The headlines say it all: Deutsche Bank posts surprise profit. The bank made a profit of €278m on revenues of €7.49bn, beating a third-quarter loss last year of €6bn. CEO John Cryan said the results proved the strength of the operating business. "However, in the past several weeks, these positive developments were overshadowed by the attention around our negotiations concerning the Residential Mortgage Backed Securities matter in the United States," he said, according to CNBC. "This had an unsettling effect. The bank is working hard on achieving a resolution of this issue as soon as possible".
The denial and anger over Brexit seems to be moving to the acceptance stage, Bloomberg reports: "Passporting, which allows London-based lenders and insurance companies to sell their services anywhere in the single market, is unlikely to continue after the UK leaves the 28-nation bloc, [a British official] said in an interview. He added that an alternative system that's been floated, known as 'equivalence', was probably not going to be "good enough" for banks." Read the full piece here.
"Seriously, we don't need anything innovative, we just want transactions to be able to go from point A to point B in 2016." That's TechCrunch's reading of a quote from James Esposito, senior director of payment operations at Etsy, after the handmade goods website decided to add Adyen as a payment processor. The story comes in the wake of the outage earlier this year at payments processor Worldpay, which experienced a three-week long service disruption in July 2016, preventing many sellers from receiving payments and generating a lot of anger towards Etsy. Read the story on TechCrunch here.
Europe's PSD2 regulations have a lot of supporters, among them Token CEO Steve Kirsch. The firm produces software that enables banks to monetise their APIs. "This is the best thing to happen to banks since the internet," Kirsch told pymts.com. Banks must comply by the beginning of 2018, but they also have the ability to choose to make API access easy for third parties — or difficult. Kirsch said banks are taking PSD2 seriously: they are "starting their efforts now and planning to leverage open banking rather than just treat PSD2 as a 'compliance checkbox'." Read the story on pymnts.com.
Speaking of surprise profits, Elon Musk's Tesla posted a small profit this quarter, launching an online debate in the FT comments section. One commentator opined that Mr Musk's figures were far more entertaining that 'plain boring old GAAP' and that Tesla's results derived from 'EMAAP': "Elon Musk's Amazing Accounting Principles". Read more on the Tesla surprise here.
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