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Daily Briefing

Tuesday 20th November @ 9:53am

Most London-based banks decided long ago to switch locations ahead of Brexit developments, deeming waiting for political clarity an ask too far. Daniele Nouy, the chief supervisor for banks at the ECB told Bloomberg that 25 banks with their European headquarters in London headquarters are finishing or have finished their applications for EU subsidiaries. "The number rises to 37 when you include investment firms which are related to banks but don't fall under the ECB's...MORE

Monday 19th November @ 9:50am

The Global Legal Chronicle reports this morning that Tencent is investing a further $90 million in Brazilian fintech Nubank. "This brings the total amount of funding raised to $420 million over seven funding rounds since Nubank's launch in 2013. Tencent is one of the world's biggest companies by market capitalisation and operates digital services including mobile games...MORE

Friday 16th November @ 10:24am

The Irish stock market saw a 3.3 percent drop yesterday as the realisation finally struck in Ireland that a no-deal Brexit is now the most likely option following a slew of resignations from Theresa May's ministerial colleagues. The Irish government will now be preparing in earnest for a no-deal Brexit. The tone yesterday was set by the resignation of Dominic Raab, the UK's Brexit secretary, who quit within 24 hours of UK-EU agreement on a text to put forward to...MORE

Thursday 15th November @ 10:59am

The UK Brexit Secretary Dominic Raab has resigned this morning, the day after the UK and Europe agreed on a text for the Withdrawal Agreement. The Withdrawal Agreement specifies that the whole of the UK will remain inside a customs union until both sides can agree on a date that the UK will also withdraw from the customs union itself. The Democratic Unionist Party and the Scottish National Party will vote against the deal, as will the Labour party, who will join several...MORE

Wednesday 14th November @ 11:13am

It's the end of the beginning of the Brexit process today as UK prime minister Theresa May seeks to herd her unruly Conservative colleagues into the pen to approve the Withdrawal Agreement. The text has not been publicly released, but press reports suggest that it is a classic fudge, calling for an all-UK customs union with some special but not-really-special treatment for Northern Ireland. The DUP does not want special treatment for Northern Ireland, considering that a...MORE

Tuesday 13th November @ 9:16am

How many incidents make a trend? This week Lafferty News noted two insurance conglomerates piling in to bitcoin and blockchain businesses. While China has had its insurance woes, with the collapse of Anbang, Ping An is emerging as a giant fintech. Not unlike Alibaba, Ping An is invested in blockchain, AI and data science. "'Fintech is expensive to develop. Not all banks can afford to do it,'...MORE

Monday 12th November @ 9:54am

American Express will be the first international card scheme to gain a settlement and clearing licence in China. "The card scheme has formed a joint-venture with China's LianLian to build a network business that will enable charges on American Express branded cards to be cleared and settled domestically by the joint-venture," according to Finextra...MORE

Friday 9th November @ 9:38am

As it watches young upstarts such as N26 steal its customers and grab lots of publicity, Deutsche Bank looks to get back in the game this week as it launches a new digital banking and mobile wallet service called Yunar. According to Deutsche Bank, Yunar will be a standalone brand with its own infrastructure and staff. "The free app launched this week, initially focusing on making...MORE

Thursday 8th November @ 10:29am

History is not fixed: it is endlessly re-written. Soon, we'll be re-writing the widely accepted story that Australian banks tiptoed through the 2008 global crisis with nary a bother. The new memoir from former Australian premier Kevin Rudd reveals that an unnamed tier one Australian bank nearly went to the wall. In recent months the reputation of Australian banks has taken a battering but which one was the...MORE

Wednesday 7th November @ 9:27am

Is Michael Jordaan, former chief executive of FNB, trolling his competitors? This week, he tells MoneyWeb that his new bank will have zero fees and won't do any lending. "There is a massive amount of software that is available for free," Jordaan tells Moneyweb, explaining that his new venture Bank Zero — which he co-founded with former FNB Head of Retail Yatin Narsai — won't even have a website, just an app...MORE

Tuesday 6th November @ 12:48pm

Barclays fared worst of the 48 European banks tested in the ECB's latest stress tests. The results of the test, according to Bloomberg, underscored the vulnerability of UK lenders to "weak growth, credit losses and Brexit", and won't help Jes Staley and his plans to boost returns to shareholders. "Staley has previously said he's wary of the risks...MORE

Monday 5th November @ 9:12am

8" draggable="false"/>Steve Eisman, best known to ordinary people as the character of Mark Baum (played by Steve Carrell) in The Big Short, told an audience in Dubai yesterday that "he knows his Trotskyists", and that thinking is informing his decision to short two UK banks ahead of an expected no-deal Brexit. "I'm shorting two stocks in the UK, but I've got a screen of about 50, and

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