Permanent secretary to Treasury, Sir Nicholas Macpherson, contradicts Tory pre-election claims, saying financial crisis was ‘a banking crisis pure and simple’Read more
Countries such as Latvia and member states in eastern Europe have been some of Greece’s most trenchant critics, after having to take part in the world’s biggest ever bailout
Yanis Varoufakis could not resist bragging. Shortly after Greece’s new leftist government struck a deal with creditors to extend the country’s bailout to the end of next month, the finance minister and glamour boy for the Syriza radicals waxed triumphalist about how he had outfoxed the eurozone.
“We no longer have this unified group against Greece,” he declared in a lengthy radio interview. “We now have a side that has broken down into many different sides, some of which are very open to our proposals. This by itself is a great success.”Read more
John McFarlane struck like a whirlwind in the hotseat at Aviva. How will he fare at beleaguered Barclays after a year in the regulatory ringer?
Welcome to Barclays, John McFarlane, here’s what life has to offer: a fresh £800m provision for rigging currency markets, taking the running total to £2bn.
The new chairman won’t be surprised by this turn of events, but you can understand why the old one, Sir David Walker, closed his speech at the annual meeting last week by thanking shareholders for their patience. The tide of provisions at Barclays has been so strong since 2012 that investors are weary of ever seeing the cleaned-up, technologically savvy bank the chief executive, Antony Jenkins, keeps talking about.Read more
The economist is likely to be methodical, detail-oriented and tenacious in his new role – the polar opposite of his maverick predecessor Yanis Varoufakis
Euclid Tsakalotos, the Oxford University-educated economist elevated to the top post of bailout negotiations coordinator, is the polar opposite of the Greek finance minister, Yanis Varoufakis. Diffident and soft-spoken, the 55-year-old’s wow factor is limited to a wardrobe of colourful corduroys and a trademark yellow and black scarf.
In person he is amiable, low-key and professorial, the embodiment of the academic he has been for the past 30 years. It is a world away from untrammelled narcissism, of which the maverick finance minister has been accused.Read more
Yanis Varoufakis renews outspoken attack on eurozone partners despite being replaced as leader of bailout negotiating team Continue reading…Read more
Mobile banking has provided financial inclusion for developing countries. A new wave of startups is now taking the tech beyond mobile walletsWhen Ismail Ahmed moved from Somalia to England in 1988, he regularly sent money back home. He experienced exor…Read more
Greece owes money to the International Monetary Fund, the European Central Bank and the European Union following its two bailouts in 2010 and 2012Yanis Varoufakis: my hopes for a Greek deal Continue reading…Read more
We should look beyond the size of the fines and ask why senior managers knew nothing at a bank where a deceitful trading culture was ingrained
What mild-mannered manipulators they were at Deutsche Bank. Most traders lobbied for dodgy interest rate submissions in terribly polite fashion. They addressed each other as “pal” or “old bean” or “mate” and generally said please and thank you. The American trader who urged a colleague “strap on a pair and jack up the 3M” was an outlier.
Politeness, of course, is beside the point. Indeed, the traders’ language illustrates how attempting to rig Libor and equivalent markets had become a humdrum activity at Deutsche. As the Financial Conduct Authority puts it, the culture was “deeply ingrained”.Read more