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Home » Daily Briefing » Morning Briefing 13 July 2016

Morning Briefing 13 July 2016

Morning Briefing

Blythe Masters has stood down as chairman of Santander Consumer USA after only a year in the role to take on the newly created role of group senior advisor on technology and the blockchain for Santander. Bill Rainer, a non-executive director at Santander Consumer USA who chairs its audit and regulatory and compliance committees replaces her. Last month, the US unit failed Federal Reserve stress tests for the third year in a row, becoming the first bank to do so.

In Kenya, Safaricom is reportedly being sued by a customer seeking clarification on the security and privacy of deposits in M-PESA accounts.

Joseph Gitonga Kihanya is looking to establish whether the PIN of M-PESA accounts can be accessed by Safaricom staff, according to Mobile Money Africa. Mr Kihanya maintains that Safaricom customers are exposed to risks because of information leaked by staff.

Meanwhile, Safaricom announced on Monday that it is piloting a payment card that links to M-PESA accounts among its staff ahead of its launch later this year.

Chief executives of big banks received a 7.6 percent pay hike in 2015 to an average of $13.1 million, according to the Financial Times. The packages of the heads of the top six banks in the US rose by just over ten percent on average and are almost twice the size of those offered to their European counterparts.

Italy's UniCredit is selling stakes in two European banks to raise more than €1 billion. The sale of a ten percent stake in Poland's Bank Pekao could yield more than €700 million, and it comes a day after UniCredit announced the sale of a ten percent stake in Italy's Finecobank, raising €328m.

Meanwhile, German chancellor Angela Merkel played down concerns over a crisis in the Italian banking sector. "Overall, I see no crisis-like developments," Ms Merkel said.

Eight banks in Taiwan have suspended cash withdrawals from their Wincor Nixdorf ATMs after First Bank revealed that more than $2 million had been stolen from its machines by criminals, probably using malware to dispense cash automatically. A total of 900 ATMs have been suspended while investigations continue.

Absa becomes first African member of R3
Wells Fargo retail head to retire
Lending Club's skyrocketing charge-offs
Banks are lending more as economic uncertainties prevail in SA
Google doomsday for payday lenders
Ex-CEO of BSI Bank in Singapore sues firm over bonus amid IMDB probe
JPMorgan to raise minimum wage for 18,000 U.S. workers

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