Our main stories this week include …
Since asking a while ago who will be the Uber of banking, I’m fed up with everyone talking about the Uber of banking. For example, two headlines caught my eye this morning: Visa Invests in Stripe to Prep for the 'Uberization' of Retail; and Will Uber be the Uber of banking?
Traditional finance providers such as banks or insurance companies are being challenged by new players such as Lending Club or Transferwise. These startups want to disintermediate the incumbents and revolutionize the financial world.
Yesterday was the Bank of England’s 321st birthday. Created on 27th July 1694, the Bank – as it’s referred to in shortened form – is one of the oldest Central Banks in the world.
Following our regular weekly interview, the Finanser talks this week with co-founder and CEO of Zopa, Giles Andrews.
This week’s major news headlines include …
The HSBC fiasco might be a cautionary tale for Barclays – The Independent
There was a weary inevitability to Barclays’ latest financials showing another £1.8bn falling into the black hole marked “conduct”. This time it’s a mixture of yet more provisions for PPI compensation plus another lumpy sum to cover the cost of the foreign exchange trading scandal.
Contactless cards replace cash as shoppers flash the plastic – The Telegraph
Shoppers are using cards for smaller transactions
Restructure banks to help wider society, says BoE chief economist – The Telegraph
Andy Haldane wants to see sweeping changes to the way companies are run
Going for Gold(man): UK bank analyst pay tops out at 71,000 pounds – Reuters
LONDON (Reuters) – Goldman Sachs and Morgan Stanley are offering the fattest bonuses to their London analysts, but if it's a high base salary you're after then head to Deutsche Bank , according to a survey on Wednesday.
Norwegian court orders bank to cover man's £23k lap-dance and drinks bill – The Telegraph
The court concludes the bank's client was drugged and could not be held responsible for his spending
Why did HSBC shut down bank accounts? – BBC
Last year international banking giant HSBC suddenly closed the bank accounts of several prominent British Muslims.
Rise of the machines: bank customers shun staff for mobile phones – The Telegraph
Even when they visit a branch, customers prefer self-service machines
Greece rocked by reports of secret plan to raid banks for drachma return – The Guardian
Opposition demands answers after covert proposals attributed to Yanis Varoufakis and fellow ex-minister highlight deep split in Syriza party
How safe is peer-to-peer lending? – The Telegraph
'Peer to peer' lending is growing at an incredible rate, but the returns must be carefully weighed against the risks
Treasury could be forced to scrap profitable Lloyds sale – The Telegraph
Lloyds shares are being sold so fast that there might be none left for Chancellor George Osborne's promised retail sale