A bank worth backing

Bank shares are well and truly out of favour. But there is one dark horse that's doing very nicely, says Tim Bennett.

It's all doom and gloom in the UK banking market. This morning, selected employees at Lloyds Bank have been summoned to explain their role in the Libor fixing scandal. The whole issue now hangs like a dead albatross around the necks of any banks remotely linked to the key Libor interest rate.

But meanwhile, one or two banks are soldiering on, largely immune to this latest in a long line of banking scandals. Indeed they are doing quite nicely thank you. One of them is Wells Fargo. Spread betters should take note.

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Tim graduated with a history degree from Cambridge University in 1989 and, after a year of travelling, joined the financial services firm Ernst and Young in 1990, qualifying as a chartered accountant in 1994.

He then moved into financial markets training, designing and running a variety of courses at graduate level and beyond for a range of organisations including the Securities and Investment Institute and UBS. He joined MoneyWeek in 2007.