Courtesy of WEF: How blockchain is going to become the beating heart of the global financial system, neatly summarised in two charts and a few explanatory bullet points.
Commenting on the survey findings, Bank of America’s Chief Executive Officer Brian Moynihan said, “Leaders around the world recognize the value and need for greater global collaboration.”
Moynihan displays a certain lack of concern about the 10 per cent of “global decision-makers” who were found to be riding the Steamboat Lonewolf up the Wantspacetothinkippi River in a single occupancy first class cabin, quietly hatching plans to take over the world, according to a survey commissioned by the bank. Read more
Do explore this gender heat map, courtesy of the World Economic Forum… Read more
Britain’s top financial regulator called on Wednesday for authorities to be given more powers to control credit levels to prevent asset price bubbles. Speaking at the World Economic Forum in Switzerland, Lord Turner, who chairs the UK’s FSA, said regulators need a “new set of macro-prudential tools – not just interest rates” and suggested also that the UK create a macro-prudential committee to monitor credit levels.
The world’s big banks on Tuesday warned that unless countries adopted a co-ordinated approach to banking reforms, their ability to lend would be damaged and the financial system would revert to pre-crisis conditions. On the eve of the World Economic Forum in Davos, top bankers on their way to the Swiss ski resort deplored the fragmentation of regulatory initiatives that has seen bonus taxes introduced in the UK and France, a US levy on banks, and the proposed “Volcker rule” limiting banks’ size and activities.
Top Wall Street bankers attending the World Economic Forum this week in the Swiss town of Davos will use the meeting to lobby regulators against Barack Obama’s plan to curb banks’ size and trading activity and break-up big institutions. Executives said they would push their case quietly to avoid giving the US president the “fight” he promised last week. Alistair Darling, UK chancellor, at the weekend rejected the US idea of limiting banks’ size and activities. But billionaire financier George Soros welcomed the plan.