Posts tagged ‘Banking’

June 28, 2012

Rough Diamond

Oh dear, the banks have been caught at it again. This time it is Barclays; the one bank that looked strong and seemed to give the impression that it had managed its books well to escape a public takeover. How looks are deceiving. Traders under Bob Diamond’s watch were blatantly manipulating inter-bank lending rates to ensure a larger profit margin.

Wasn’t it Bob Diamond who spoke about cultural reform in the banking sector following the global financial crisis? How the pot is calling the kettle black.

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March 15, 2012

Goldman Sachs Muppet Show

If you are going to resign from one the world’s largest investment banks, I guess you got to do it in style. Greg Smith, resigned today from his position as Executive Director from Goldman Sachs and yesterday his letter was published in the New York Times.

The letter exposes the sheer nature of the culture within investment banks that seethes most of us and finally one individual has stood up to be counted after 12 years of working at the company that he once loved. Clients are said to be referred to as “muppets” internally by senior management, clients’ best interests are sidelined in the way the bank makes money and there is a distinct lack of integrity in the way business is conducted. So will anyone take notice of Greg Smith or will his resignation letter just go on a pile and he be forgotton. Furthermore, who will employ him now that he has made such a public statement about his previous employers?

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February 1, 2012

To Be Or Not To Be

Should Fred Goodwin have been stripped of his knighthood? Yes or No. We would love to hear your thoughts.

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