Spain’s cajas, Banking Union and British EU exit
Spain seems to have played hardball and won some concessions. The medium term changes to strategic thinking are happening right now. And they will have a profound impact here.
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Spain seems to have played hardball and won some concessions. The medium term changes to strategic thinking are happening right now. And they will have a profound impact here.
After a seven year fight, former Rover workers are getting just £3 each following the collapse of the UK’s last major carmaker.
Sir Tom McKillop, Fred’s Chairman at RBS back then, still has his “K.” Plain Mr Andy Hornby, boss of HBOS, seems to have rather missed the boat. His Chairman at HBOS, Lord Stevenson has a CBE, a knighthood and a peerage … for years he chaired the committee that decides who is fit to be a peer, he currently sits on the main committee that decides who should get honours. So he’s pretty safe, I reckon.
Former Chancellor Alistair Darling has branded as “tawdry” the stripping of ex-RBS boss Fred Goodwin’s knighthood and suggested the banker had been singled out.
The bigger picture here is that the entire political class is struggling right now with the border between the state and the British banking system. Far more important than de-honouring, is de-leveraging. Project Merlin has come to an end, I am told by senior bankers, and some banks have smashed their targets, and others have missed them. All will be revealed in the upcoming bank results season.
Faisal Islam pores over Alistair Darling’s memoir and finds some extraordinary revelations about the banks which still have relevance today.
Business Correspondent Siobhan Kennedy suggests the ban on short-selling in France, Belgium, Spain and Italy could do more harm than good.
Banking giant HSBC warns it will cut 30,000 jobs worldwide by 2013 as part of a restructuring plan.
Lloyds Banking Group will cut 15,000 more jobs by 2014 as part of new Chief Executive Antonio Horta-Osorio’s strategic review.
If the private sector recovery gets going, and the full powers of this new FPC kick-in in 2013, then the decisions of this new body in early 2015 could be rather interesting – economically and politically, writes Faisal Islam.
David Cameron has signalled this week that he is taking the looming threat of Scottish independence seriously. With people on both sides of the border convinced they are losing out, what’s the real cost of holding the United Kingdom together?
A report in the wake of the financial crisis suggests banks ringfence their retail arms and puts pressure on Lloyds to sell more branches. But it’s no banking revolution, Faisal Islam says.
As Lloyds Banking Group reveals its first annual profit since the taxpayer bailout, outgoing chief executive Eric Daniels tells Channel 4 News he does not regret “one minute” of his tenure.
JP Morgan announces a trebling of pay and bonuses for its investment bankers to more than £1.1billion in the last quarter. Siobhan Kennedy assesses what this means for the rest of the “bonus season”.
Exposure to Ireland’s crippled economy will force Lloyds Banking Group to write down more than £4bn of loans – a “not helpful, but not life-threatening” step, one analyst tells Channel 4 News.