
The measures from the Bank of England announced today say that bankers found to be taking unacceptable risks in the future, will have up to seven years exposure to clawbacks.
Those unacceptable risks and behaviours would include actions such as the LIBOR and FX market fixing, the challenges of Gold and Silver market rigging, SWAPS mis-selling and more.
Equally, it would include the issue that I think is at the heart of all of this: casino capitalism.
I got this report from Monitise a month ago, but only just got around to writing about it. It's stats about mobile money and, if anyone knows me well, they'll know that I like stats. So here are some numbers:
1,008 million people use Facebook mobile every month
341 million people only use Facebook mobile
50 billion apps have been downloaded from Apple’s App Store
$10 billion is the income Apple generated from apps in 2013
500 million tweets are sent every day
540 million people use Google+
$108 (UK) $96 (US) is how much Google makes out of every adult (15+) in 2013
Source: Facebook, Business Insider, Twitter, Google, Apple, UN
I just read some interesting research by the Bank Workers Charity, a charity set up over a century ago to provide education to orphans but, today, a charity that looks after the needs of redundant or sick (not cool, but ill) workers in finance. They’ve been very busy lately.
I was having a debate the other day with two bank CEOs. One runs a direct bank that is going digital and the other runs a branch based bank that is investing in digital. At one point in the conversation, we got into a discussion about coders and, in a surprisingly frank dialogue, both CEOs said that coders are the most critical resource for their bank today. Coders make the difference.
I keep getting into debates about bitcoin and when banks should take notice of bitcoin. C’mon. If a bank hasn’t noticed bitcoin yet, then they must be a bank completely uninterested in banking strategies. bitcoin is important, but it’s not the be-all and end-all. In fact, it is fairly irritating.
I was lucky enough to visit with Metro Bank recently, and they gave me startling stats and insights to the emerging business. Launched in June 2010, Metro Bank has rapidly grown to 27 branches today, with a plan for 32 by the end of this year and 48 by the end of next.
The major general news stories of the past week include ...
Why Atom Bank chose to start a banking revolution from Durham - The Northern Echo ALMOST seven years since the sight of customer’s besieging a North-East lender offered irrefutable proof that the banking industry was undergoing a sea change, Business Editor Andy Richardson talks to the people behind the region’s latest foray into the world of financial services.
Make the Barclays-Goldman comparison - Financial Times Among the famous head-to-head rivalries in banking, Goldman Sachs and Barclays never really figured. However, investors would be wise to compare the two banks
Scotland’s financial sector at ‘risk’ - Financial Times MPs infuriate Scottish nationalists by warning on the impact of independence and labelling the idea of a currency union as a ‘dead parrot’
I just read some interesting research by the Bank Workers Charity, a charity set up over a century ago to provide education to orphans but, today, a charity that looks after the needs of redundant or sick (not cool, but ill) workers in finance.