Analyst: King wrong over ‘break up banks’ call

Bank of England Governor Mervyn King this week launched a scathing attack on Britain’s banking sector, calling for a break-up of behemoth financial institutions that have taken billions of public money to stay afloat. King says Britain’s Main Street banks should be separated from their risky investment arms to dissolve a culture in which some banks can fall back on the knowledge that they are “too important to fail” and thus can keep gambling with vast amounts of public cash.

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Comics confess their nightmares

King says Britain’s Main Street banks should be separated from their risky investment arms to dissolve a culture in which some banks can fall back on the knowledge that they are “too important to fail” and thus can keep gambling with vast amounts of public cash. The governor’s comments come as leading financial houses — including recipients of taxpayer-funded bailouts — prepare to pay out large bonuses, angering many who fear this signals a return to pre-economic crisis rewards for reckless profit-seeking

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Goldman Sachs profits crush estimates

Goldman Sachs reported on Thursday that it had nearly quadrupled its profits in the third quarter compared with a year ago, driven by a jump in trading revenues and strong returns on its own corporate investments. Meanwhile, Citigroup defied expectations of a third-quarter loss, reporting profits of $101m on the strength of its customer deposits

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