Birgitte from Lehman Sisters

[A] higher share of women on the boards of banks […] is associated with greater stability. As I have said many times, if it had been Lehman Sisters rather than Lehman Brothers, the world might well look a lot different today. – Christine Lagarde, Managing Director of the International Monetary Fund

In today’s finance & crime news:

“Swedbank AB has fired its chief executive officer, Birgitte Bonnesen, amid allegations the bank was used to launder billions of dollars in Russian money on her watch.” – Bloomberg

For your information, five of the eleven members of Swedbank’s Board of Directors are women.

Foreign owned banks in Europe

How international is the European banking landscape?

Jamie Dimon, CEO of American bank JPMorgan Chase, says that European banks need mergers across borders in order to become more competitive. I created the map below to illustrate that Dimon has a point (that’s why he’s richer than you).

Flags show the nationality of the owner of the largest foreign owned bank. Subsidiaries and their parents are listed in the text.

Some remarks and observations: Continue reading “Foreign owned banks in Europe”

How the ECB can align its monetary policy with the climate targets of the EU

There is a discussion going on about how climate change should influence central banking. The Veblen Institute and Positive Money Europe have published a study which shows that although the European Central Bank (ECB) has acknowledged its responsability, bonds issued by carbon intensive companies make up a large fraction of the corporate bonds held by the ECB.

You can find the report (in French) here.

Update 7 April 2019: for the English version, click here.

De banken werven aan

Vorig jaar zijn er 3000 banen gesneuveld in de Belgische financiële sector. AXA en BNP Paribas Fortis hebben aangekondigd dat ze hun personeelsbestand nog verder zullen inkrimpen.

Daarbij wordt vaak over het hoofd gezien dat de banken tegelijk ook nieuwe mensen aanwerven.

Recent gaf ik een gastcollege voor studenten financie- en verzekeringswezen. Door de negatieve berichtgeving zijn er erg weinig jongeren die deze richting kiezen. Zoals je in Hoe bankiers geld scheppen kan lezen, heeft de sector echter dringend bankiers nodig die met de nieuwste technologie kunnen omgaan en die hun klanten persoonlijk advies kunnen geven.

Het ziet er naar uit dat de kranten over enkele jaren zullen schrijven “Banken wanhopig op zoek naar personeel”.