State Street Weekly Report: Running to stand still
This weekly research note was written prior to the collapse of Lehman Brothers and the sale of Merrill Lynch. However Jeremy Armitage, pointed out that the bailout of the national mortgage corporations might have been a necessity but while equity markets responded well, it could yet be proved to be a false dawn. So it has been.
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The Bottom Line:If Mr Cable has his way...
"If Mr Cable had his way, all the big banks would be broken up and bonuses would be virtually eliminated - a sure-fire way in my view of guaranteeing an end to the UK’s ability to compete as an international financial centre. Let’s not forget that this is a man who is on record as saying that everyone who works in a bank has an ‘aristocratic lifestyle’ clearly demonstrating his lack of understanding of the sector." A tough line on bankers’ bonuses could make a brain drain of financial talent a distinct possibility, warns Paul Marsden. Read more