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jerryking : banking   63

The Rise and Fall of Black Wall Street
AUG 31, 2016 | The Atlantic | ALEXIA FERNÁNDEZ CAMPBELL.

Richmond was once the epicenter of black finance. What happened there explains the decline of black-owned banks across the country.

On April, 3rd, 1968, Martin Luther King Jr. gave his famous “I’ve Been to the Mountaintop” speech in Memphis. In it, he urged African Americans to put their money in black-owned banks. It wasn’t his most famous line, but the message was clear: “We’ve got to strengthen black institutions. I call upon you to take your money out of the banks downtown and deposit your money in the Tri-State Bank. We want a ‘bank-in’ movement in Memphis … We begin the process of building a greater economic base.”

The next day, King was assassinated, and his hope of harnessing black wealth remains unfulfilled. Before integration, African Americans in cities like Richmond, Chicago, and Atlanta relied on black community banks, which were largely responsible for providing loans and boosting black businesses, churches, and neighborhoods. After desegregation, black wealth started to hemorrhage from these communities: White-owned banks were forced to open their doors to African Americans and the money that once flowed into black banks and back out to black communities ended up on Wall Street and other banks farther away.
MLK  African-Americans  banks  banking  community_banks  institutions  history  Richmond  desegregation  integration  black-owned  self-sufficiency  self-reliance  institution-building  generational_wealth  economic_clout  capital_formation  epicenters  1968 
september 2016 by jerryking
Legendary Canadian banker Cedric Ritchie went from teller to CEO - The Globe and Mail
JENNIFER LEWINGTON
Special to The Globe and Mail
Published Friday, Apr. 08, 2016

With only a high school education, but an eye for detail, an unflagging work ethic and people skills, Cedric Ritchie rose rapidly from branch teller to the most senior jobs in a 50-year career at the Bank of Nova Scotia, expanding its domestic and global footprint.
....From his appointment as president and CEO in 1972 (one of the youngest at age 45) to his retirement as chairman in 1995, Mr. Ritchie oversaw Scotiabank’s expansion into more than 40 countries, especially the Caribbean, Latin America and Asia, growing to 33,000 employees.
Bay_Street  CEOs  obituaries  ScotiaBank  movingonup  banking  people_skills  detail_oriented  work_ethic 
may 2016 by jerryking
Zen and the art of banking - Western Alumni
 Alumni Gazette  Winter 2016
Zen and the art of banking

by David Scott
alumni  Ivey  banking  financial_services  motorcycles  CEOs 
february 2016 by jerryking
Grouplend brings peer to peer lending to Canada - The Globe and Mail
TIM KILADZE
Grouplend brings peer to peer lending to Canada
SUBSCRIBERS ONLY
The Globe and Mail
Published Thursday, Jan. 29 2015
Tim_Kiladze  lending  peer-to-peer  P2P  banks  banking  financial_services 
january 2015 by jerryking
Banking Start-Ups Adopt New Tools for Lending
JAN. 18, 2015 | - NYTimes.com | By STEVE LOHR.

When bankers of the future decide whether to make a loan, they may look to see if potential customers use only capital letters when filling out forms, or at the amount of time they spend online reading terms and conditions — and not so much at credit history.

These signals about behavior — picked up by sophisticated software that can scan thousands of pieces of data about online and offline lives — are the focus of a handful of start-ups that are creating new models of lending....Earnest uses the new tools to make personal loans. Affirm, another start-up, offers alternatives to credit cards for online purchases. And another, ZestFinance, has focused on the relative niche market of payday loans.
Steve_Lohr  tools  banking  banks  massive_data_sets  start_ups  data_scientists  Earnest  Affirm  ZestFinance  Max_Levchin  consumer_finance  credit_scoring  fin-tech  financial_services  consumer_behavior  signals 
january 2015 by jerryking
Mobile’s Rise Poses a Riddle for Banks - WSJ
By DANIEL HUANG
Updated Dec. 18, 2014

for bigger and more-complex transactions, which often require fees, Ms. Bueno prefers to visit a bank teller in person. That means her digital devotion to the bank doesn’t actually generate much revenue, a puzzle firms across the industry still are trying to solve.

VOTE

Do You Use Your Mobile Phone for Banking?
This year, for the first time, U.S. customers interacted with their banks more through mobile devices than any other means, according to a new study by consultancy Bain & Co. Mobile interactions are now 35% of the total, more than any other type, including traditional online channels, automated-teller machines and branch visits, the report showed.
millennials  banking  banks  mobile_applications  financial_services 
december 2014 by jerryking
The Data Companies Wish They Had About Customers - WSJ
March 23, 2014 | WSJ | by Max Taves.

We asked companies what data they wish they had—and how they would use it. Here's what they said....
(A) Dining----Graze.com has a huge appetite for data. Every hour, the mail-order snack business digests 15,000 user ratings about its foods, which it uses to better understand what its customers like or dislike and to predict what else they might like to try...more data could help him understand customers' tastes even better. Among the information he wants most is data about customers' dietary habits, such as what they buy at grocery stores, as well as better information about what they look at on Graze's own site. And because the dietary needs of children change rapidly, he'd like to know if his customers have children and, if so, their ages.
(B) Energy-----Energy consumption is among its customers' main concerns, says CEO William Lynch. For instance, the company offers a product giving homeowners the real-time ability to see things like how many kilowatts it takes to heat the hot tub in Jan. Because of privacy concerns, Savant doesn't collect homeowners' energy data. But if the company knew more about customers' energy use, it could help create customized plans to conserve energy. "We could make recommendations on how to set up your thermostat to save a lot of money,
(C) Banking-----the Bank of the West would like "predictive life-event data" about its customers—like graduation, vacation or retirement plans—to create products more relevant to their financial needs...At this point, collecting that breadth of data is a logistical and regulatory challenge, requiring very different sources both inside and outside the bank.
(D) Appliances-----Whirlpool Corp.has a vast reach in American households—but wants to know more about its customers and how they actually use its products. Real-time use data could not only help shape the future designs of Whirlpool products, but also help the company predict when they're likely to fail.
(E) Healthcare----Explorys creates software for health-care companies to store, access and make sense of their data. It holds a huge trove of clinical, financial and operational information—but would like access to data about patients at home, such as their current blood-sugar and oxygen levels, weight, heart rates and respiratory health. Having access to that information could help providers predict things like hospitalizations, missed appointments and readmissions and proactively reach out to patients,
(F) Healthcare----By analyzing patient data, Carolinas HealthCare System of Charlotte, N.C., can predict readmission rates with 80% accuracy,
(G) Law----law firms that specialize in defense work are typically reactive, however some are working towards becoming more proactive, coveting an ability to predict lawsuits—and prevent them.How? By analyzing reams of contracts and looking for common traits and language that often lead to problems.
(H) Defense---BAE Systems PLC invests heavily in protecting itself from cyberattacks. But it says better data from its suppliers could help improve its defenses...if its suppliers get cyberattacked, its own h/w and s/w could be compromised. But "those suppliers are smaller businesses with lesser investments in their security," ...A lack of trust among suppliers, even those that aren't direct competitors, means only a small percentage of them disclose the data showing the cyberattacks on their systems. Sharing that data, he says, would strengthen the security of every product BAE makes. [BAE is expressing recognition of its vulnerability to network risk].
data  data_driven  massive_data_sets  Graze  banking  cyber_security  BAE  law_firms  Whirlpool  genomics  social_data  appliances  sense-making  predictive_analytics  dark_data  insights  customer_insights  real-time  design  failure  cyberattacks  hiring-a-product-to-do-a-specific-job  network_risk  shifting_tastes  self-protection  distrust  supply_chains 
november 2014 by jerryking
What TD Bank’s Ed Clark learned on the job - The Globe and Mail
Sep. 19 2014 | G&M | LEAH EICHLER.

1. Listen.

2. Learn on the job.

3. Hire people smarter than you.

4. People and culture are everything.

5. Give employees opportunities to stretch themselves.
TD_Bank  banking  banks  CEOs  leaders  lessons_learned  listening  hiring  organizational_culture  Leah_Eichler  Ed_Clark  smart_people 
september 2014 by jerryking
Can’t Get a Bank Loan? The Alternatives Are Expanding - NYTimes.com
By AMY CORTESE MARCH 5, 2014

Alternative lending has filled a gap left by risk-averse banks: big banks approved less than a fifth of all requests for small-business loans they received in January, while small banks approved about half of such requests, according to a survey by Biz2Credit, an online platform that matches businesses and lenders. And that does not reflect the businesses that are too discouraged to apply. By embracing technology to make small-business lending more efficient and profitable, the alternative lenders have opened opportunities for businesses....The first wave of tech-based alternative lenders — companies like OnDeck and Kabbage, which opened in 2007 and 2011 — used innovative software and data metrics, including social media interactions and Yelp reviews, to assess the health of a business. OnDeck alone has underwritten more than $900 million in loans. And Kabbage, which targets online merchants, lent $200 million in 2013.
small_business  Freshbooks  alternative_lenders  midprime  Kabbage  Dealstruck  banks  banking  innovation  start_ups  fin-tech 
march 2014 by jerryking
Minorities possible unfairly disqualified from opening bank accounts | mathbabe
August 7, 2013 Cathy O'Neil,

New York State attorney general Eric T. Schneiderman’s investigation into possibly unfair practices by big banks using opaque and sometimes erroneous databases to disqualify people from opening accounts.

Not much hard information is given in the article but we know that negative reports stemming from the databases have effectively banished more than a million lower-income Americans from the financial system, and we know that the number of “underbanked” people in this country has grown by 10% since 2009. Underbanked people are people who are shut out of the normal banking system and have to rely on the underbelly system including check cashing stores and payday lenders....The second, more interesting point – at least to me – is this. We care about and defend ourselves from our constitutional rights being taken away but we have much less energy to defend ourselves against good things not happening to us.

In other words, it’s not written into the constitution that we all deserve a good checking account, nor a good college education, nor good terms on a mortgage, and so on. Even so, in a large society such as ours, such things are basic ingredients for a comfortable existence. Yet these services are rare if not nonexistent for a huge and swelling part of our society, resulting in a degradation of opportunity for the poor.

The overall effect is heinous, and at some point does seem to rise to the level of a constitutional right to opportunity, but I’m no lawyer.

In other words, instead of only worrying about the truly bad things that might happen to our vulnerable citizens, I personally spend just as much time worrying about the good things that might not happen to our vulnerable citizens, because from my perspective lots of good things not happening add up to bad things happening: they all narrow future options.
visible_minorities  discrimination  data  data_scientists  banks  banking  unbanked  equality  equality_of_opportunity  financial_system  constitutional_rights  payday_lenders  Cathy_O’Neil  optionality  opportunity_gaps  low-income 
december 2013 by jerryking
From Google Wallet to bitcoin, banks’ grip on savers is loosening - The Globe and Mail
CARL MORTISHED
From Google Wallet to bitcoin, banks’ grip on savers is loosening Add to ...
Subscribers Only

If HSBC is contemplating becoming less local in its U.K. home market, it may be because their “local” knowledge tells them that in parts of Africa, ordinary people are doing cashless payment transactions by cellphone without the need of complex apps, not to mention debit cards or cheques....The real risk for the banks, however, is disintermediation, where the social media and Internet platforms simply channel moneydata from customers to retailers or from lenders to borrowers without bank intervention. Crowd funding and peer-to-peer lending platforms are still in their infancy, but that is probably because they lack the connection to the vast pot of money that would be available from a Google-bank or Face-bank.

Finally, there is the money issue, made relevant by the bizarre phenomenon of bitcoin, the ultimate disintermediation tool. If the unit of value as well as the medium of exchange moved out of the world of banking and into the ether, the transition to a debanked world would be complete.

LONDON — The Globe and Mail

Published Thursday, Dec. 12 2013
banks  banking  Google  Facebook  P2P  peer-to-peer  HSBC  disintermediation  bitcoin  regulation  mobile_payments 
december 2013 by jerryking
Paul Desmarais: The patient empire builder
Oct. 09 2013 | The Globe and Mail | by SOPHIE COUSINEAU AND JACQUELINE NELSON.
obituaries  moguls  Canadian  Quebec  insurance  banking  Paul_Desmarais  Sophie_Cousineau 
november 2013 by jerryking
Google Ventures Leads $17 Million Round in On Deck Capital
May 1, 2013 - Arik Hesseldahl - News - AllThingsD - Arik Hesseldahl - News - AllThingsD
massive_data_sets  banking 
may 2013 by jerryking
Finance: MEMO
Nov 21st 2012 | | The Economist from The World In 2013 print edition
funnies  banking  memoranda  integrity 
january 2013 by jerryking
Don't Just Do Something! - WSJ.com
January 25, 2008

Markets are a discovery process, with firms and investors learning as they try new ideas and react to changed conditions. What markets need is a stable regulatory environment, in which every dip in the market doesn't produce a new set of rules.
banking  banks  business_models  David_Wessel  discoveries  letters_to_the_editor  rules_of_the_game  markets  market_corrections  regulations 
june 2012 by jerryking
Consumer banking: Counter revolution
May 19th 2012 | | The Economist | Anonymous

the growth of internet usage on smartphones, the rise of “big data” computer processing and the increasing willingness of customers to do complicated things online. These developments have long promised to transform the way banks do business and organise themselves....If this was just a more convenient way of paying, the banks would probably shrug. But it also promises to overturn your existing financial relationships. Instead of reaching for the first card that happens to be in your wallet to pay for a $2 cup of coffee (and risk being charged a $35 penalty by your bank for exceeding your overdraft limit), your phone will choose the best method of payment.
banking  disruption  massive_data_sets  Google  judgment  Paypal  Square  smartphones  data_mining  immigrants  migrants  remittances  mobile_phones 
may 2012 by jerryking
Which TD branches open Sunday » Banks in Canada
Over 300 TD Canada Trust branches across Canada will be open from Noon to 4pm. 7 Day banking
TD_Bank  Junior_Achievement  banking 
march 2012 by jerryking
TD Taps Canada's Mosaic for Growth
28 February 2006 | The Globe and Mail | Sinclair Stewart
TD_Bank  ethnic_communities  immigrants  banking  banks 
march 2012 by jerryking
Making Shareholders Liable for Big Banks - Economic View - NYTimes.com
By TYLER COWEN
Published: February 11, 2012
....There is a better alternative: expanding the liability for major financial institutions. If a shareholder invests a dollar in a big bank, why not make that shareholder liable for the first $1.50 — or more — of losses as insolvency approaches? In essence, we would be making the shareholders liable for the costs that bank failures impose on society, and making the banks sort out the right mixes of activities and risks. Eugene N. White, an economics professor at Rutgers University, supported a related proposal in a recent paper, “Rethinking the Regulation of Banking: Choices or Incentives?”

This proposal would shrink the financial sector, while avoiding excess regulatory micromanagement of bank activities. But it could still be combined with other regulations, like limits on leverage, if deemed appropriate or necessary.

Unlike the “big is bad” view, this proposal would penalize failing banks rather than safe, successful ones that happen to be large. That’s also more in accord with the American ethos of winning at business. ....
Expanded liability for bank shareholders might satisfy the Occupy Wall Street movement, and could be sold as a market-oriented, not regulatory solution; it’s probably what markets would insist upon if there were no central bank and no F.D.I.C. As recently as the 1980s, the partnership structure, another alternative to limited liability, was common among investment banks — and that hardly seemed a crippling drawback at the time.

We need to resist vengeful or “feel good” options for financial reform and embrace those that will really work.
banking  regulations  risk-management  Tyler_Cowen  too_big_to_fail  Occupy_Wall_Street  insolvency 
february 2012 by jerryking
Innovation and Knowledge Flows in the Financial Services and ICT Sectors of the Toronto Region
November 2011 |Ontario Ministry of Research and Innovation, the Toronto Region Research Alliance, and the City of Toronto| A report prepared by David A. Wolfe, Charles H. Davis, Nicola Hepburn, Nicholas Mills & Gale Moore
financial_services  innovation  Toronto  Ontario  banks  mapping  geography  banking  software  location_based_services 
november 2011 by jerryking
Nick Clegg to accuse banks of racism | Business | The Guardian
Patrick Wintour, political editor
The Guardian, Thursday 24 November 2011
racism  United_Kingdom  banking  Nick_Clegg 
november 2011 by jerryking
Review: Medici Money by Tim Parks | Books
28 May 2005 | The Guardian | Edmund Fawcett who reviews Medici Money by Tim Parks

Medici Money: Banking, Metaphysics and Art in Fifteenth-Century Florenceby Tim Parks
Medici  history  book_reviews  Renaissance  banking  patronage  art  art_finance 
november 2011 by jerryking
Mike Mayo's Exile on Wall Street
NOVEMBER 5, 2011 | WSJ |By MIKE MAYO.
Why Wall Street Can't Handle the Truth
Longtime bank analyst Mike Mayo tells the inside story of why it's so hard to yell 'sell' in a crowded room—and lays out how Wall Street needs to change to avoid the next financial collapse.
investment_banking  Wall_Street  banking  excerpts  investment_banking_research  investment_research 
november 2011 by jerryking
China's fevered bank IPOs could be making investors delirious - ProQuest
Grimmer, Tom. The Globe and Mail [Toronto, Ont] 29 June 2005: .10.
China  banking  IPOs 
november 2011 by jerryking
The phone that works like a bank - The Globe and Mail
PREET BANERJEE | Columnist profile | E-mail
Globe and Mail Update
Published Tuesday, Sep. 27, 2011 10:26AM EDT
Last updated Wednesday, Sep. 28, 2011
mobile_applications  smartphones  mobile_phones  banking 
september 2011 by jerryking
First nations new focus for Canada’s banks
Jun. 15, 2011 The Globe and Mail GRANT ROBERTSON. Ottawa’s
plan to pay out billions of dollars in land claim settlements to first
nations bands over the next several years, along with changes to the
mortgage market on some reserves, is opening up a lucrative and growing
business for the country’s banking sector. The Canada First Nation Joint
Action Plan, announced last week in Ottawa, extended the government’s
plan to settle outstanding land claims, paying out roughly $1-billion a
year to bands that are owed money. The reserves that are in line to
receive those payouts must line up a bank to manage that injection of
funds. This has spawned a burgeoning niche in Canadian banking, as
financial institutions compete for the right to manage that money
through their wealth management and trust divisions. Bank of Montreal,
Royal Bank of Canada, Toronto-Dominion Bank and Peace Hills Trust are
among the financial institutions now focusing on aboriginal banking as a
fast-emerging market.
banking  land_claim_settlements  BMO  RBC  action_plans  TD_Bank  financial_institutions  money_management  wealth_management  aboriginals  Altruvest 
june 2011 by jerryking
Do Believe the Hype - NYTimes.com
Nov. 2, 2010 |NYT| Tom FRIEDMAN..."the single most important
trend in the world today: globalization — the distn of cheap tools of
comm. & innovation that are wiring together the world’s citizens,
govts., biz, terrorists — is going to a whole new level."....EKO India
Fin Services' founders, Abhishek & Abhinav Sinha , began with an
insight — that low-wage migrant workers flocking to Delhi from poorer
states like Bihar had no place to put their savings & no secure way
to remit $ home to their families. India has relatively few bank
branches for a country its size, so many migrants stuff $ in their
mattresses or send $ home through traditional “hawala,” or hand-to-hand
networks...The brothers' idea: In every neighborhood there’s a
mom-and-pop kiosk selling drinks, cigs, candy & groceries. Why not
turn each one into a virtual bank? They created a s/ware prgrm allowing
a migrant in Delhi using his cellphone, & proof of identity, to
open a bank acct. registered on his cellphone txt system.
India  entrepreneurship  start_ups  Tom_Friedman  banking  mobile_phones  low-wage  globalization  flat_world  insights  text_messages  urbanization  remittances  microfinance  fin-tech  underserved  unbanked  kiosks  neighbourhoods  internal_migration  mom-and-pop  the_single_most_important 
november 2010 by jerryking
Innovator: Building a Better Bank -
July 8, 2010,| BusinessWeek | By Ira Boudway. Fed up with
poor service at traditional banks, Josh Reich is building BankSimple—an
alternative with "the agility and mindset of a tech company"
innovation  banking  banks  smartphones  trustworthiness  start_ups  BankSimple  financial_services 
september 2010 by jerryking
Twitter engineer, former API lead Alex Payne departs to co-found BankSimple | VentureBeat
May 17, 2010 | Kim-Mai Cutler. Launching BankSimple, a "social
bank", because millions of people need a better bank. It’s a different
sort of problem than Twitter, and it’s going to be a very different sort
of company. But I feel ready to take on the challenge that BankSimple
presents.”
start_ups  twitter  banks  banking  BankSimple 
may 2010 by jerryking
Good Value
Saturday 8 August 2009 | The Guardian | by Giles Foden who reviews book by Stephen Green.
book_reviews  banking  Northwood  HSBC 
april 2010 by jerryking
Upstarts Target U.K. Banking Ranks - WSJ.com
FEBRUARY 22, 2010 | Wall Street Journal | by PAUL SONNE And SARA SCHAEFER MUñOZ
United_Kingdom  banking  upstarts  Tesco  Virgin 
february 2010 by jerryking
The Unwisdom of Crowds
12/22/2008 | The Weekly Standard Vol. 014, Issue 14 | by
Christopher Caldwell. Financial panics still require what Walter
Bagehot prescribed--that practical men violate their own principles.
Common sense is often not much use in a financial panic. This was the
great discovery of Walter Bagehot, the prolific 19th-century essayist
and journalist, who was editor of the Economist from 1860 to 1877. (His
name rhymes with gadget.) in the so-called Anglo-Saxon world, Bagehot's
book still provides the bedrock of policy thinking during financial
emergencies, including our present one.
financial_history  panics  crisis  economics  economy  financial_journalism  politicaleconomy  Walter_Bagehot  banking  capitalism  finance  banks  bailouts  prolificacy 
october 2009 by jerryking
A chance for bankers to refocus their talents
April 6 2009 19:52 | Financial Times | Gillian Tett.

if finance no longer keeps monopolising the brightest and best workers, some of that talent could be diverted into other, more productive, arenas - for the good of the economy.

Some of those financiers now being "demobbed" - or sacked - have strong science or engineering backgrounds, and are sitting on spare capital. In an ideal world, they would be perfect candidates to support manufacturing, information technology or other high-tech start-ups of the kind that Europe in particular so desperately needs.

America, for its part, is also short of engineers. The Society of Manufacturing Engineers, for example, calculates that while the country needs 100,000 engineering graduates a year, it is only producing some 70,000. The SME itself points out in a new advertising campaign aimed at students: "Engineers create real wealth by solving problems rather than creating 'paper' wealth by playing with the markets."

The public sector in both America and Europe could also benefit from an influx of highly skilled, financially astute managers. Expanding the talent base of the regulators, in particular, would seem one obvious place to start. The non-profit and educational sectors also need more smart, highly skilled workers, particularly (but not exclusively) in places such as the UK.
layoffs  Second_Acts  Gillian_Tett  transferable_skills  the_best_and_brightest  financial_services  engineering  talent  entrepreneur  war_for_talent  finance  manufacturers  banking  redeployments 
april 2009 by jerryking
Nouriel Roubini Says Nationalizing the Banks Is the Market-Friendly Solution - WSJ.com
FEBRUARY 21, 2009 | Wall Street Journal | Interview of Nouriel
Roubini by TUNKU VARADARAJAN. Roubini believes that "The problem is that
in the bubble years, everyone becomes a cheerleader, including the
media. This is when journalists should be asking tough questions...
there was a failure there. More financial and business journalists, in
the good years, should have asked, 'Wait a moment, if this man, or this
firm, is making a 100% return a year, how do they do it? Is it because
they're smarter than everybody else . . . or because they're taking so
much risk they'll be bankrupt two years down the line?' In the bubble
years, no one asked the hard questions. A good journalist has to be one
who, in good times, challenges the conventional wisdom. If you don't do
that, you fail in one of your duties."
===============================================
a healthy dose of reality and skepticism is always a good idea.
economics  crisis  ECONOMY  finance  skepticism  nourielroubini  banking  recessions  bailouts  journalists  journalism  nationalizations  hard_questions  financial_journalism  5_W’s  questions 
february 2009 by jerryking

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