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Morning Briefing

Morning Briefing

Barclays is understood to be close to naming Jes Staley, a former head of investment banking at JPMorgan, as its new chief executive. Mr Staley was with JPMorgan for 34 years before leaving to work for a hedge fund.

It is believed that Mr Staley's appointment could be confirmed within two weeks if it receives approval from the Prudential Regulation Authority (PRA). The American would take the place of Antony Jenkins, who was sacked by the bank in July. Mr Jenkins had previously worked in the bank's retail operations and oversaw a scaling back of Barclays' arm during his tenure — the move to replace him with an investment banker could signal a significant change in strategy for the bank.

Meanwhile, the PRA is expected to flesh out its proposals for how ring-fenced retail banking units will operate on Thursday against a backdrop of consistent lobbying by many major banks against plans to separate retail banking from other banking operations.

According to the Financial Times, the PRA is expected to say the ring-fenced entities will not be prevented from paying dividends to their parent companies if their capital levels satisfy regulatory requirements.

The People's Bank of China is expanding its easing programme to boost bank lending and taking on more risk for itself in the process.

In its latest easing move, it is to allow more commercial lenders to use loans as collateral to borrow cheap funds from the PBOC. It is intended that banks will then use that money to steer loans to parts of the economy deemed crucial for growth.

The Hong Kong Monetary Authority (HKMA) has ordered banks to conduct a thorough review of the security of their credit cards after tests showed that some smartphone apps using NFC technology could extract the private information of cardholders.

The tests, conducted by reporters, found that 'Banking Card Reader' and 'Cardtest', could retrieve the credit card number, expiry date and some transaction details in a matter of seconds when placed near a contactless credit card, according to Apple Daily.

The framework for the planned national retail payments system (NRPS) in the Philippines could be ready within a month, with the intention of rolling out the system next year, according to a BancNet official. The country hopes to have an integrated cashless network up and running within three to five years.

Citibank has joined other lenders in the UAE in saying that it rejects more loan applications since the country's credit bureau came online last year. While acknowledging that it was too early to quantify the increase, Citi said the introduction of consumer credit data had led to a more cautious approach to lending.

In Nigeria, the central bank has banned banks from converting funds in dormant and inactive accounts into income and said that banks must get in contact with the next of kin of such account holders. In guidelines on the management of inactive and dormant accounts, the central bank said, "interest-bearing accounts shall retain their interest earning status during the period of dormancy".

Also in Nigeria, GTBank has joined forces with French development agency AFD to create a three billion naira ($15 million) fund to boost financing for SMEs and development in the country. The partnerships' Ariz Portfolio Guarantee Scheme provides a risk sharing mechanism on loan advances.

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