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The Finanser’s Week: 31st July – 6th August 2017

This week’s main blog headlines are …

FinTech and the world of investment banking

Some people talk about FinTech disruption and how payments and banking is being attacked and unbundled by start-ups, but we often look at banking too simplistically. Global banks and investment banks are far more complex creatures than their high street counterparts, which is why we’ve …

The US dollar is no longer American

I had an interesting experience in Lebanon recently, where the accepted currency is the Lebanese pound or the US dollar. In fact, the US dollar is preferred as, since the civil war in the country, the Lebanese pound has been tied to the US dollar …

What will we do when we don’t need to work?

I was trying to find someone who was optimistic about the future age after robots. Most are pessimists, and I’ve referred to them a few times now. They think the world is coming to an end and that mankind will have nothing to do when …

Jobs of the future

There are lots of reports of robots taking jobs from humans, and our fear for the future world of no work.  One paper from researchers at Oxford University predicts that 47% of American jobs are at “high risk” of computerisation over the next two decades.  Another …

When will we pass the Turing Test?

The Turing test, developed by Alan Turing in 1950, is a test of a machine’s ability to exhibit intelligent behaviour equivalent to, or indistinguishable from, that of a human. Although there had been numerous claims that Eugene Goostman passed the Turing test, that simply is not true. Let us just say that he …

 

The latest news headlines …

Deutsche Bank foresees 4,000 UK jobs to be shifted to the EU after Brexit – The Independent
Insiders suggest the German bank will move jobs away from the City of London to Frankfurt and Berlin

Australia’s Commonwealth Bank accused of massive money-laundering breaches – Reuters
SYDNEY (Reuters) – The Australian government on Thursday accused the country’s biggest mortgage lender, Commonwealth Bank of Australia, of widespread breaches of money-laundering and counter-terrorism financing rules.

PwC fined for Merrill Lynch compliance failure – Financial Times
First sanction of a ‘Big Four’ auditor for failing to meet Dodd-Frank standards

Deutsche Bank backs the City with 25-year commitment for London base – The Telegraph

Bitcoin splits, but clone off to slow start – Reuters
NEW YORK (Reuters) – Bitcoin’s underlying software code was split on Tuesday, generating a new clone called “Bitcoin Cash,” but the new virtual currency got off to a slow start due to lackluster support for its network.

Brexit set to raise UK banks’ costs 4% and capital needs 30% – Financial Times
Most detailed assessment yet comes amid risk of resources shift to US and Asia

Bitcoin rebels risk ‘currency trading chaos’ – BBC
Plans to create a new type of Bitcoin on Tuesday threaten to cause disruption.

From beards to salt: Eight of the world’s most bizarre taxes – The Telegraph

Japan’s biggest bank ‘set to move investment operations from London to Amsterdam’ because of Brexit – The Independent
Japan’s biggest bank is reportedly set to move its European investment operations from London to Amsterdam because of the uncertainty posed by Brexit.

The 16 highest-paid CEOs in the world of banking – Business Insider
Banking excesses may have been toned down since the financial crisis, with expense accounts capped, exuberant trading activities curtailed, and leverage ratios increasing.

 

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About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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