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Daily Briefing

Monday 17th September @ 11:22am

We're looking forward to meeting our customers, clients and guests this week at the Retail Banking-Fintech Forum in London, starting on Wednesday. For coverage of the event, please make sure to follow @laffertynews on Twitter — we'll be delivering updates from the event this week in place of the daily news briefing. Former NAB investment banker Mike Baird, who took a diversion into politics as premier of New South Wales, continues his ascent towards the top position at the...MORE

Friday 14th September @ 9:47am

Jamie Dimon's level of self-confidence is such that he can pick the tenth anniversary of the northern financial crisis to suggest that (a) he will in fact run for US president in 2020 and (b) he is smarter that Donald Trump. As Dealbreaker notes with relish, Jamie's year-long trolling of Donald Trump paid off yesterday when the US president took to Twitter to suggest that '[The] problem with banker Jamie Dimon running for President is that he doesn't have the aptitude or...MORE

Thursday 13th September @ 11:00am

Resonances between the US and UK come to the fore again as UK peer-to-peer lender Lending Circle becomes the first of its breed to issue an IPO. "The company, which is only eight years old, is looking to attract a value of £1.7bn and raise £300m in the process," writes the Motley Fool. "Since its founding, Funding Circle has transformed the market for business financing, matching everyday investors who have money to spare with businesses looking for funding to...MORE

Wednesday 12th September @ 10:11am

How to avoid a repeat of the financial crisis, part one. We wrote recently about former regulators — Alan Greenspan in particular — cheerfully admitting they had no idea what was going on prior to what's now fashionably called the northern financial crisis. Well, journalistic mea culpas are also flowing thick and fast as the anniversary approaches of 15 September 2008, and the collapse of Lehman Brothers. This...MORE

Tuesday 11th September @ 10:23am

Yesterday we noted the innovations at the India Post Payments Bank with its offering of a postman bearing a QR code reader, and possibly cash. It has caused us to reflect on news from another Postbank: the German retail banking operation owned by Deutsche Bank. With Deutsche Bank gradually losing access to cheap funding as the German state tries to put some distance between itself and the bank, the ECB decided earlier this year to allow Deutsche Bank to https://www.ft.com/c...MORE

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Monday 10th September @ 11:23am

When the consummate insider and former World Bank chief economist, Harvard President and Obama-era Treasury official Larry Summers starts publicly mocking Fed reports on bank stress tests, there's got to be a problem. During the summer, the Federal Reserve gamed a scenario of 10 percent US unemployment, falling house prices, and a 65 percent drop in stock prices, and declared: "The nation's largest bank holding companies are strongly capitalized and would be able to lend to...MORE

Friday 7th September @ 9:45am

The UK's fintech industry is firing on all cylinders. KPMG's fintech co-leader Anton Ruddenklau told the FT that early adoption by the UK regulators of the EU's Open Banking regime was helping the fintech industry greatly. That, and the closing of the Vantiv takeover of Worldpay, helped the UK to outrank the US and China in fintech investment in the first half of 2018. A further boost is expected with the assignment of £775 million to small business by RBS, under orders by...MORE

Thursday 6th September @ 10:48am

Varo Money looks set to become the first all-mobile digital bank in the US after receiving preliminary approval from banking regulators. It will be run by Colin Walsh, "[an] industry veteran who previously worked at Wells Fargo, American Express and on the board of Visa Europe." Varo will work with Bancorp Bank to provide current accounts and will dispense with cheques, which are...MORE

Wednesday 5th September @ 9:03am

Three bank chief executives whose banks have committed grave mistakes are taking different routes out of their respective disasters in recent days. Paul Pester is to resign as chief executive of TSB after the rushed legacy system switchover left thousands of customers without access to their accounts in June. A second outage earlier this month was the final straw. MP Nicky Morgan, chair of the...MORE

Tuesday 4th September @ 9:36am

Bank consolidation is on the cards in Europe, with even Angela Merkel apparently warming to the idea of a merger between German megabanks Commerzbank and Deutsche. It's also on the cards in the Middle East. Lafferty News noticed this weekend that the price of a tank of fuel topped 60 euros, higher than it's been in three years, and that's good news for oil-producing countries. But for places such as Abu Dhabi, there's simply no going back to an oil-dominated economy. Instead...MORE

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Monday 3rd September @ 9:52am

Tracking development in Japan's mobile and e-commerce space, Lafferty News notes that Japanese telecoms businesses have been quietly acquiring digital asset infrastructures such as cryptocurrency exchanges. This may be a world currently defined by stickers and tokens, but that doesn't mean it's not serious. Japanese e-commerce business Rakuten is buying cryptocurrency exchange Everybody's Bitcoin in order to stay on trend with developments in online payments...MORE

Friday 31st August @ 10:05am

"Wonga no longa?" read a memorable UK tabloid headline a few years back, but this time it's for real. Once a sponsor of Newcastle United, payday lender Wonga has collapsed into administration following a rise in historical compensation claims. The company has been in hot water before. "In 2014, the firm introduced a new management team and wrote off https://news.sky.com/story/payday-lender-wonga-collapses-into-administration-amid-deluge-of-customer-compen...MORE

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