By Tom Higham

It is expected that a report released today by the ex-city regulator Sir David Walker is going to scrutinise the way in which the boards of the major banks have performed in the lead up to and during the credit crunch. Should the report highlight ineffciencies in the banking system and the management of the major banking institutions then we could see the Pound weaken against a number of major currencies.

 

Meanwhile, in the States it appears that another major US bank – CIT Bank is likely to fail. The bank specialise in providing credit for thousands of small and medium sized companies which could put more pressure on the US economy. So, it appears the global recession is far from over.