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UK: JPMorgan Chase to open digital bank [24FEB20]
QUOTE has been talking with London regulators about the idea, according to The Financial Times....The operation will likely include savings and lending products, and it comes just two years after U.S. bank Goldman Sachs launched a digital bank called Marcus in the U.K. Goldman’s strategy is to lure U.K. customers with high-interest rates for savings accounts, and then lowering its group funding costs that way. Marcus racked up £13bn ($16.9 billion) in the U.K. using that method.
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8 hours ago by lafgrp
Brazil: Caixa partners with Visa in cards [21FEB20]
QUOTE Brazilian state-owned lender Caixa Economica Federal is partnering with the world’s largest payments network Visa Inc to issue debit and credit cards, it said on Friday. The partnership comes as Caixa revamps its card business prior to selling a stake the newly created company, Caixa Cartoes. Caixa had 109.3 million debit and credit cards issued to clients in December, up 6.2% from a year earlier. Payments with Caixa cards totaled 210.8 billion reais ($47.97 billion) last year. ($1 = 4.3940 reais)
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8 hours ago by lafgrp
Europe: Is Eurozone over (central)banked? [23FEB20]
QUOTE The numbers in Europe have, it must be said, fallen back, often through painful closures of local central banks – the Banque de France, for instance, has gone from having 211 branches dotted around the country to 95 today. But still, that’s a lot more than the 12 agencies the BoE has. Europe’s central banks, forever calling on member states to make painful structural reforms to their economies, might want to take a closer look inside their own corridors.
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9 hours ago by lafgrp
US: Wells Fargo pays $3 billion to settle fake accounts scandal [22FEB20]
Bank QUOTE remains under probation with the Federal Reserve, which has restricted the bank's ability to grow assets or expand until the Fed believes Wells has solved all of its culture problems. That probation, which started two years ago, was only expected to last a year and there are no signs that it will end soon.
Further, the $3 billion settlement doesn't resolve the bank's problems related to auto insurance and mortgages, which happened in the years following the sales practices scandal. Those issues remain under investigation by state and federal authorities.
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9 hours ago by lafgrp
UK, US, Asia-Pacific: HSBC Cutting 35,000 Jobs, Refocusing On Asian Markets [18FEB20]
QUOTE Robert Sherman, an HSBC spokesperson for U.S. operations....said the bank will close about 80 branches this year in the U.S. alone, a reduction of about 30%. But he added that it will continue to open new branches on the West Coast to better serve the large Asian communities there.
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3 days ago by lafgrp
US: CardWorks Announces Acquisition by Ally Financial.[PR: 18FEB20]
QUOTE this acquisition serves as an important milestone in Ally's evolution to be a full-service financial provider for our customers,"
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4 days ago by lafgrp
US, Asia-pacific: This revamp will be different, says auditioning HSBC boss []
Investor QUOTE They are having to do a lot of heavy lifting [incl disposal/exit costs] and all this restructuring just to hit the targets they had before. I know there might be disappointment among the workforce but I’m not sure management have much of a choice....I think once they do this, they are going to have to do it again. While this low interest rate environment persists, they will have to keep hacking away at the cost base. It’s going to be relentless.”
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4 days ago by lafgrp
US: Ally Financial to buy CardWorks in $2.65bn deal [18FEB20]
QUOTE supported by a growing and low-cost deposit base. CardWorks, which is a non-prime credit card and consumer finance lender, has $4.7 billion in assets and $2.9 billion in deposits.
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4 days ago by lafgrp
UK: Lloyds 4Q results see annual profits fall [20FEB20]
WIth £2.5bn payment protection insurance charge in 2019, QUOTE Lloyds has paid out significantly more in compensation than any other bank, putting aside almost £22bn to cover PPI. The bill for the banking sector as a whole is more than £50bn. Profits were also hit by a 38% jump in bad debts to £1.3bn across both its retail banking business and commercial division, following two large corporate failures.

[FT QUOTE Lloyds warns profitability to fall as low interest rates take toll]
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4 days ago by lafgrp
China: Banks face test as bad debts tipped to rise while economic growth tumbles [19FEB20]
QUOTE China may be forced to scale back its deleveraging campaign if it wants to maintain economic momentum amid the ongoing coronavirus outbreak....A recent stress test by China’s central bank showed 17 of 30 local banks would fail to meet their capital adequacy ratio if growth slowed to 4.15 per cent
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4 days ago by lafgrp
China: Covid-19 may boost cashless trend [17FEB20]
As well as quarantining cash, the central bank deputy governor QUOTE added that the Chinese state would accelerate work in the field of mobile payments in a bid to prevent human contact through cash exchanges.
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4 days ago by lafgrp
Singapore, Japan: MUFG Bank to invest over $700m in Grab [19FEB20]
QUOTE In return for its investment, MUFG, one of Japan's largest banks, will receive help in developing a "super app" through which it will be able to offer customers a variety of daily services. MUFG will oversee the app's personal loans and insurance offerings, while Grab will make use of its data on customer preferences. The partners will use the data to suggest loans tailored to specific customers, for example. Grab already offers payment services, but to handle financial products such as loans, it needs the ability to screen borrowers' creditworthiness and to collect loans. MUFG will lend its skills in these areas and help in negotiating regulatory approval with financial authorities in various Asian countries.
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4 days ago by lafgrp
Weekly News Digest [14FEB20]
DH QUOTE Although N26 cited Brexit in its announcement, the level of competition in the market may also be a factor. Monzo and Revolut count their UK customers in millions, while Starling is also moving into that bracket. N26, as a late entrant, had its work cut out to compete with these more established London-based banks."
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5 days ago by lafgrp
US: DoJ urges Supreme Court to keep CFPB up and running [18FEB20]
QUOTE Facing an existential threat at the U.S. Supreme Court, which will hear oral arguments on March 3 in a constitutional challenge to the unusual structure of the Consumer Financial Protection Bureau, the CFPB has found an unlikely champion. [Contra] Trump...the DOJ argued in a reply brief filed on Friday [that the CFPB], “ is the federal government’s only agency solely dedicated to consumer financial protection.” Invalidating the entire statute that created the CFPB, DOJ said, will wreak havoc not just for consumers but for the banks, mortgage lenders, credit card companies, and other financial institutions regulated by the CFPB.
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5 days ago by lafgrp
UK: cash system at risk of collapse without new laws say campaigners [19FEB20]
QUOTE Over the past year, 13% of free-to-use UK cash points have closed, as lower levels of cash use have made them economically unviable. A quarter (25%) of the machines now charge people to withdraw their cash....According to the Financial Inclusion Commission, nearly two million people in Britain don't have a bank account, meaning they need notes and coins to pay their way.

There were 11 billion cash payments in the UK in 2018, but they are forecast to fall to 3.8 billion in 2028, accounting for fewer than one in 10 (9%) of all payments.
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5 days ago by lafgrp
Canada: No sign of consumer report on banks [18FEB20]
Paraphrase: Federal body due to release a review into how banks handle customer complaints, currently being edited and translated it says, but consumer advocate says message is probably being carefully written as "no way to sugar coat" the data.
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5 days ago by lafgrp
US: Supreme Court to hear CFPB case in March [24JAN20]
QUOTE could ultimately rule the agency to be unconstitutional. That would dissolve the CFPB, which was created in 2010 as a response to the financial crisis, and may reduce states’ power to police financial laws, as well. The CFPB has recovered more than $12 billion for consumers since its creation.
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6 days ago by lafgrp
Italy: Intesa launches $5.3 billion bid for UBI [18FEB20]
QUOTE “The banking sector is heading for consolidation in the coming years ... it is in Intesa’s interest to reach a size that will allow it to compete ... in Europe,” it said....Intesa, which was the first among Italian lenders to bet on fees to drive revenues, said the deal would create the euro zone’s seventh-largest group by assets with an estimated combined profit of more than 6 billion euros in 2022. If the offer is successful Intesa would quickly delist UBI and merge with it, aiming to complete the transaction by the end of the year. To address potential antitrust concerns once the deal goes through, Intesa said it had signed on Monday a deal to sell 400-500 branches of the combined entity to BPER Banca...., Italy’s sixth-largest bank....UBI is Italy’s fifth-largest bank and the strongest among second-tier lenders.

[FT Lex comments QUOTE While part of Carlo Messina’s move to acquire local rival may look like sleight of hand, his cost cuts do not"]
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6 days ago by lafgrp
US: Americans have $21B in unused gift cards and store credits [18FEB20]
QUOTE the average adult has $167 in unused gift cards or credits, according to Bankrate....Thirty-six percent of respondents to Bankrate’s survey said they don’t plan to use all their gift cards or store credits.
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6 days ago by lafgrp
Australia: Visa reacts to central bank's warning on routing [17FEB20]
QUOTE “We do not recommend that the RBA mandate MCR [merchant choice routing].  Mandating routing would likely limit innovation and further inhibit consumer choice.  As a result, consumers and banks would not benefit from Visa’s innovations, including enhanced security, if transactions were routed on another platform,” Visa said. Visa claims that on dual network debit cards – those are the ones with both an eftpos bug and Visa and Mastercard bug – the possibility that merchants can control the routing “has the potential to undermine consumers’ confidence and trust that their chosen financial products and services will meet their expectations.” “For example, financial institutions are increasingly offering services to consumers that enable more robust security solutions, provide access to their financial data, create broader controls over their payment products and generate more consumer-friendly means of payment,” Visa said. “From early fraud detection and liability protections to setting limits on everyday spend, these services are not necessarily network agnostic and often depend on transactions being routed over a specific network.”
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6 days ago by lafgrp

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