George Hay writes about the banking and property sectors. He joined from Thomson Financial News, where he was a companies correspondent. Before that he worked at United Business Media, where he was news editor of Building Magazine. He has a first in English Literature from Edinburgh University, and was nominated in two categories at the 2009 Business Journalist of the Year Awards. Follow George on Twitter @gfhay
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New York regulators have fined the emerging markets bank another $300 mln for compliance lapses. StanChart’s biggest problem is still its misfiring strategy. But such avoidable missteps reinforce a disturbing impression that senior managers are too detached from daily operations.
Raiffeisen and Erste’s subordinated credit default swaps have rocketed in the last 10 days, as fears over Russia and Hungary spiral. But their senior CDS hasn’t followed. Creditors think that, like BES senior bondholders, they won’t be bailed in.
Daimler is giving its employees the option to have all emails received on vacation diverted, to stop them stressing out. It’s a good, progressive step by the carmaker. But given the latent paranoia of the average employee, it would be better to impose the policy by default.
- BoE on slack: we’re even more confused than before
- Wages, not slack, will set U.S. and UK rate hikes
- Pru just shades AIA in battle of Asian insurers
- South Africa’s bank bail-in better than Portugal’s
- Forget Espirito Santo: EU bank reform is on track
- BES’s flawed bailout mixes timidity and bad timing
- Underwriters share blame in Portuguese bank fiasco