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).
Some remarks and observations: Continue reading “Foreign owned banks in Europe”
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.
Lobbyists are often mistrusted. Special interest groups use them to influence politicians.
However, what’s the alternative? Policy makers cannot know everything. They need input from industry and non-profit groups. Through personal contacts with officials and by publishing articles, lobbyists can get new ideas on the agenda.
Take the responsibility of central banks in the green transition to phase out carbon-based fuels.
European Central Bank (ECB) board member Benoit Cœuré recently declared that the ECB should actively support the transition to a low carbon economy. Continue reading “Actually, lobbyists are good”
A fascinating article from Canada’s Global News connects the North American opioid crisis, Chinese gangs, casinos, banks and the Vancouver real estate market:
Véronique Goossens wordt binnenkort de hoofdeconoom van Belfius. Ze is vooral bekend als presentatrice bij Kanaal Z.
Volgens Wikipedia is een hoofdeconoom verantwoordelijk voor de uitvoering van financieel en economisch onderzoek en advies. Op het eerste zicht is het dan ook wat vreemd dat Goossens geen diploma economie op zak heeft.
Nochtans heeft Belfius een goede zaak gedaan. De echte job van een hoofdeconoom is namelijk om in de media te komen.
Hoofdeconoom is een marketingfunctie
De hoofdeconoom heeft weinig of geen invloed op de strategie van zijn of haar werkgever. Banken hebben een hoofdeconoom om dezelfde reden dat ze sportwedstrijden of liefdadigheidsinstellingen sponsoren.
Goede hoofdeconomen slagen er in regelmatig om regelmatig in de krant of op de radio en televisie te komen. Zo bouwen ze een vertrouwensband op met het publiek, dat de naam van hun werkgever koppelt aan degelijkheid.
Het is geen toeval dat BNP Paribas Fortis Koen De Leus wegplukte bij KBC. De man wordt regelmatig geïnterviewd. Misschien heeft Goossens’ voorganger Geert Gielens grote intellectuele en organisatorische capaciteiten, maar het verschil in aantal Twitter–volgers tussen de twee spreekt boekdelen. Vandaar exit Gielens, enter Goossens.
Tenslotte gratis advies voor mijn voormalige werkgever KBC: jullie huidige hoofdeconoom is waardeloos vanuit mediastandpunt. (Als je nu nadenkt over wie dat is, bewijs je mijn punt). Jammer, want ik ken een onontgonnen toptalent bij de bank…
How are economic statistics collected? Do economic models correspond to observable reality?
In a world where markets and politicians respond strongly to things like gross domestic product (GDP) figures and economic forecasts, these are important questions. Unfortunately, discussion often jumps directly to the interpretation of new data or the output of models. Students are rarely challenged to question what the data and the models represent.
I recently came across two great articles that dig into these issues. Continue reading “Economics is hard”
I used to commute to Brussels by train. The usual experience: full compartments, sometimes people had to stand if they didn’t want to wait for the next train.
When I went to a conference about the financial crisis (slides) last month, the train was almost empty.
As recently as five years ago, few companies allowed telecommuting. If your supervisor was OK with it, you were lucky to work from home once a week.
Nowadays, almost everybody realizes that a lot of jobs don’t need the physical presence of workers in some central office. With just a laptop, a VPN, and a headset you’re ready to collaborate with your colleagues from the kitchen table.
Credit where credit is due: banks were among the first to institutionalize telework.
Finance attracts lots of smart people. But that doesn’t mean you’ll make money from their ideas.
Here are some examples of why listening to supposedly smart analysts can be bad for your financial health:
A selection of the best articles I’ve read on the 10th anniversary of September 15, 2008.
Can we survive the next financial crisis?
Why claims that the 2008 bailout was a “success” should make you angry
Crisis firefighters still uninterested in fire prevention
The broken conversation about financial regulation
10 jaar bankencrisis (in Dutch)
Want to be a lawyer? Go to law school.
Want to be a doctor? Go to med school.
Want to be a banker? Go to… bank school?
You don’t have to study economics to get into banking. Many bankers have degrees in philosophy, geography, mathematics, civil engineering, law, or history.
Bank managers don’t care that their employees have studied Old French poetry or Kant’s Kritik der reinen Vernunft. To employers, a university degree indicates perseverance and an ability to learn new things.
However, there are some specific things you can learn to get ahead. The following four skills will boost your career in finance. Continue reading “So you want to be a banker”