The consequences of the loss of £2bn by JPMorgan Chase’s London office have continued to ramify. The US Justice Department and Securities and Exchange Commission have both announced that they intend to investigate the debacle which has inevitably led to calls for tougher regulation. The loss has also claimed its first victim in the form of the company’s Chief Investment Officer, Ina Drew, while serious questions have been raised about chief executive Jamie Dimon.

Meanwhile, eyes have also focused on the single trader regarded  responsible for the investments in unsafe credit default swaps. French trader Bruno Iksil, who worked in JP Morgan’s Chief Investment Office under Drew’s leadership, reportedly returned to his Paris residence on Friday while his employers struggled to deal with the financial, corporate and public relations storm he has created.

However, what truly captured the attention of the media was the epithet attached to Mr Iksil by fellow traders for the size of the deals which he carried out. The metaphorical ‘London Whale’ appeared to capture the imagination of the media much like his literal namesake did more than six years ago. Most of the major broadsheets pounced eagerly on the cetacean imagery, while the tabloids preferred Iksil’s other, more sinister nickname – ‘Voldermort’. Even the normally sober and reserved Financial Times couldn’t help but help but get involved by making a few distinctly fishy puns.

This certainly isn’t the first time nicknames in the financial services sector have captured the media’s attention. It wouldn’t be surprising if a significant proportion of the public were under the impression that the former head of RBS was called Mr The Shred given the media’s obsession with the epithet Fred Goodwin gained for his savage cost cutting. Figures with less notorious but equally amusing nicknames include Choc Finger, Chainsaw Al, The Gorilla. By contrast, the names of Jérôme Kerviel (whose rather boring ‘Five Billion Euro Man’ simply didn’t pass muster) or Kweku Adeboli (who failed on the nickname front altogether) haven’t lasted long in the public imagination despite the eye-watering sums they were responsible for losing.

Why do the media jump on these monikers with such gusto? Nicknames certainly add a splash of colour to what are rather complicated and dry stories involving incomprehensibly large amounts of money. Furthermore, the personalisation of such stories allows for an element of tangible understanding of a group of people whose lives are far abstracted from those of ordinary people but whose actions can have the most profound consequences.

At first austerity measures were seen as essential to return to economic growth, but the implications of this are now starting to bite. The quick wins on their own are not sufficient to change perceptions. If Number 10 is to change perceptions, a coherent narrative, with stories that constantly reinforce what David Cameron is trying to do is required.

As Oliver Wright and Andrew Grice write in The Independent, Number 10 has been looking for good news stories across Government for Cameron to be personally associated with. The hope is that any good news story will move the agenda on from the current post-budget malaise. The problem with this approach is these stories, good though they might seem, fail to form part of a coherent narrative. They do nothing to alter the perception of the Government as overseeing economic hardship. 

The prospects for the average voter look bleak. Less money. More tax. Later retirement. That’s before you put it in the context of a class war. Philip Collins notes in his excellent article in The Times that Number 10 needs to communicate that all this pain is not for nothing. Collins should know the merits of communicating a long term ambition, having been present as Tony Blair struggled to come to terms with what his legacy ought to be. Cameron is now at this same juncture. Collins has written the basis of what Cameron’s narrative might look like:

“The first [pledge] is that we will restore this country to economic health. We will clear the horrible mess in the public finances that was left once the other side had finished its irresponsible partying. We will get Britain moving.

“The second commitment I can make is that the burden of austerity will be shared out fairly. By the end of this Parliament, it will be clear that those with the broadest shoulders will have taken most of the weight. We all have to make a contribution in accordance with our means. That is only fair.

“That leads to my third pledge. When prosperity returns to Britain, which it will, the hard-working families, those who are digging us out of a hole they were thrown into, will see the benefit.”

It is fair to say that the first point is well understood and well communicated. Credit where credit is due, the messages on this point were relentless and the Conservatives and George Osborne in particular should take credit for successfully undermining Gordon Brown’s economic record and mentally preparing voters for economic hardship.

Number 10 and the Treasury have acknowledged that the second point above is important, but they have been unconvincing in their attempts to convince the electorate that the burden is being shared equally.

The third element, which promises light at the end of the tunnel or, put another way, hope, has been non-existent.

Number 10’s communications can’t simply be seen through the prism of points one and two. Moreover, the economic legacy that this Prime Minister will leave behind will belong to George Osborne. The promise of a better future however is absolutely critical and has thus far been forgotten. If Cameron is to leave a legacy of his own, then he has to convince voters that under his stewardship a better future lies ahead.

Today Programme’s Jim Naughtie stood corrected this week when he credited Ed Miliband with coining the term ‘omni-shambles’ after he used it in PMQs to describe the Tories monthus horribilis. It was of course comedy writer, Armando Iannucci, who came up with the great summation in his painfully funny political satire, The Thick of It. So there is nothing new under the soundbite sun after all it seems but I’m wondering what does this say about art and politics when a piece of satire is hijacked by the brunt (or equivalent ) of the satirist’s joke. Does it make the joke even funnier or the reality even more tragic? Probably a bit of both I suspect. Does Ed have his finger on the pulse of popular culture or is his level of self-awareness so low that he can’t see what Iannucci’s mirror is reflecting. Or perhaps he just has a great self-deprecating sense of humour. Or perhaps, more likely, the sound-bite machine and LHQ racked their brains, had a brainfart and spat it out – oh how they must have giggled at the irony! Almost reminds me of a scene from a TV programme, what’s-it-called… ah yes, The Thick of It.

ps. LOVING Twenty Twelve on BBC2 on Fridays; The Thick of it for those with a more delicate disposition and who are adverse to proper swearing. Brilliant.     

Image from Metro.co.uk

To that end, we’ve pooled the collective wisdom of the Financial and Professional Services team to bring you our top five tips on how to get your story on the five o’clock show. Several of us have successfully pitched Newsround over recent years, most recently for Aviva’s Street Dance for Change programme. So here we go:

1. Remember the target audience: Newsround is aimed at 6-12 year olds, which means your story has to be simple enough for a 6 year old to understand, but also complex enough to appeal to a fast-maturing 12 year old.

2. Use the child’s point of view: Again, given their audience, your story needs to take place from a child’s point of view – it’s not good enough simply for it to relate to kids. Street to School was an example of this – informing children about the dangers/issues they face.

3. Yes to celebs, but the right ones: Brad Pitt, Russell Howard and Joanna Lumley are great, but likely mean very little to a 6 year old. Using a celebrity to help communicate a tricky issue can be helpful but it has to be the right celebrity – it’s easy to forget that children don’t watch mainstream TV and films. Choose wisely.

4. Watch CBeebies: Knowing your Tracy Beaker from your Sadie J can be a great help. Selling a story when there’s a similar storyline running on another CBBC show really helps as we’ve found out – just like adults, kids relate to other things they see and read in the media.

5. Remember it’s a TV programme: Like all broadcast media, it really is about giving Newsround the whole package of different elements to support the story – a spokesperson to sit on the couch, a famous face to do something clever, a kickass video for them to show online; ultimately the more you put in, the more you’re likely to get out.

Angela Knight, head of the British Banker’s Association, is to step down after five years at the helm of the industry body. Knight has led something of a charmed life in what would be seen by many as an invidious position in an adverse political climate for the financial services sector. While the former Tory MP doesn’t garner respect from all political quarters, she is certainly admired by many within the financial services sector for her ability to speak on behalf of the industry. According to The Guardian, she has given over 800 broadcast interviews, and travelled over 14,000km to and from Brussels alone since 2006. For those working in the City, it has been preferable to have such a shrewd political operator speaking on their behalf rather than having to face the ire of public opinion themselves

Knight’s time at the BBA has been indicative of a broader trend within politics and the media. Despite frequent media brickbats, those within the financial services sector are often far better able to carve themselves positions of political and intellectual authority than many other would-be commentators. Ultimately, the BBA is little more than a lobbying organisation for its members and yet Knight has been able to assume an air of authority within the media which would not be accorded to many others in similar positions.

For example, Unite General Secretary Len McCluskey may have been making political waves this week but he is unlikely to be asked on most news programmes to talk on subjects that don’t explicitly affect his members. (Incidentally, for an interesting insight on the man who appears to have the ability to turn the government and subsequently the public into Corporal Jones from Dad’s Army, listen to Profile on Radio 4). Knight, on the other hand, has been frequently asked to discuss broader social and economic issues, as well as more obvious areas such as the reform of the banking sector.

The financial crisis (or perhaps Robert Peston) has increased public interest in the financial services sector to a level previously unseen. However, outside of personal finance, many commentators in possession of a sufficient degree of technical knowledge are also industry insiders. The adversarial exceptions to this rule (for example, here and here) lack experience at conveying their views to the new audience which has invaded their previously arcane and quiet cloister of political debate. Unlike construction, manufacturing or even many service industries, the products of financial services are almost entirely intangible and the sector is therefore assumed to be too complex or too boring for most people to understand. The upshot is that media discussion is divided between either popular yet infantile anger or sophisticated yet sterile analysis.

‘The acceptable face of British banking’ may not be missed by all, but the reputation she has built for herself is certainly instructive for any company or organisation wishing to make an impression on the media.

Image credit: Creative Commons/ su-lin

1. Just when we thought Granny tax ruled the “Best _______ tax” name, this week the press (and Twitter) had a field day with the pasty tax saga. The surprise budget announcement sparked a threat of a bakers’ march led by the head of bakery at Greggs. According to the Guardian, an online petition has already been set up on Downing Street’s scheme by bakers’ trade associations. Sign up here.

2. Not content with scoring the own goals that were pasty-gate, grannytax and the donor-row, the Government proceeded to exacerbate their worst week ever and add fuel to the flames of a pending petrol crisis that never materialised, despite Francis Maude’s best efforts.

3. The question on everyone’s lips is “Are we back in recession?” The answer is it depends on who you’re speaking to. Latest OECD figures reveal that the economy has shrunk for the second quarter, but according to predictions from Office for Budget Responsibility, the UK will avoid a recession with the economy growing by just 0.8 per cent over the course of 2012.

4. A giant step for the Eurozone but a small step for the global economy as the European Union confirmed the extension of the European bailout fund. The total funds available has now reached €700bn.

5. And on that note, I leave you with this video from the OECD with its latest Interim Economic Assessment on the global economy

Post contributors: Nick Woods, Edward Jones

Best Analysis

The IFS’ Budget 2012 briefing yesterday cut through the hyperbole to deliver a sober assessment of the red book. Their analysis of the implications of the 50p tax rate, suggested that contrary to the mooted 300,000 extra taxpayers roped into the lower 40p tax rate threshold, this figure could actually be closer to a million by 2014, adding fuel to the flames that were already raging, particularly among the usually supportive right wing media. 

A mention should also go to the Economist’s analysis. Highlighting Britain’s expertise in high-value services and the need to attract the world’s brightest, the Economist applauded Osbourne’s efforts to signal, “about as clearly as a man with no money to spare can, that Britain is open for business”.

Best gag

Sending the Government bench into raptures and consequently, Lindsay Hoyle, the Deputy Speaker, into apoplexy, Osbourne, when announcing tax breaks for the animation and video game industry in reference to this well know cartoon sketch said: “It is this Government’s determined policy that we keep Wallace and Gromit exactly where they are“. BOOM!

Best Headline

The Sun could’ve won this thrice with some absolute beauties including: “HE’S TAKING US FOR FUELS” and “GRAN THEFT OSBO.” The best one’s are captured in this image courtesy of Conservative Home’s @TimMontgomerie

Best Post Budget Admission

‘We hid the papers.’ The Prime Minister’s aide unveils to the Times, Number 10’s response to the negative headlines on Thursday.

Best Punch

Miliband’s 50p tax gibe at the Government. With one question – ‘Who on the front bench would benefit personally from the 50p tax cut?’ Ed stunned the Cabinet and made his point effortlessly; we are no longer all in this together. Very clever.  

Best PR

The anti-war protesters – who employed a very, very long handle on their ‘stop the killing in Iraq and Afghanistan’ sign, which meant every interview Jon Sopel gave on College Green featured that banner in the background.

Best ‘_______ tax’ name

Whilst the half-baked pasty tax made a valiant effort, the Granny tax is set to be the classic. As a closing gambit, we quite like this spin on the Granny tax from the daily mash.

Andrew Gowers, former Editor of the FT, is the man who claimed in 2005 that there is no future in print media, wrote a review of intellectual property for Gordon Brown, was once described by The Telegraph’s City Editor as “our man in a disaster”, was the head of media at BP during the Deepwater Horizon Crisis, and was previously Head of Communications at the ill-fated investment bank Lehman Brothers.

With a CV like that, he is surely the best choice to restore the battered reputation of Europe’s banking industry, isn’t he? Well, Reuters reported earlier this month that the Association for Financial Markets in Europe (also known by the slightly snappier acronym AFME) has appointed Gowers as their Director of External Relations in an attempt to reverse the increasingly negative public perception of the banking industry.

Financial industry body, AFME has a new troubleshooter

It would appear that Gowers has the experience to deal with big name players in crisis – but commentators question whether he is actually capable of success. Obviously the difficulty here is that by their very nature successfully-managed crises are not high profile and so we must look at other measures of success for those crises that are played out in the media.  How quickly and cleanly the company or organisation comes out of a crisis and is able to rebuild trust and reputation is perhaps a better measure.

Lehman Brothers is no more and not remembered fondly and BP is still struggling to regain lost ground. That said the crisis communications industry learnt a great deal both from the failures and successes of the BP Deepwater Horizon episode and hopefully for AFME, Gowers did too.

There is much to be learnt from BP’s Deepwater Horizon incident in 2010, and Gowers will be able to apply these learnings to AFME. Many commentators believe that the biggest obstacle facing the BP communications team was the legalities around what they were able to say, resulting in a ‘too little too late’ situation.

There are so many avenues that this journey could take; will Gowers pick a spokesperson to give the intangible concept of “The Bankers” a human face? Will he advise them to express empathy for what has happened in the past five years? Or will he just soldier on with the task of tackling the endemic structural failures of the European banking system? Will he go to where the people are and use social media to re-connect the masses with the banking industry? Would that work?

It will be interesting to follow his progress and see how his strategy will play out in the coming months, or more likely years. He has already spent three months as a consultant for AFME helping edit the AFME book Investing in Change, and so should be able to hit the ground running.

Is this the biggest challenge in Gowers’ career so far? Trying to increase transparency, please many diverse stakeholders and implement meaningful change is going to be a perplexing test for banks across Europe, but the task of communicating those changes to the European public and demonstrating that they have worked is arguably the greatest challenge of all.

2. Budget fever grew nicely, with more leaks from Treasury than there are hangers-on at an Only Way is Essex party. In no particular order, scrapping pensions tax relief, scrapping the 50p tax rate, issuing absurdly long-dated bonds, tax breaks for the TV and film industry and raising the income tax threshold towards £10,000.

3. Following on from point number one, it seems insider trading is a crime, but one that is only punishable by removing half a bonus. Then again, based on this, the key to insider trading really is as simple as playing a popular after-dinner game with your client over the (recorded) landline at your desk.

4. Hell of a week for Tesco losing its UK boss and telling its employees they’ll have to work two years longer before they retire – on the latter they’re to be applauded for addressing the issue sooner rather than later, many more are likely to follow.

5.  Fitch joined Moody’s this week to put the UK economy on a negative outlook threatening the AAA rating. Some have said it’s a gift for George Osbourne before the budget as it will set the tone for continued austerity. Indeed the agencies have been clear that any deviation from austerity would be more disconcerting. Ed Balls’ line however, that you should never set policy by the credit ratings agencies might just get some traction, particularly given the criticisms they face.

1. We’re 12 days away from this year’s Budget and the noise has started already. This week’s focus has been all about the question of taxation – in particular, the proposed mansion tax, child benefit levels and how much relief on tax people paying into pensions should qualify for. Next week kicks off with the British Chambers of Commerce submitting their Budget wishlist – expect the hard economic debate from Mr Balls etc to follow.

2. Meanwhile, the Institute for Fiscal Studies provided plenty of ammunition for Labour with its latest figures on household spending which claimed to show that households are set to lose £370 from tax and benefits changes already in place.

3. Over in media land, Robert Peston drew the wrath of the Financial Times by latching onto an exclusive from George Parker last month and repackaging it into one of the stories of the week – Vince Cable’s now very public critique of Coalition policy.

4. Wrapping up the week, today finally saw the disclosure of pay figures for Barclays’ senior figures, including Bob Diamond. Suffice to say, the reaction has been predictable, decrying the vast sums while others have questioned the payout based on the company’s declining performance. Perhaps not such a bad day for Lloyds and RBS to reveal their figures at the same time then…

5. Finally, tonight sees the inaugural Financial & Professional Services ‘Cheese & Wine night’ – expect plenty of sore heads and full stomachs tomorrow!

Happy weekend all!