Mervyn King turns on the bankers
Mervyn King, the governor of the Bank of England, yesterday hit back at the UK banking profession and admitted that UK regulators missed an opportunity to clamp down on excessive bonuses and remuneration packages during the depths of recession. As we covered in one of our earlier articles, Mervyn King was most certainly in apologetic mood yesterday and appeared to be attempting to curry favor with the unions.
Despite the fact that a number of union representatives turned their backs on the Mervyn King and walked out of during his speech he was given a far better reception than many had expected. When the governor of the Bank of England turns on the UK banking community then we know that the sector is most certainly public enemy number one. Quite why Mervyn King has taken this particular stance at this particular moment in time is something which is slightly puzzling.
However, the bottom line seems to be that the UK banking arena has been cut adrift more than ever before and historic friends that have defended the sector now appear to be turning against it. Whether the introduction of Mervyn King to the mix will make the UK banking arena think again is something which many people will be considering.
Lloyds bank, Royal Bank of Scotland and Northern Rock to be broken up
The UK government has let it be known within city circles that Lloyds bank, Royal Bank of Scotland and Northern Rock will all be broken up and sold off in due course, as the UK government looks to increase competition in the sector and alleviate the potential problem of overdependence on a small group of banks in the future.
While it is too early to suggest any potential takeout pri...
Royal Bank of Scotland under pressure for backing Cadbury bid
Royal Bank of Scotland is today under pressure from unions and MPs after news that the company is backing the hostile foreign takeover approach to Cadbury. The bid by Kraft Foods is valued at around £10 billion and Royal Bank of Scotland is one of a consortium of banks around the world which have agreed to provide finance for the bid. So why the fury from within the UK?
Greek debt sold off by investors
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BA chief executive refuses bonus
British Airways chief executive Willie Walsh has refused a £334,000 bonus as the dispute with the unions continues. This is the second time that Willie Walsh has refused a bonus offer from the remuneration board although he is still on a basic salary of £735,000. He also waived his pay in July, as did many British Airways staff, as a means of saving money for the company. As the more recent i...Read More
FSA looking to push through market abuse cases
A number of lawyers in the city of London have stepped forward to confirm that the FSA (Financial Services Authority) has significantly increased its urgency with regards to market abuse cases waiting to go to court. Whether or not this is true there is no doubt that the FSA has shown more successes over the last few months than over the last decade in an area of law which has been a minefield for...Read More