With oil prices at record levels and unemployment surging to a three and a half year high, it's a bad time to be a consumer bank--particularly a financially weak one that has taken a hammering on exposure to the mortgage market.

FORBES: Woe For WaMu

The message the market has been hammering home these last few years, innovate or die, has been duly received in Waterloo.

FORBES: Connect

And this happened before the debt market crisis of confidence that began hammering Spanish economy again during 2Q12.

FORBES: Coming Attractions - Telefonica Is a Dark Mirror of Europe