Marcus Agius should, and could, have sacked Barclays CEO, Bob Diamond, over the LIBOR scandal, which has destroyed Barclays’ reputation with the public, regulators and governments, particularly in the UK and United States. It has also cost the bank more than a staggering one quarter of a billion pounds (about $450 million) so far, but multi-million [...]
cantankerous has previously reported the growing anger of the Irish government with RBS. In an unusually candid statement issued yesterday, Ireland’s central bank has expressed its growing impatience with the continuing and unresolved RBS IT fiasco:
28 June 2012
The Central Bank of Ireland is concerned by the unacceptable continuing delays by Ulster Bank in fully resolving its systems [...]
At last, a mainstream broadcaster begins to question the RBS PR spin that the NatWest and Ulster Bank fiasco, still not over, has nothing to do with its sacking of hundreds of experienced and highly-qualified UK staff as part of its massive outsourcing and offshoring strategy. cantankerous has already exposed how overnight batch support was moved abroad with [...]
RBS is currently spinning that it has recovered 99% of the financial transactions of its RBS and NatWest customers and the mainstream media seem quite happy with this. But anyone with even a rudimentary understanding of finance and data knows that this means that the data recovery process at RBS has probably not worked as it [...]
UPDATE 13:57 26/6/12: I’ve just been told that, as expected, this CV has now been deleted. I wonder why Infosys and RBS would want confirmation of the Infosys work on batch processing on RBS’s IBM mainframes deleted? Couldn’t be anything to do with what the RBS CEO, Stephen Hester, said, denying there is any link between offshoring, [...]
When you think about it, a modern bank is nothing more than its IT core system and confidence. There is no gold in its HQ any longer, or incredibly wealthy owners or partners; RBS’s shareholders are certainly much poorer than they were. So, if people were worried about not being able to get their money out [...]
Iain Duncan-Smith is taking an awful lot of flak from bishops, the liberal media elite and hand-wringing Liberals, such as Paddy Ashdown, about his plans to cap benefits at the median take-home wage of working families – £26,000 per year. Why have we become trapped by this materialistic concept of child poverty, itself a remnant of [...]
cantankerous worked with the pay consultancies in top FTSE companies. The greed and corruption of the FTSE executives and the corporate ‘reward’ consultancies was blatant and disgusting, and it is remarkable that nothing was done to stop it. As executives reduced the amount paid into pension schemes for ordinary staff by sometimes as much as a [...]
HSBC's global HQ is in Canary Wharf
HSBC announced its financial results today. It will probably be attacked by many, so this is a defence.
HSBC is a very different animal to the other UK banks. It is still run by bankers, rather than former McKinsey consultants like Barclays. A good friend, working [...]
Figures are from Barclays Results Announcements and Annual Reports. This graph doesn’t really require much in the way of commentary, does it? It isn’t hard to see where most of the spare cash Barclays generates is going, and it certainly isn’t to the shareholders who were nearly wiped out in the financial crisis.
Since Legal & General [...]