My sources at the Treasury tell me that they are happy with RBS's current proposals to mend itself, which involve shrinking its investment bank and floating a share of its US retail bank, Citizens, on the stock market.

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Several countries, including the U.S., are investigating the extent to which their citizens are dodging taxes through a Liechtenstein bank, after the German government obtained a list of 1, 400 of the bank's clients.

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Another big British bank, Royal Bank of Scotland, has a foothold in American retail banking through Citizens Bank, the biggest bank in New England after FleetBoston.

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And recently, the company announced additional layoffs to the 800 already--about 1, 250 more at RBS Citizens over the next couple of years, mostly in the bank's technology, purchasing and property services division.

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More importantly, perhaps, for a day or so, Philly was the height of musical cool ( Bruce Springsteen was also in town over the weekend, playing at Citizens Bank Park).

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For instance, the bank 80% owned by taxpayers, Royal Bank of Scotland, has announced it is floating some of its US business, Citizens, on the stock market and selling a further stake in the insurer Direct Line.

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