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Overview

Three years after the nadir of the banking crisis of 2008, the business of banking is undergoing massive change as governments and regulators strive to return stability to the banking system and avoid the future provision of taxpayer support to failing banks.  

The multiple issues raised by the crisis are converging into one core and very fundamental question: what will be the future shape of the banking business in the developed world?  Faced with a raft of untested new initiatives, uncertainty over the direction and effectiveness of bank regulation, a potentially very uneven global playing field, the possibility of drastic restructuring, and the prospect of much reduced profit levels, banking is facing a very challenging future. Add to the mix the impact of this 'new normal' of profitability on investor sentiment with its increasing appetite for risk, and the need to nevertheless operate in a political climate of public anger and retribution, and you have a unique set of conflicts that mean that banking is facing a perfect storm of uncertainty and threat.

But one thing is certain: bankers, investors and others need to plan now for the future, and key strategic decisions to ensure a sustainable future have to be made. Risk, Regulation and Profitability: Reconciling Banking's Key Strategic Challenges defines and analyses the core issues, balances and weighs  conflicting views, and assesses likely impacts and outcomes to provide unique and insightful strategic input in troubled times.

Revised 2012
ISBN 978-1-907720-29-1
100 pages
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Key issues


Key strategic issues addressed by Risk, Regulation and Profitability: Reconciling Banking's Key Strategic Challenges include:

•    Corporate governance:  To what extent can the traditional elements of corporate governance, in particular boards of directors, play a role in mitigating future threats to banking stability? What has been the actual record of such governance in the recent crisis? Has banking become too complex and fast moving for these individuals?
•    New supervisory and regulatory measures:  How likely are such measures such as the new Basel III, coupled with national legislation such as Dodd-Frank in the US and the creation of new regional entities in the EU, to significantly improve the identification and resolution of individual bank and systemic problems?
•    Strategic measures being taken or considered by bank management to reduce risk:  For example, what might be the future profile of investment banking and other high-risk businesses in the light of the possible application of the Volcker rule and similar measures to separate them from those supported by taxpayers?
•    The outlook for reconciling loss mitigation and achieving satisfactory investor returns:  How confident is the industry regarding the future of risk mitigation, and what are the key variables in this effort? What are the major gaps or issues to be addressed in the loss mitigation effort? How likely is a satisfactory resolution of the investor/regulatory dialogue at a return on investment acceptable to both sides?
•    Case studies of success in bank risk management:  While considerable attention has been paid to failures in bank risk management, a number of banks have demonstrated sustained success in reconciling the regulatory and public interest in banking safety with investors’ need for earnings growth and satisfactory return on capital. The report examines in detail such success stories across a number of business models and geographies as well as the lessons to be drawn from them.

The report provides a balanced, composite view of the considerations involved in this strategic planning. In a rapidly evolving process of global re-regulation, it assesses the impact of what has been agreed, what is still to be agreed, and provides an indication of the likely future outcomes.

Contents


PREFACE

EXECUTIVE SUMMARY
The focus of this report
Corporate governance
New supervisory and regulatory measures
Strategic measures to reduce risk
Case studies of success in bank risk management
Views on the outlook for re-regulation
Report structure
Research participants

CHAPTER 1:  THE CORE ISSUES ADDRESSED BY RE-REGULATION
1.1  More – and ‘better’ – capital
1.2  The central importance of government support to failing banks
1.3  Creating an appropriate resolution regime to avoid taxpayer funding
1.4  Too Big To Fail
1.5  The issue of bank funding
1.6  A level bank playing field: super-equivalence and other global regulatory issues

CHAPTER 2: THE EFFECTIVENESS OF CORPORATE GOVERNANCE IN BANKING
2.1  The purpose of corporate governance
2.2  The effectiveness of governance in practice
2.3  Possible means of improving corporate governance
2.4  Summary of corporate governance

CHAPTER 3:  GLOBAL RE-REGULATION: A WORK IN PROGRESS
3.1  Global measures: capital adequacy and liquidity
3.1.1  Capital adequacy
3.1.2  Liquidity
3.2  National measures: resolution regimes
3.2.1  Resolution regimes: the ring-fencing solution
3.3  Summary of global re-regulatory measures

CHAPTER 4:  STRATEGIC RESPONSES TO DATE BY THE BANKS
4.1  Macro developments across the banking sector
4.2  The transformation of the investment banking business
4.3  Changes in retail banking
4.4  The role of banks versus non-banks  
4.5  Summary of strategic responses by the banks

Chapter 5:  SUCCESS STORIES IN RECONCILING INVESTOR EXPECTATIONS AND BANKING SAFETY
5.1  Introduction
5.2  BNP Paribas
5.2.1  Business model
5.2.2  Risk management
5.2.3  Strategy evaluation  
5.3  JPMorgan Chase
5.3.1  Business model
5.3.2  Risk management
5.3.3  Strategy evaluation  
5.4  Banco Santander
5.4.1  Business model
5.4.2  Risk management
5.4.3  Strategy evaluation  
5.5  Standard Chartered Bank
5.5.1  Business model
5.5.2  Risk management
5.5.3  Strategy evaluation  
5.6  Svenska Handelsbanken (SHB)
5.6.1  Business model
5.6.2  Risk management
5.6.3  Strategy evaluation  
5.7  Toronto Dominion Bank
5.7.1  Business model
5.7.2  Risk management
5.7.3  Strategy evaluation  
5.8  Wells Fargo
5.8.1  Business model
5.8.2  Risk management
5.8.3  Strategy evaluation  

CHAPTER 6: THE LIKELY EFFECTIVENESS OF THE NEW REGULATORY MEASURES
6.1  The value of more capital and new liquidity rules
6.2  The issue of regulatory uncertainty
6.3  Does re-regulation go too far?
6.4  Focus on adverse consequences
6.5  The new regulations don’t solve the basic problems
6.6  Summary of effectiveness of the new regulations

CHAPTER 7: OUTLOOK FOR THE FUTURE
7.1  It is too early in the re-regulation process to make many sound observations
7.2  The trend toward basic retail and commercial banking
7.3  Banking will lose its share of the overall financial sector to non-banks active in risk-taking
7.4  The ideal of a level regulatory playing field in banking is unrealistic
7.5  Differentiation of strategy and returns will be a feature of the new banking environment
7.6  Views for the future of banking

CHAPTER 8:  CONCLUSIONS
8.1  Increasing the effectiveness of corporate governance
8.2  The ‘new normal’ profitability of banking and its consequences for bank investors and bank strategies
8.3  Lessons from the case studies
8.4  The outcome of efforts to restructure banking
8.5  Effective supervision: the missing link

BIBLIOGRAPHY

LIST OF FIGURES

Figure 1.1:    The evolution of core capital
Figure 1.2:    Comparative default/failure rates, 1990–2009
Figure 1.3:    The three pillars of banking wisdom
Figure 1.4:    Growth in banking system assets relative to GDP, 1990 to date
Figure 1.5:    Funding: European bank senior bonds vs. non-financial corporates, 2005 to date
Figure 3.1:    Net stable funding ratio
Figure 3.2:    Net stable funding ratio by region (%)
Figure 3.3:    Ring-fencing – in the regulators dreams, and in reality
Figure 5.1:    BNP Paribas geographic and business profile
Figure 5.2:    JPMorgan 2010 net income against performance targets
Figure 5.3:    Breakdown of Santander profits by geographic market
Figure 5.4:    Standard Chartered’s earnings growth, 2001–10
Figure 5.5:    SHB’s annual growth in equity and dividends
Figure 5.6:    TD Bank’s superior return on risk-weighted assets
Figure 5.7:    Wells Fargo Tier 1 common equity ratio
Figure 8.1:    Projected ROEs in European banking

Research participants


Autonomous Research
Arrow Financial Corporation
Barclays Bank Espana
Barclays Capital
Graham Bishop
BlackRock Investment Management
BMCE Bank
BNY Mellon
Boston Consulting Group
Collins Stewart
Credit Suisse
DnB NOR
European Banking Authority
Financial Services Authority
Fitch Ratings
Freeman & Co.
KBC Bank
Keefe, Bruyette and Woods
Lloyds TSB
Loughborough University (Professor David Llewellyn)
Herschel Post
Promontory Financial Group
Risk and Regulation Consulting Ltd
State Street Bank
Stern School
UniCredit
University of North Wales (Professor Philip Molyneux)

Reviews



“Much has been written about the causes of the financial and banking crises.  In his new report ‘The Future of Banking: Reconciling Risk, Profitability and the Public Interest’ Steve Davis analyses some of the less frequently cited causes such as:deficient bank governance, regulatory shortcomings and the drive for unrealistic profitability. He uses these same factors to offer a view – as only he can and not always very comforting! – about the future and how bank managements, regulators and investors will need to respond”. Sir Win Bischoff, Chairman, Lloyds Banking Group


"An excellent, comprehensive, and highly readable report.  Steven Davis is an accomplished and internationally renowned analyst of bank trends bringing to the task a wealth of experience both as a banker and banking consultant. Davis considers the key dimensions of bank strategy, corporate governance, the evolving regulatory and supervisory regime, and risk management strategies, and offers a wealth of valuable insights.  The analysis is powerfully informed by a series of powerful case studies of banks which have been successful in risk management and strategy rather than, as with most previous studies, on what went wrong. This timely report gives an in-depth analysis of banks that have achieved success in their models over an extended period. In the process, the author considers the key issue of how to reconcile loss mitigating strategies whilst at the same time achieving satisfactory investor returns.  The penetrating discussion is also greatly informed by a series of structured interviews with bankers, analysts and supervisors.

This report is a tour de force and the analysis that Davis presents will be of real value to bankers, supervisors, bank analysts and academic scholars. It is a must-read."  Professor David T Llewellyn,oughborough University, and Vienna University of Economics and Business

.“Drawing on insight from senior industry managers, this report offers a compelling and comprehensive view of the post-crisis retail environment”  Roberto Nicastro, global retail head, UniCredit

"A fascinating analysis  - offers valuable insights and a thorough overview of current issues."
Yves Robert-Charrue, Member of the Executive Board, Head Investment Solutions Group, Bank Julius Baer & Co Ltd.

Author


Steven I Davis has spent his career in the banking and financial services sector as a senior executive, strategy consultant, author, analyst and teacher.  He is a graduate (magna cum laude) of Amherst College and of the Harvard Business School.

His 20-year career in international banking commenced at JPMorgan, where he managed a Paris-based research and M & A unit.  For Bankers Trust Company, he ran a venture capital subsidiary in New York and later the bank’s European businesses from a London headquarters.  Subsequently he set up and managed for six years the London-based merchant banking subsidiary of First International Bancshares of Dallas, Texas.

Since establishing Davis International Banking Consultants (DIBC) in 1980, he has managed several hundred strategy assignments for commercial and investment banks, global fund managers, insurers and other financial institutions.  In 1993, he headed a DIBC team which advised the Norwegian Ministry of Finance on the restructuring of the country’s banking sector during the Nordic banking crisis.  In addition, he and his colleagues have prepared over 60 research reports on the financial sector for publication by investment banks and other clients.

Mr. Davis is also the author of 14 books and reports published on best practice in the financial services sector.

Published in Current Titles
The key is people - not the systems. The qualities of regulators and supervisors will be critical in mitigating future bank crises, says Steven I Davis.

Talk to a banker these days and he will bore you with complaints about more, and increasingly intrusive, regulation. But sooner or later the conversation will turn to effectiveness. Governments and regulators have had a field day in introducing new rules. But how effective will the supervisors be in avoiding the next systemic crisis?

Read the full article here
Published in News and Views
 At the height of the crisis, EU leaders decided on more Europe, not less. This strategy was confirmed in response to recent pressures on the single currency resulting from the fiscal situation in several EU Member States. Several measures have therefore been implemented to strengthen the internal market and the euro. Setting definitive deadlines for the transition to the Single Euro Payments Area (SEPA) through forthcoming EU Regulation is one important step in this direction. Once SEPA is completed,  European citizens will effectively be empowered to influence government policies such as participation in the common currency.

Read the full article for the European Payments Council here
Published in News and Views
Ernst & Young survey highlights progress, stresses areas for further action.

http://www.iif.com/press/press+185.php
Published in News and Views
Friday, 18 February 2011 08:50

Dr Peter Hahn signs for Searching

Published in News and Views

By Graham Bishop

"In this important book, Graham Bishop sets out many of the key challenges and choices facing policy makers as we move towards a system of European economic governance. It provides a valuable and thought-provoking contribution to one of the most important debates on public policy in Europe today." Jerzy Buzek, President of the European Parliament

 



Published: January 2011
ISBN: 978-1-907720-14-7
106pp, paperback

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Description


The end of the euro would be the end of Europe – only tough collective action from eurozone leaders can prevent financial meltdown. But do political leaders fully realise the enormous scale of what is required and the frightening consequence of failure, and that intense financial and economic pressures are forcing far-reaching political changes in the eurozone? This searching and timely new study examines the driving forces and potential outcomes of the eurozone debt crisis.

The eurozone debt crisis looks likely to take a dramatic turn for the worse – raising the intensity of the search for enduring solutions as the markets now price six states as ‘risky’.

The eurozone leaders have collectively affirmed “that they stand ready to do whatever is required to ensure the stability of the euro area as a whole. The euro is and will remain a central part of European integration.” Chancellor Merkel of Germany and President Sarkozy of France also sent New Year messages to their citizens that cast the issue in terms that were both stark and historic. It is increasingly clear that the eurozone will take tough collective action on the economic governance of its members. However, in The EU Fiscal Crisis: Forcing Eurozone Political Union in 2011?, Graham Bishop – a leading technical analyst of economic and structural developments in the financial markets of Europe – argues that the eurozone leaders have yet to truly grasp the huge challenges they face and the implications of failure. Furthermore, intense pressures from the interactions of financial markets, economics and politics are forcing the creation of a genuine eurozone political union.

The eurozone now faces several options for its future actions. Three scenarios are considered: an inflationary debt spiral; default; or the emergence of a collectively strong, federal eurozone. Graham convincingly argues that the visionary approach of the latter option is the only way forward for Europe.  In this scenario, the eurozone will have emerged from the financial crisis as a political federation – loose in some respects, but with tightly centralised economic governance at its heart. The proven commitment to fiscal probity may even make it attractive relative to alternative investments around the world. The conclusion is that, if the eurozone does indeed do “whatever is required”, then it will survive.


Contents



Preface

Introduction
Overview
Forcing eurozone political union: the EU financial crisis

Part I: The development of the single market in financial services in 2010 and the direction for 2011

Introduction
Financial regulation: completing the reform
The single market for capital and financial services
SEPA (Single Euro Payments Area)
Consumer protection
Accounting standards
The G20 and reform of financial regulations: the role of the EU
Declaration of the Summit on Financial Markets and the World Economy
Financial sector reforms
Conclusions on the impact of the single market

Part II: Integrating European economic governance: crisis as the driver in 2010 to providing a stronger structure in 2011

Background
The political response to the current crisis
Implementing the de Larosière proposals for supervisory reform: ensnared in both a constitutional and fiscal crisis?
May–October 2010: the European fiscal crisis erupts
Economic co-ordination
October–December 2010: the fiscal crisis deepens – becoming overtly a eurozone issue
Issues for holders of government bonds
Political evolution or revolution: collective decisions by the eurozone?
After the December 17 Summit: still waiting for the real decisions
Statement by the Heads of State or Government of the euro area and the EU institutions


Part III: Why financial integration will force political integration in 2011 and later

European government bonds in 2011
Economic governance of the eurozone
Proposal for a Regulation on enforcement measures to correct excessive macroeconomic imbalances in the Euro Area
A Regulation on enforcement measures to correct excessive macroeconomic imbalances in the Euro Area
How to make sanctions effective
Proposed Regulation amendments
The Role of the European Systemic Risk Board (ESRB)
European Financial Stability Fund (EFSF)
Moody’s rating rationale
Timetable for first half of 2011
Three scenarios for the future of the eurozone
Scenario I: inflationary debt spiral
Scenario II: default
Scenario III: a collectively strong, federal ‘Eurozone’ emerges

Appendix I: Market Discipline on Eurozone Public Debt – amend SGP Regulation and CRD IV

Appendix II: The Graham Bishop papers

Reviews


"In this important book, Graham Bishop sets out many of the key challenges and choices facing policy makers as we move towards a system of European economic governance. It provides a valuable and thought-provoking contribution to one of the most important debates on public policy in Europe today." Jerzy Buzek, President of the European Parliament

“Graham Bishop explains why failure of the Euro is not an option and why repairing flaws in a currency that serves 330 million people requires bold steps. Essential reading for Eurozone Finance Ministers!”
Sharon Bowles MEP – Chair of the Economic and Monetary Affairs Committee of the European Parliament

'Many British commentators make assertions about the Eurozone. Graham Bishop, by contrast, brings to the subject economic expertise, rigorous analysis and political insight. His book should bring the issue roaring back to the front burner of British policy making."
Sir Stephen Wall (UK Permanent Representative to the EU 1995/2000 and EU adviser to the Prime Minister 2000/04)

“The reaction of the EU heads of government to the euro crisis has been late, short term and inadequate. What is needed is a clear-headed convergence plan that installs proper EU economic government. Graham Bishop brings his great experience of EMU to plot the way forward and finds solutions which are financially stabilising and democratically acceptable." Andrew Duff MEP – Constitutional Affairs spokesman, ALDE

“Europe’s leaders are still thrashing about looking for a solution to the euro crisis. But Graham Bishop’s careful analysis points out that their response has already taken them quite a long way down the road to greater political integration. They must now recognise that reality and move decisively. ” Peter Sutherland, European Commissioner 1985/89, former Director General of GATT and Chairman of Goldman Sachs International

"I welcome Graham Bishop's book and his proposals. We should use the crisis as a chance to do what is necessary to advance Europe's position in the global arena. If we want to be seen as a player in the world that counts we have to deepen integration and make sure that the Euro as the most important political project succeeds. Europe is at a critical crossroad: not moving ahead means regression, not defending the status quo." Dr. Wolf Klinz, MEP -  Chairman of the Special Committee on the Financial, Economic and Social Crisis (CRIS) of the European Parliament

Author



Graham Bishop graduated from Sheffield University in 1972 with a degree in Jurisprudence. His publications, articles and speeches on the deregulation of Europe's financial markets provide an informed commentary from the practical perspective of a market participant, but with a political grounding.  

His City career encompasses Phillips & Drew, S G Warburg, and Salomon Brothers/Citigroup.  He founded GrahamBishop.com in 2000 to bring directly to his clients the insights that flow from his standing as a leading technical analyst of economic and structural developments in the financial markets of Europe, providing an informed commentary from the practical perspective of a market participant, but with a political grounding. He has worked extensively with both European and UK political authorities, including the European Commission, where he was a member of the Consultative Group on the Impact of the Euro on Capital Markets (the Giovaninni Group). He was also a member of the Commission's Strategy Group on Financial Services (1998 – creating the Financial Services Action Plan) and the Committee of Independent Experts on the preparation of the changeover to the single currency (1994–95). He was nominated by the European Parliament to be one of its two members of the first Inter-Institutional Monitoring Group, and was Rapporteur for the spring 2003 and November 2004 Reports. He was elected to the Board of the Kangaroo Group in November, 2005 and re-elected in 2007 and 2009.

In the UK’s House of Commons, Mr Bishop was a Special Advisor to the Treasury Select Committee in its examination in 2003 of the implications for United Kingdom membership of the Single Currency. He advised the Treasury Committee on the corresponding reports in 1998 and 1996. He was also a Specialist Adviser to the House of Lords Select Committee on the European Union in its 2003 inquiry into The Barriers to Competition in the Internal Market for Financial Services. He is a Council Member of the Federal Trust and a member of the European League for Economic Co-operation (ELEC). He frequently participates in studies and meetings of research institutes such as Centre for the Study of Financial Innovation (CSFI).

For more information, visit grahambishop.com; keep up to date with Graham Bishop’s news and views: register free for his weekly Headliner”

Published in Current Titles

Book 1 of the Complete Banker Series

 

By Chris Skinner



Published: 27 September 2010

210pp paperback

ISBN: 978-1-907720-06-2

Price: £12/EUR14/$19 (plus p&p/VAT as applicable)

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Description


If you think that money is important (and who doesn’t), then so is the ability to process money – in other words, payments. And that’s what this book is all about: from processing payments over the internet and on your mobile telephone; to payments via cards, cash and cheques; to massive international payments operations and the challenges faced by banks in these areas, including the continual vigilance needed to avoid money launderers and terrorists.
The Complete Banker series of books is based upon Chris Skinner’s influential blog.  The series provides the reader with all they need to know about banking and is split into key themes covering retail, commercial and investment banking and the way they are being changed by economics, politics, technology and society. For the amateur and the expert, the knowledgeable and those seeking knowledge, the economist and the politician, the banker and the banked, the Complete Banker series provides you with the truth about the banking.  Not just the truth, the whole truth and nothing but the truth ... but the Complete Truth.

Contents



Preface

Chapter 1    Payments innovation: the new frontiers
Introduction
Payments in the cloud (2009)
Innovation in payments (Part 1) (2009)
Innovation in payments (Part 2) (2009)
Payment innovation (Part 3) (2009)
A real-time global pulse (2009)
Fragmented payments in a connected world (2008)
Payments: the next generation (2006)

Chapter 2    Mobile payments: a vision of the future
Introduction
Mobile payments: the battleground of the future (2009)
Mobile money numbers (2009)
More about mobile money (2009)
First O2-RBS Visa Cards, now Nokia Obopay Money (2009)
Mobile payments in China (2009)
Mobile payment provider 'infuriates' banks (2009)
M-billing: a killer app? (2008)

Chapter 3    The Paypal story
Introduction
Why PayPal et al REALLY matter! (2010)
Why PayPal et al don’t matter (2010)
PayPal does have competition (2009)
PayPal not so pally (2009)
PayPal’s 10th anniversary (2008)
Celebrating PayPal’s Centenary (2007)
PayPal’s future

Chapter 4    Remittances: where the money’s at
Introduction
Remittances and the need for financial inclusion (2010)
More on remittances (2010)
Escape with Phones4U (2009)
More on remittances (2009)
A remittance strategy scribble (2009)
Remittances numbers (2009)

Chapter 5    Regulation: from SEPA to PSD, and beyond
Introduction
What happens to SEPA, Chi-x etc if the euro fails? (2010)
A new PSD-approved Payments Institution starts business (2010)
This house believes that SEPA does matter ... or does it? (2010)
Are you taking the PSD? (2010)
40 days of the PSD (2009)
Full amount principle and charging options
More on the SEPA DD launch (2009)
Today is SEPA day, wa-hey! (2009)
PSD and SEPA research results (2009)
The total view on SEPA and the PSD (2009)
Quantifying people's views on SEPA (2009)
The danger that SEPA may not happen (2009)
SEPA and the PSD aren't broken ... just irrelevant (2009)
So what is the cost benefit of SEPA? (2007)

Chapter 6    Fraud and security matters
Introduction
Why identity management is so complicated (2010)
Chip & PIN is broken (2010)
Eye, eye – the future of customer identity? (2010)
Forget payments, think value (2009)
We know who you are ... or do we? (2009)
How many cards are left in chip & PIN terminals every day? (2008)
This house believes our authentication and identification methods work (2008)
PINs and passwords: useful or useless? (2008)
Chip and PIN five years from now (2009)

Reviews

Praise for Chris Skinner

“Chris has both the intellectual acumen as well as the drive and dedication to his industry which is so sadly rare in the business world today.” Steve Edwards MBE, Head of Fraud,  eBay Europe

 

“Chris is uniquely skilled in articulately painting a clear picture of the dynamics impacting our future.”  Deborah L. Bianucci, President & CEO, BAI, USA

 

“Chris successfully captures the pulse of the financial services industry, not from a European or American, but from a truly global perspective.” Emmanuel Daniel, Founder, The Asian Banker, Asia



Author

About Chris Skinner

Chris has been providing independent, expert commentary on the key developments in banking for over a decade in his role as Chief Executive of Balatro and Chairman of the Financial Services Club.  He is now perhaps best known for his daily blog at www.thefinanser.com, and his writing for other media, such as The Banker magazine since 2004.  He is also a key commentator on banking for prime time news channels including the BBC, Sky and Bloomberg.  Prior to creating his independent entities, Chris had key roles at management and board levels covering insurance, retail and investment banking across a range of consulting and technology firms.


Published in Current Titles

Book 5 of the Complete Banker Series - new edition 

 

By Chris Skinner

 

Published: 30 November 2011

186pp paperback

Also available in PDF/e-book formats   

ISBN: 978-1-907720-36-9

 

Price: print £12/EUR14/$19 (plus p&p)

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Download Contents here

Download Introduction here

 

Description


Madness_of_Banks_FRcov_thumbnailThe markets are mad and, right now, they’re mad with the Europeans.Tomorrow, who knows? This new edition looks at the crisis in the Eurozone and its maelstorm of debt funding issues.  It considers the crisis of leadership, with all the markets betting the Eurozone will crash unless and until the European Central Bank steps in to sort out the mess through direct central bank funding. Something which, at the time of writing, the Germans have resisted but appears to be inevitable

But this is not just another book about the financial crisis.  This book is about the outcome. It tracks the markets from the day that Lehman Brothers collapsed, and before with Northern Rock, through the reactions of policymakers, politicians, regulators and markets.  It shows where the weaknesses were in hindsight, and where the pitfalls may be in foresight.  It tries to give the reader a chance to absorb and understand the key movements that created the crisis, and the explanation of why banks, bonuses and bosses are still at the trough feeding and greeding their way through the issues faced.

 

The Complete Banker series of books is based upon Chris Skinner’s influential blog.  The series provides the reader with all they need to know about banking and is split into key themes covering retail, commercial and investment banking and the way they are being changed by economics, politics, technology and society. For the amateur and the expert, the knowledgeable and those seeking knowledge, the economist and the politician, the banker and the banked, the Complete Banker series provides you with the truth about the banking.  Not just the truth, the whole truth and nothing but the truth ... but the Complete Truth.

 

 

Contents

 

 

Key topics:

Chapter 1         Anatomy of the crisis

Chapter 2        Governments in action

Chapter 3        Regulators’ reaction

Chapter 4        Banks’ inaction?

Chapter 5        Too big to fail?

Chapter 6        The bonus issue

Chapter 7        Solutions to the crisis – a personal view

 


Reviews

Praise for Chris Skinner

“Chris has both the intellectual acumen as well as the drive and dedication to his industry which is so sadly rare in the business world today.” Steve Edwards MBE, Head of Fraud,  eBay Europe

 

“Chris is uniquely skilled in articulately painting a clear picture of the dynamics impacting our future.”  Deborah L. Bianucci, President & CEO, BAI, USA

 

“Chris successfully captures the pulse of the financial services industry, not from a European or American, but from a truly global perspective.” Emmanuel Daniel, Founder, The Asian Banker, Asia



Author

About Chris Skinner

Chris has been providing independent, expert commentary on the key developments in banking for over a decade in his role as Chief Executive of Balatro and Chairman of the Financial Services Club.  He is now perhaps best known for his daily blog at www.thefinanser.com, and his writing for other media, such as The Banker magazine since 2004.  He is also a key commentator on banking for prime time news channels including the BBC, Sky and Bloomberg.  Prior to creating his independent entities, Chris had key roles at management and board levels covering insurance, retail and investment banking across a range of consulting and technology firms.

Published in Current Titles
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