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"I think this failure of risk management is just a very powerful case for financial reform."
US treasury secretary Timothy Geithner on JPMorgan’s $2bn trading loss.



The following are notes from our Monday morning meeting.

Moody’s has cut ratings of 26 Italian banks and 16 in Spain, the first two countries it has reviewed as part of a global downgrade, while Fitch cut ratings of five Greek banks.

Whistle-blowers at Switzerland’s UBS and HSBC have given information to UK tax authorities which may lead to more than 100 criminal prosecutions across the US and Europe for tax evasion.

South African Reserve Bank governor Gill Marcus has set up a $28.6bn emergency fund to help the big five banks meet Basel III liquidity requirements.

The Central Bank of Oman has passed new guidelines ordering commercial banks not to deduct more than 50% of borrowers' salaries as monthly instalments for personal loans.

Lim Suk, CEO of Korea’s Solomon Savings Bank, has been arrested on suspicions of embezzling $14.5m and issuing $128m in illegal loans.

Australia’s ANZ says it will invest $300 million in its China operations, including adding 14 new branches to its current six.

Virabongsa Ramagkura, a former finance minister and deputy prime minister will replace Chatumongkol Sonakul as chairman of Bank of Thailand’s executive board.

Bangladesh’s government will investigate 54 businesses linked to Grameen Bank following allegations by finance minister A.M.A. Muhith that the bank's board had not authorized most of the affiliates.

IMF officials have completed field visits for a stress test on ANZ, Commonwealth Bank, National Australia Bank and Westpac.