Our main stories of this week includes …
Is it Fintech or Techfin (Part One)
In conversation with bankers and start-ups, it is clear that there is a differing view of the world. It is not as clear-cut as nimble innovator versus dinosaur incumbent, which is how many portray this chasm of difference of thinking, but there is a difference …
What is and what isn’t a ‘blockchain’?
There are a few friends in my network whose opinions I respect and Professor Michael Mainelli, Chairman of Z/Yen Group is one of those. He has kindly given me a really insightful paper into blockchain technologies and terminologies. For the uninitiated, it will enlighten and for …
So we had our annual update on all things EU yesterday from David Doyle, loyal friend of the Financial Services Club and our opening keynote in most years as we are all keen to know what the Eurocrats are thinking. In prepping for the meeting, …
Banking is going through a revolution
I often claim that we are going through a revolution in commerce and, every time we go through a revolution in commerce, we go through a revolution in finance. The first great revolution in commerce was the move 5,000 years ago from barter to money. …
Digital? Not when it’s Material!
I blogged a short while ago about Roboadvisors, and with the recent stock market meltdown due to China’s economy slowdown, it’s interesting to see today’s Financial Times talking about the impact on these fledgling firms. According to the FT, the emergent roboadvisor market that includes Personal …
The past week’s major news headlines include …
Lloyds Bank to cut 1,755 jobs and shut 26 branches - The Telegraph
The bank is half way through a bigger plan to close 200 branches and chop 9,000 jobs as it cuts costs and takes more of the business online
Universal Credit 'leaves people poorer' - BBC
The introduction of universal credit will leave working families worse off on average, the Institute for Fiscal Studies says.
VIDEO: Ask Andy: What are 'dark pools'? - BBC
Barclays Bank has been fined $70m by US regulators for its handling of so-called "dark pool" trading. Credit Suisse has also been fined $60m for its involvement. But what exactly are "dark pools"?
Nutmeg cuts fees amid arrival of cheaper 'roboadvisers' - The Telegraph
The online wealth management says the cut is worth £13,374 on a £100,000 portfolio over two decades of investing
MPs debate the FCA: Seven things you might have missed - The Telegraph
Watchdog escaped a vote of no confidence but it faced criticism for handling of interest rate swaps and banking culture
We need to talk about Metro Bank’s weird balance sheet - Financial Times
Metro Bank’s grand arrival onto the London Stock Exchange will be an unusual operation, with the bank raising money privately from existing backers instead of going out to persuade new investors for money.
Almost one million investors lose £5.3bn in massive China Ponzi scam - The Telegraph
Police make 21 arrests as they bust one of the biggest financial frauds in the country's history
Banks must seize 'once in a lifetime chance' to serve real economy - The Telegraph
Leading banking industry figures and regulators set out a plan to rebuild reputation of financial sector
HSBC to freeze salaries, hiring in 2016 in battle to cut costs: sources - Reuters
LONDON (Reuters) - Europe's largest lender, HSBC, is imposing a hiring and pay freeze across the bank globally in 2016, two sources familiar with the matter told Reuters.
JPMorgan launches blockchain trial project: FT - Reuters
(Reuters) - JPMorgan Chase is partnering with start-up Digital Asset Holdings to launch a trial project using blockchain technology that could reduce the cost and complexity of trading, the Financial Times reported on Sunday.
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Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...
