Eight years on from the financial crisis that shook the world where do we find ourselves? At serious risk of experiencing another one due to ongoing misconduct within the financial sector, according to Mark Carney, governor of the Bank of England and chair of the Financial Stability Board (FSB).
"The incidence of financial sector misconduct has risen to a level that has the potential to create systemic risks by undermining trust in both financial institutions and markets," Mr Carney has written in an open letter to the G20, which will meet in China this weekend.
The FSB, Mr Carney said, is engaging in a "major work programme" of reform to address misconduct in banking and will release a report and recommendations in the first half of 2017, according to a report by the Independent in the UK.
And the issue of misconduct in financial services, as serious as it is, is not just one for the traditional banking sector to address. The $65.9 billion P2P market in China is "basically a scam" according to Guo Guangchang, chairman of Fosun Group, China's largest privately owned conglomerate.
As this morning's Financial Times reports, Mr Guo joins the presidents of Ping An Insurance and Ant Financial Services in taking issue with the behaviour of many firms in the country's P2P market, which has experienced a wave of scandals in the past year.
Senior executives at Deutsche Bank and Commerzbank discussed a possible merger between the two heavyweights in August but parked the idea to focus on their restructuring plans, according to a Reuters report. "There was a round of talks in late August in which (Deutsche Bank Chief Executive) John Cryan and (Chief Financial Officer) Marcus Schenck were present," a source told Reuters.
Yesterday, Mr Cryan called for cross-border bank mergers in Europe to address "scattered regionalism" among banks. "We need more mergers, at a national level, but even also across national borders," he said
In Nigeria, the central bank has reinstated the nine banks it suspended from operating in the foreign exchange market for allegedly failing to remit approximately $2.3 billion from the Nigerian National Petroleum Corporation to the government's Treasury Single Account as they are required to do. The banks were reinstated after they presented satisfactory repayment plans to the central bank.
Visa eyes new link in blockchain payments
CMA refers Diebold/Wincor merger for in-depth investigation
Swift presses banks on security as more hacks surface
Hong Kong regulator SFC slaps HK$4m fine on BNP Paribas for overcharging 2,300 clients
Danish payments processor Nets Holding plans IPO
Australia: American Express 'astroturfing' the credit card surcharge debate
DBS names ex-Stanchart banker Shee Tse Koon group head of strategy and planning
Subscribe to the Lafferty Daily BriefingSIGN UP
© 1981-2018 Lafferty Group
Toll-free: +44(0) 800 772 3849
T: +44 (0) 203 633 1630
1-6 Yarmouth Place