The news from Barclays gets more serious by the hour, and will have profound repercussions for the global banking industry, as well as for the region. It comes at the worst possible time for the world's financial industry.
Until now, the 300-year old British bank was generally held to have had a pretty good crisis. Of course it was affected by the turmoil in global markets that began in 2008 and is still blowing around the world today.
But it came through the credit crisis without having to seek a government bailout, unlike many others. In fact, it got itself some pretty solid new investors from the Middle East. And it picked up the remnants of the collapsed Lehman Brothers business in North America for a song.
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