Daniel Bouton, chairman and chief executive of French bank Societe Generale, has bowed to public criticism over the Kerviel trading scandal, resigning from his post with the lender.
According to The Guardian, Bouton said the repeated attacks ended up affecting him personally: "The criticism which has targeted me has become unbearable."
"The repeated attacks against me personally in France for the past 15 months affect me but most of all they risk harming the bank and its 163,000 employees," he said in a statement issued by the bank.
He added: "In the present financial and economic storm priority must go to unity. It is better for me to withdraw, proud of having led a wonderful company." Full story...
Hundreds of Barclays customers have seen half their life savings wiped out after the lender 'misled' them into gambling their money on risky investments, reports The Daily Mail.
The victims - many of whom are retired or close to retirement - claim they were advised to move their money from safe savings accounts and low-risk investments into a high-risk stock market fund.
Most were persuaded by Barclays financial advisers to invest in the Aviva Global Balanced Income fund. Barclays was paid by Aviva to sell the fund.
Financial advisers accused the bank of breaking basic rules of advice by investing most of their customers' money in just one fund and increasing the risk they were taking as they approached retirement. Full story...
Consumers are trying new methods to save money including bartering for better deals in order to cope with the downturn, reports The Times.
British shoppers are increasingly plucking up the courage to fight for better deals as they become increasingly thrifty in order to cope with the downturn, according to a new survey.
The research, carried out by the comparison website Uswitch.com, also reveals that consumers have become more likely to carry out DIY, cut their own family's hair and cut down on tipping at restaurants in order to save money. Full story...IFAonline
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Partner Insight: Cathi Harrison, director of para-sols and Apricity and Clare Farrell managing director at Northfield Wealth met in London recently to discuss how to stay on top of regulatory risk.