1 00:00:02,480 --> 00:00:04,760 Speaker 1: Good morning. It's Friday, the twenty eighth of July here 2 00:00:04,800 --> 00:00:07,520 Speaker 1: in London. This is the Bloomberg Daybreak You podcast. I'm 3 00:00:07,560 --> 00:00:08,720 Speaker 1: Caroline Hekker. 4 00:00:08,480 --> 00:00:10,440 Speaker 2: And I'm Anna Edwards. Coming up today. The Bank of 5 00:00:10,480 --> 00:00:13,080 Speaker 2: Japan jolts markets with a surprise change in its yield 6 00:00:13,119 --> 00:00:14,160 Speaker 2: curve control. 7 00:00:14,000 --> 00:00:16,880 Speaker 1: The friends economy grows faster than expected in the second 8 00:00:16,960 --> 00:00:21,920 Speaker 1: quarter despite warnings from the ECB President about a deteriorating 9 00:00:22,360 --> 00:00:24,480 Speaker 1: Eurozone economic outlook. 10 00:00:24,239 --> 00:00:26,520 Speaker 2: And we have the latest earnings from that west. After 11 00:00:26,520 --> 00:00:30,200 Speaker 2: the bank lost two top executives to political scandal. Let's 12 00:00:30,200 --> 00:00:33,440 Speaker 2: start with a roundup of our top stories. The BOJA 13 00:00:33,560 --> 00:00:36,120 Speaker 2: has changed its yelk curve controls in a surprise move 14 00:00:36,280 --> 00:00:39,160 Speaker 2: that sent markets swinging. The central bank kept its target 15 00:00:39,159 --> 00:00:41,920 Speaker 2: for ten year yields at zero, but expanded the range 16 00:00:41,960 --> 00:00:45,760 Speaker 2: that yields can move to up to one percent. Governor 17 00:00:45,800 --> 00:00:48,520 Speaker 2: Kazuo Yuada says this is not a policy shift. 18 00:00:50,600 --> 00:00:53,040 Speaker 3: I want to stress that the decision today to tweak 19 00:00:53,080 --> 00:00:57,360 Speaker 3: the YCC is not a step towards normalization. The aim 20 00:00:57,520 --> 00:01:01,080 Speaker 3: is to enhance the sustainability of the monitor very easing. 21 00:01:01,040 --> 00:01:06,440 Speaker 2: Governor kazuou Aida, speaking via translator. 22 00:01:07,280 --> 00:01:10,320 Speaker 1: Now on to earnings news this morning that West reported 23 00:01:10,360 --> 00:01:13,280 Speaker 1: pre tax operating profit of nearly one point eight billion 24 00:01:13,319 --> 00:01:16,679 Speaker 1: pounds for the second quarter. That figure beat estimates by 25 00:01:16,720 --> 00:01:19,600 Speaker 1: more than a quarter of a billion pounds. It all 26 00:01:19,680 --> 00:01:22,800 Speaker 1: comes in a rocky week though for the bank, losing 27 00:01:22,840 --> 00:01:26,679 Speaker 1: its CEO and another executive to a political storm. Bloomberg's 28 00:01:26,720 --> 00:01:30,679 Speaker 1: Will Shaw says investors want answers beyond just the numbers. 29 00:01:31,480 --> 00:01:34,399 Speaker 4: The bank's cut its guidance for net interest margins, which 30 00:01:34,440 --> 00:01:39,680 Speaker 4: is concerning for some investors. Nobody is massively interested in 31 00:01:39,720 --> 00:01:42,520 Speaker 4: that stuff, to be frank this morning, what people really 32 00:01:42,560 --> 00:01:45,720 Speaker 4: want to know about is the latest developments in the 33 00:01:45,760 --> 00:01:47,040 Speaker 4: Nigel Farage scandal. 34 00:01:48,200 --> 00:01:51,200 Speaker 1: That was a Bloomberg's Will shure Now that West's top 35 00:01:51,240 --> 00:01:53,960 Speaker 1: team have been speaking on a press call around the 36 00:01:54,000 --> 00:01:56,600 Speaker 1: earnings are just in the last few minutes, so it 37 00:01:56,640 --> 00:01:59,120 Speaker 1: will bring you more of those details shortly. 38 00:01:58,840 --> 00:02:01,160 Speaker 2: Yes, and we that we'll hear more from Wilshaw on 39 00:02:01,240 --> 00:02:03,320 Speaker 2: that story in a moment. Now back to the ECO 40 00:02:03,440 --> 00:02:06,840 Speaker 2: data and France's economy drew a grew significantly faster than 41 00:02:06,880 --> 00:02:09,760 Speaker 2: expected in the second quarter, providing a positive surprise amid 42 00:02:09,800 --> 00:02:12,720 Speaker 2: fears of recession in the Euro Area. GDP expanded by 43 00:02:12,720 --> 00:02:14,880 Speaker 2: half a percent in the second quarter, much higher than 44 00:02:14,880 --> 00:02:17,760 Speaker 2: the zero point one percent estimates. This after the EASYB 45 00:02:17,840 --> 00:02:21,799 Speaker 2: president Christine Laggard warned of a deteriorated economic outlook as 46 00:02:21,800 --> 00:02:24,000 Speaker 2: the Central Bank height rates for a ninth time in 47 00:02:24,040 --> 00:02:24,359 Speaker 2: a row. 48 00:02:25,040 --> 00:02:29,359 Speaker 5: The neo term economic outlook for the Euro Area has deteriorated, 49 00:02:30,080 --> 00:02:36,120 Speaker 5: owing largely to weaker domestic demand. High inflation and tighter 50 00:02:36,200 --> 00:02:41,440 Speaker 5: financing conditions are dumpening spending. This is weighing especially on 51 00:02:41,680 --> 00:02:46,480 Speaker 5: manufacturing output, which is also being held down by weak 52 00:02:46,560 --> 00:02:47,520 Speaker 5: external demand. 53 00:02:48,840 --> 00:02:50,640 Speaker 2: That was the EACB president Christine Laggard. 54 00:02:51,600 --> 00:02:55,480 Speaker 1: Now, as sellers are increasingly offering price cuts to tempt 55 00:02:55,720 --> 00:02:58,720 Speaker 1: UK home bar as a sign that the housing correction continues, 56 00:02:58,840 --> 00:03:00,960 Speaker 1: Bannoomberg's U and ports the. 57 00:03:01,000 --> 00:03:04,000 Speaker 6: Number of people contacting estate agents about buying a property 58 00:03:04,040 --> 00:03:06,320 Speaker 6: in the UK has fallen by almost a fifth in 59 00:03:06,320 --> 00:03:08,680 Speaker 6: the last two months. That's according to data from property 60 00:03:08,720 --> 00:03:12,720 Speaker 6: website Zoopla. That's putting downward pressure on the market. Almost 61 00:03:12,760 --> 00:03:15,520 Speaker 6: seven percent of sellers reduced their asking price in July. 62 00:03:15,840 --> 00:03:18,720 Speaker 6: With higher mortgage rates to pressing demand and as households 63 00:03:18,760 --> 00:03:22,520 Speaker 6: deal with rampant inflation, Bloomberg Economics is now forecasting a 64 00:03:22,600 --> 00:03:25,120 Speaker 6: ten percent drop in house prices from last year's peak. 65 00:03:25,520 --> 00:03:29,040 Speaker 6: The asking price cuts aren't impacting everyone equally though, with 66 00:03:29,160 --> 00:03:32,720 Speaker 6: pricier properties, especially those in the South, losing value at 67 00:03:32,760 --> 00:03:36,240 Speaker 6: the fastest pace in London, Immune Parts, Bloomberg, Daybreak Europe. 68 00:03:36,880 --> 00:03:38,400 Speaker 1: So those were a few of our top s toys 69 00:03:38,440 --> 00:03:41,040 Speaker 1: then for you this morning. So we've been hearing a 70 00:03:41,040 --> 00:03:44,160 Speaker 1: lot about work from home Anna that it's becoming less popular, 71 00:03:44,240 --> 00:03:47,040 Speaker 1: and now this missive from City that actually is going 72 00:03:47,080 --> 00:03:51,560 Speaker 1: to start tracking UK office attendance and basically trying to 73 00:03:51,960 --> 00:03:56,600 Speaker 1: pick out who the hybrid holdoubts are and imposing a 74 00:03:56,600 --> 00:03:58,320 Speaker 1: few sanctions if you don't get into the office. 75 00:03:58,400 --> 00:04:00,640 Speaker 2: Essentially. Yeah, it's an interesting one, isn't it. A lot 76 00:04:00,680 --> 00:04:03,640 Speaker 2: of granular tracking of staff going on here. I mean 77 00:04:04,160 --> 00:04:06,400 Speaker 2: lots of businesses will have THO in place already, the 78 00:04:06,440 --> 00:04:08,760 Speaker 2: ability to see where whether their staff is sort of 79 00:04:09,200 --> 00:04:12,280 Speaker 2: checked into the office or not. But it does does 80 00:04:12,320 --> 00:04:14,280 Speaker 2: tell you something interesting about the direction of travel for 81 00:04:14,320 --> 00:04:16,720 Speaker 2: the financial services industry, doesn't it. In the work from 82 00:04:16,720 --> 00:04:17,240 Speaker 2: home culture? 83 00:04:17,320 --> 00:04:20,600 Speaker 1: Yeah, absolutely, one swipe per person, per day, per location 84 00:04:21,080 --> 00:04:23,440 Speaker 1: is going to be captured. That's the line from City anyway. 85 00:04:23,560 --> 00:04:27,880 Speaker 2: Okay, Let's turn our attention to all matters ECO, and 86 00:04:27,920 --> 00:04:31,560 Speaker 2: first let's talk about what's going on with the European economy. 87 00:04:31,560 --> 00:04:34,480 Speaker 2: The ECB president Christin Laguard avoided any pledge on rates 88 00:04:34,480 --> 00:04:38,480 Speaker 2: in September after the bank hiked. After sorry, let me 89 00:04:38,520 --> 00:04:41,320 Speaker 2: start that again. EACB president Christin Laguard avoided any policy 90 00:04:41,320 --> 00:04:44,240 Speaker 2: pledges ahead of the Central Bank's September meeting after the 91 00:04:44,240 --> 00:04:47,080 Speaker 2: bank hiked by twenty five basis points. Let's get some 92 00:04:47,120 --> 00:04:50,280 Speaker 2: analysis of what to expect here from the ECB. Let's 93 00:04:50,279 --> 00:04:52,480 Speaker 2: go to Frankfurt and speak to Bloomberg's Will Horribin, who 94 00:04:52,480 --> 00:04:54,880 Speaker 2: can give us a briefing. Christine Laggard then hiking for 95 00:04:54,920 --> 00:04:58,279 Speaker 2: a ninth consecutive time yesterday, but emphasizing the deterioration of 96 00:04:58,320 --> 00:05:00,840 Speaker 2: the economy, Will, what did you take away from it? 97 00:05:02,200 --> 00:05:05,280 Speaker 7: Well, firstly that they still say that inflation will be 98 00:05:05,320 --> 00:05:09,440 Speaker 7: too high for too long, but that they are shifting 99 00:05:09,480 --> 00:05:12,080 Speaker 7: to much more sort of the data dependent approach. So 100 00:05:12,120 --> 00:05:13,839 Speaker 7: they're really looking at what's going to happen in the 101 00:05:13,839 --> 00:05:15,159 Speaker 7: next couple of months, and we're going to have a 102 00:05:15,160 --> 00:05:18,799 Speaker 7: few readings over the summer that will determine almost entirely 103 00:05:18,800 --> 00:05:23,080 Speaker 7: what they do in September. As you said, they also 104 00:05:23,120 --> 00:05:26,760 Speaker 7: acknowledge that there is now an economic impact starting to 105 00:05:26,800 --> 00:05:30,120 Speaker 7: happen from all the rates that they've all or the 106 00:05:30,240 --> 00:05:34,680 Speaker 7: rate increases they've done in the last year, and and 107 00:05:34,720 --> 00:05:39,039 Speaker 7: so there's a deterioration in the short term economic outlook. Yeah. 108 00:05:39,040 --> 00:05:42,279 Speaker 1: Absolutely, But I suppose that you know, the GDP numbers 109 00:05:42,279 --> 00:05:45,360 Speaker 1: that we're getting out this morning are backward looking. Perhaps 110 00:05:45,440 --> 00:05:47,919 Speaker 1: more important will be the is the CPI data. 111 00:05:49,160 --> 00:05:52,240 Speaker 7: Yeah, the CPI data will be important. I think you know, 112 00:05:52,320 --> 00:05:56,279 Speaker 7: the GDP data is also significant and sort of setting 113 00:05:56,320 --> 00:06:00,000 Speaker 7: the sort of the sentiment about what's happening in your 114 00:06:00,040 --> 00:06:02,760 Speaker 7: Upean economy right now. And we just heard that Germany 115 00:06:02,800 --> 00:06:07,640 Speaker 7: has exited recession with well by by managing to managing 116 00:06:07,760 --> 00:06:12,479 Speaker 7: zero growth. Yeah, only just And France had a bumper 117 00:06:12,520 --> 00:06:18,440 Speaker 7: second quarter, boosted by the delivery of a gigantic cruise ship. 118 00:06:19,680 --> 00:06:24,520 Speaker 7: So the narrative isn't isn't as disastrous as that maybe, 119 00:06:25,520 --> 00:06:27,960 Speaker 7: But yeah, as you say, like CPI is really the focus. 120 00:06:28,720 --> 00:06:32,599 Speaker 7: So far this morning, we've had France, which was slightly 121 00:06:32,720 --> 00:06:38,479 Speaker 7: softer than expected in July, although the services inflation in 122 00:06:38,520 --> 00:06:41,080 Speaker 7: the French numbers did tick up slightly, and that's of 123 00:06:41,160 --> 00:06:45,599 Speaker 7: key importance to the UCB. We know, and in Spain 124 00:06:45,880 --> 00:06:49,240 Speaker 7: it was inflation was also stronger than expected, and the 125 00:06:49,279 --> 00:06:53,360 Speaker 7: core inflation in Spain was also stronger than expected. It's 126 00:06:53,360 --> 00:06:54,240 Speaker 7: six point two percent. 127 00:06:54,920 --> 00:06:57,159 Speaker 2: A fascinating insight on the French numbers and the and 128 00:06:57,200 --> 00:06:59,039 Speaker 2: the delivery of the cruise ship that had passed my 129 00:06:59,120 --> 00:07:01,360 Speaker 2: set passed me by will in all the boj excignments, 130 00:07:01,400 --> 00:07:03,320 Speaker 2: So thank you for flagging that one. Let me ask 131 00:07:03,320 --> 00:07:07,039 Speaker 2: you about that Spanish CPI print, just high level. I mean, 132 00:07:07,279 --> 00:07:09,479 Speaker 2: the Spanish number came in higher than expected, and a 133 00:07:09,480 --> 00:07:11,040 Speaker 2: lot of the other data seems to have been coming 134 00:07:11,040 --> 00:07:14,200 Speaker 2: in below expectation for the Eurozone, I mean, on the 135 00:07:14,200 --> 00:07:16,560 Speaker 2: inflation front, but the Spanish data was never that high 136 00:07:16,600 --> 00:07:18,400 Speaker 2: in the first place. So I wonder if the ECB 137 00:07:18,600 --> 00:07:21,720 Speaker 2: can sort of set that aside as a different trend maybe, 138 00:07:21,760 --> 00:07:23,720 Speaker 2: I mean, the direction for CPI has been that it's 139 00:07:23,760 --> 00:07:25,400 Speaker 2: been coming down in Europe. 140 00:07:26,440 --> 00:07:28,560 Speaker 7: Yeah, I think, and that was referred to us in 141 00:07:28,600 --> 00:07:31,280 Speaker 7: the press conference that Spain is perhaps a bit of 142 00:07:31,280 --> 00:07:36,560 Speaker 7: a separate trend. And the previous month's number, one I'm 143 00:07:36,640 --> 00:07:40,400 Speaker 7: not wrong, was well below two percent, which is the 144 00:07:40,440 --> 00:07:43,840 Speaker 7: ECB's target and this mornings was two point one percent, 145 00:07:43,880 --> 00:07:46,360 Speaker 7: so we're close to target. But really again like the 146 00:07:46,360 --> 00:07:49,440 Speaker 7: ECB has been focusing much more on core inflation, which 147 00:07:49,520 --> 00:07:51,520 Speaker 7: they think is the thing to look at when you're 148 00:07:51,520 --> 00:07:54,840 Speaker 7: trying to judge what's going to happen next for overall inflation, 149 00:07:55,360 --> 00:07:58,400 Speaker 7: and again in Spain that was higher than expected and 150 00:07:58,640 --> 00:08:01,400 Speaker 7: still way above tower. Yeah. 151 00:08:01,440 --> 00:08:06,040 Speaker 1: Absolutely, can you put the ECB though into context? The 152 00:08:06,040 --> 00:08:10,200 Speaker 1: comparison seems to be that the policy tools are not 153 00:08:10,400 --> 00:08:13,480 Speaker 1: that different, or that the point at which the ECB 154 00:08:13,600 --> 00:08:16,560 Speaker 1: and the FED are pausing may not be terribly different. 155 00:08:16,600 --> 00:08:19,880 Speaker 1: But actually economically and in terms of inflation, Europe is 156 00:08:19,880 --> 00:08:21,840 Speaker 1: in a very different place. And then of course you've 157 00:08:21,840 --> 00:08:25,440 Speaker 1: got a layer into that the BOJ action this morning, 158 00:08:25,440 --> 00:08:30,080 Speaker 1: you know, trying to tweak ease change yield curve control. 159 00:08:30,160 --> 00:08:32,960 Speaker 1: How do we think about that from a European perspective? 160 00:08:35,080 --> 00:08:38,800 Speaker 7: I think yesterday Reguard pointed out again that you know, 161 00:08:38,840 --> 00:08:41,840 Speaker 7: they have very different that they don't don't share the 162 00:08:41,840 --> 00:08:45,400 Speaker 7: same mandate for a start, So the ECB is squarely 163 00:08:45,440 --> 00:08:51,800 Speaker 7: focused on inflation, and there were elements in what she 164 00:08:51,920 --> 00:08:54,719 Speaker 7: said that, you know, I think that overall takeaway was 165 00:08:54,800 --> 00:08:58,839 Speaker 7: quite dubbish. But then she did also say that whether 166 00:08:58,880 --> 00:09:02,920 Speaker 7: we if, whether we pause or hike in September, that 167 00:09:02,960 --> 00:09:05,840 Speaker 7: doesn't mean that it's the end, the end of the cycle. 168 00:09:05,960 --> 00:09:08,840 Speaker 7: You know, they could. She's still left like future hikes 169 00:09:08,880 --> 00:09:09,400 Speaker 7: on the table. 170 00:09:10,120 --> 00:09:12,240 Speaker 2: Okay, thanks so much. Thanks to Will Harribin for joining 171 00:09:12,320 --> 00:09:14,800 Speaker 2: us there with a look was going on across the 172 00:09:14,800 --> 00:09:18,880 Speaker 2: euro'sone economy. Let's return to earning stories, but actually not 173 00:09:18,920 --> 00:09:21,679 Speaker 2: really an earning story. Yes, Nowest has put out its earnings, 174 00:09:21,720 --> 00:09:23,120 Speaker 2: but there are other things to talk about here, so 175 00:09:23,240 --> 00:09:26,640 Speaker 2: let's go to the newest developing news. Nowwest has cut 176 00:09:26,640 --> 00:09:29,200 Speaker 2: its guidance for net interest margins this year and reported 177 00:09:29,200 --> 00:09:31,120 Speaker 2: a pre tax profit of one point seven to seven 178 00:09:31,200 --> 00:09:35,240 Speaker 2: billion pounds, but the focus remains on the fallout from 179 00:09:35,320 --> 00:09:39,760 Speaker 2: the from the well, the effects of Nigel Farage on 180 00:09:39,800 --> 00:09:41,600 Speaker 2: this bank. Let's get to that show we Our finance 181 00:09:41,640 --> 00:09:44,840 Speaker 2: reporter Will Shaw joins us, Now, what are we expecting 182 00:09:45,040 --> 00:09:48,320 Speaker 2: from well, what have we seen, sorry, from the results today? 183 00:09:49,040 --> 00:09:52,920 Speaker 4: So pre tax profits of one point seventy seven billion, 184 00:09:52,960 --> 00:09:55,600 Speaker 4: that's a beat on estimates. It's up twenty seven percent 185 00:09:55,640 --> 00:09:59,360 Speaker 4: from a year ago. It's also cut its guidance for 186 00:09:59,400 --> 00:10:02,240 Speaker 4: net interest margins. So there's good news and bad news 187 00:10:02,240 --> 00:10:05,200 Speaker 4: in there. No one's really interested in that. I don't 188 00:10:05,280 --> 00:10:10,200 Speaker 4: think what people want to know about is the Nigel 189 00:10:10,200 --> 00:10:13,360 Speaker 4: Farage scandal. We've all been on tender hooks all week 190 00:10:13,520 --> 00:10:16,280 Speaker 4: wondering what That West executives are actually going to say. 191 00:10:16,760 --> 00:10:19,800 Speaker 4: We found out the answer this morning. Howard Davis, the chairman, 192 00:10:20,679 --> 00:10:24,200 Speaker 4: was speaking to reporters earlier. He says he's got the 193 00:10:24,240 --> 00:10:27,920 Speaker 4: support on that West has the support of its main shareholder, 194 00:10:28,200 --> 00:10:32,120 Speaker 4: the UK government and regulators, and that he intends to 195 00:10:32,200 --> 00:10:36,960 Speaker 4: lead the board and provide stability. We also met Paul 196 00:10:37,000 --> 00:10:40,440 Speaker 4: Thwaite for the first time, who's the interim CEO. People 197 00:10:40,480 --> 00:10:43,120 Speaker 4: don't know very much about him outside of That West. 198 00:10:43,640 --> 00:10:47,920 Speaker 4: He's been there for more than twenty years. He said, 199 00:10:47,920 --> 00:10:50,800 Speaker 4: it's an understatement to say that these are not ideal 200 00:10:50,880 --> 00:10:54,880 Speaker 4: circumstances for someone to take over the job. It must 201 00:10:54,880 --> 00:10:56,679 Speaker 4: be said. They all sounded a lot calmer than I 202 00:10:56,720 --> 00:10:58,000 Speaker 4: would have done in that situation. 203 00:10:58,160 --> 00:11:01,319 Speaker 2: Marat and being thrown into being CEO with about two 204 00:11:01,400 --> 00:11:03,920 Speaker 2: days notice and having to speak to all your shareholders 205 00:11:04,040 --> 00:11:06,480 Speaker 2: and the assembled media, you know, it's incredible. 206 00:11:06,040 --> 00:11:10,200 Speaker 1: Really, Yeah, immen's pressure, isn't it. And also after such 207 00:11:10,240 --> 00:11:13,520 Speaker 1: a kind of difficult moment, given that you've got Peter 208 00:11:13,920 --> 00:11:17,720 Speaker 1: Flavor from Coots and Allison Rose the CEO, both having 209 00:11:17,760 --> 00:11:19,840 Speaker 1: gone in the space of a few days, and the 210 00:11:19,920 --> 00:11:22,959 Speaker 1: chairman remains under pressure, what is our assessment? 211 00:11:23,120 --> 00:11:25,720 Speaker 4: I mean, I thought he sounded like he probably knows 212 00:11:25,800 --> 00:11:29,640 Speaker 4: he's safe this morning the Prime Minister would only give 213 00:11:29,679 --> 00:11:32,280 Speaker 4: him very lukewarm backing earlier in the week. When I 214 00:11:32,320 --> 00:11:36,600 Speaker 4: spoke to Nigel Farras yesterday he said he expected Howard 215 00:11:36,640 --> 00:11:39,160 Speaker 4: Davis to be out of position by the end of Friday. 216 00:11:40,600 --> 00:11:44,679 Speaker 4: It all sounds like a much more stable situation now. 217 00:11:44,720 --> 00:11:46,680 Speaker 4: To be honest, I imagine he's here to stay. 218 00:11:47,240 --> 00:11:50,000 Speaker 2: Yes, I mean, how damaged in now we look back 219 00:11:50,000 --> 00:11:52,800 Speaker 2: on this week? How damaged you think nat West is 220 00:11:52,880 --> 00:11:55,480 Speaker 2: after this week losing its CEO of the group, losing 221 00:11:55,559 --> 00:11:58,640 Speaker 2: the CEO of this part of the business, Nigel Faraj, 222 00:11:58,720 --> 00:12:00,520 Speaker 2: and the fallout from the closure of his bank account 223 00:12:00,559 --> 00:12:03,560 Speaker 2: of course, but also the wider questions that that has raised, 224 00:12:04,200 --> 00:12:08,199 Speaker 2: really having an impact on this, on this titan of 225 00:12:08,600 --> 00:12:09,200 Speaker 2: UK banking. 226 00:12:09,320 --> 00:12:12,160 Speaker 4: I think after all this, it's governance does look pretty rocky. 227 00:12:12,520 --> 00:12:16,400 Speaker 4: I think probably the most troubling bit was probably Alison 228 00:12:16,480 --> 00:12:21,200 Speaker 4: Rose admitting that she'd spoken to a BBC journalist about 229 00:12:21,240 --> 00:12:25,440 Speaker 4: confidential details relating to Nigel Farrage's bank account, and the 230 00:12:25,520 --> 00:12:27,960 Speaker 4: fact that the information that she gave to the BBC 231 00:12:28,160 --> 00:12:32,000 Speaker 4: appears to have been incomplete at best. I think there is, however, 232 00:12:32,120 --> 00:12:34,640 Speaker 4: an argument here that she's been treated a bit differently 233 00:12:34,720 --> 00:12:37,880 Speaker 4: than a male executive might have been, and there's an 234 00:12:37,960 --> 00:12:40,920 Speaker 4: article to that effect in the in The Guardian this morning. 235 00:12:41,360 --> 00:12:44,720 Speaker 4: One of the examples that's flagged in particular is Jesz Staley, 236 00:12:45,040 --> 00:12:48,240 Speaker 4: who used to be used to be CEO of Berkleys, 237 00:12:48,280 --> 00:12:52,160 Speaker 4: now notorious obviously at Berkeley's. He was found to be 238 00:12:53,760 --> 00:12:56,040 Speaker 4: he was found to be having trying to he was 239 00:12:56,080 --> 00:12:59,240 Speaker 4: found trying to locate a whistleblower. He was able to 240 00:12:59,600 --> 00:13:02,560 Speaker 4: keep his job. I think there's a suggestion that perhaps 241 00:13:03,320 --> 00:13:06,960 Speaker 4: dual standards have been applied to Alison Rose having said that. 242 00:13:07,080 --> 00:13:09,120 Speaker 4: I think what she did is quite serious.