Is there a giant magnet in Arthur’s Seat that attracts banks to Edinburgh? Unruffled that it has had to rescue Scotland’s biggest banks, the Westminster government has chosen the country’s capital as headquarters for the state’s new Green Investment Bank.
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Fabio Capello has done what Stephen Hester considered would be ‘indulgent’ – he has resigned because of interference in doing his job. Yet the England football manager may be easier to replace than the Royal Bank of Scotland CEO.
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If anyone was going to break up the cosy club of high street banks it should have been Tesco plc (LON:TSCO). So it is worrying that the retailers’ financial expansion has been put back again. Maybe there are more problems at Britain’s biggest grocer than meet the eye.
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No-one would give Fred Goodwin a knighthood now, but that’s not a reason to take away the one he’s got. If the ex-banker loses his gong, then a lot of athletes, actors and artists should be ready to return theirs too.
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Companies are in no mood for mergers and acquisitions but the lack of takeover lack of activity risks leaving world business in a poorer state for the economic recovery.
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Sir Mervyn King is last in line for making a grab on the banks’ reserves. The Bank of England governor wants our lenders to preserve their capital but every other policymaker has already made a play for them.
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Originally there were 16 euro members bailing out Greece, but steadily nations have switched from the saviours to the salvaged. Germany looked like being the last strong man standing – but even it may have swapped sides.
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Nevermind whether it would have been better for the government to sell Northern Rock next year, should it have sold in 2010? As the shares of quoted banks have halved this year, the answer – with the full benefit of hindsight – looks like yes.
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Whatever happened to the big banking shake-up? Tesco plc (LON:TSCO) has delayed launching current accounts; Metro has given just 100 mortgages and Virgin hasn’t yet bought a branch. The old order remains unchallenged.
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As soon as Antonio Horta-Osorio went sick from Lloyds Banking Group plc (LON:LLOY) this blog suggested he might never return to the chief executive’s chair. Now investors too are realising that, but the revelation of a £3.9bn loss shows how desperately the bank needs a boss.
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