Our main stories this week include …
Most technologies take 20 to 30 years to mature. Some take longer. If you look at videophones for example, they’ve been around in theory for over half a century, but it took Skype to make us comfortable with calling.
In the 1970s, Walter Wriston, the then CEO and Chairman of Citibank, said that “information about money is becoming more important than money itself”. His successor, John Reed, said that “banking is just bits and bytes” in the 1980s. How right they were, and this just underscores how important digitalisation is to banking. We have known it was coming for a long time, we just didn’t know how big it was.
Last month, I posted an update on the comparisons between Apple, Google and Samsung’s mobile wallets, so this month I thought it worth comparing their adverts.
Much to the dismay of the liberati, bitcoin is flatlining. After dipping down to the $250 per bitcoin price earlier this year, it’s stayed there ever since. Noteworthy is the all the marketing spin of announcements of We take bitcoin payments, has died down and the use of bitcoin is not moving.
This week the Finanser talks with Gottfried Leibbrandt, CEO of SWIFT about cryptocurrencies, bitcoin, Ripple and all things blockchain.
This week’s major news headlines include …
Deutsche Bank got great deal because investors thought it was Germany's central bank, board member admits – The Telegraph
Germany's largest lender was often mistaken for the Bundesbank, former chief financial officer Stefan Krause admits
Volkswagen emissions scandal could be the death of diesel – The Independent
Volkswagen has admitted using software to rig the results of its diesel emissions tests
Osborne's China deal makes London renminbi hub outside Asia – The Independent
London is to become the major centre for trading in China’s currency outside Asia under an agreement made by the Chancellor, George Osborne, during his trip to Beijing.
Hilary Clinton joins outrage at hedge fund investor Martin Shkreli's 5,000% HIV drug price hike – The Independent
Martin Shkreli is not receiving visitors. At the midtown New York building where the 32-year-old – who this week ranks among the world’s least popular entrepreneurs – has his office on the 39th floor, security is tight.
Goldman CEO Blankfein says has 'highly curable' form of cancer – Reuters
(Reuters) – Lloyd Blankfein, the chairman and chief executive officer of Goldman Sachs Group Inc, said on Tuesday he had a "highly curable" form of cancer and would be able to work mostly as normal during treatment.
Santander may have missed the boat for a UK float – The Telegraph
Other banks have listed successfully on the stock market, but choppy conditions mean Santander has lost its chance. A two-day investor presentation might give us some hints
HSBC plans Chinese hiring spree as it weighs decision to move HQ – The Telegraph
The British bank is hiring 4,000 staff in the Pear River Delta
Sanctions-busting fears could drive banks away from Iran – The Independent
Experts are warning that new investigations into potential Iran sanctions busting by Standard Chartered will add to pressure on all Western banks not to return to the country despite US President Barack Obama’s moves to normalise trade relations.
Apple's app store hacked by malware in China in its first major cyber attack – The Independent
Apple has suffered its first large-scale cyber attack after hackers managed to embed malicious software in hundreds of iPhone and iPad apps.
FCA beefs up enforcement committee with swathe of big hires – The Telegraph
The City watchdog has appointed 10 new members to its influential committees covering areas from competition to punishments, with lawyers, regulators and City representatives all being called up
If you like the Finanser, check out our latest book: Digital Bank
The Financial Services Club is sponsored by:
For details of sponsorship email us.