First things first

Fortis finally seems to have acknowledged there’s a problem. For the past year, management at the Belgo-Dutch bancassurer has expressed steady confidence and optimism, despite the overpriced acquisition of part of ABN Amro and the high costs of wandering into structured credit products. The refusal to face reality contributed to a 65% fall in the share price and investor rebellion over surprise capital raisings. But the new interim CEO, Herman Verwilst, sounds more pessimistic – and realistic –...