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The Finanser’s Week: 7th October – 13th October 2019

The main blog headlines are …

What does “innovation” mean in finance?

I recently was invited to be the keynote at some innovation awards in Ireland. It got me thinking about what innovation means in finance, so here are the notes from my speech. I trust it’s useful …   Thank you for inviting me here to …

Innovation? Humbug!

Bill Gates said in the early 1990s that “we need banking but we don’t need banks anymore”. He was wrong. I hosted a banking seminar in the late 1990s where David Llewellyn, a Professor of Money, stood up and stated that “there will be more …

One world with one mission

I just got into a debate with a friend about the future of the world. Dangerous to get into a debate with a futurist, but hey, I upset her. My premise is that the world is globalising and will continue to do so. Brexit, Trump, …

What does the term ‘challenger’ really mean?

I had a few people haul me up over my critique of Nicholas Megaw’s article in the FT last week, including Nicholas himself. I realised post the post that the issue is definitions. In general, the term challenger banks has become accepted to be used …

Facebook has forced the world’s banks to innovate

It’s been interesting to watch the development of Facebook’s Libra project. As I expected, regulators hate it and are asking lots of questions about it. Most seem to want to ban it. And now PayPal has dropped out of the original founding team, with Visa …

 

And the top news headlines this week are …

Data on modern finance reveals uncomfortable truths – Financial Times
It is unnerving that the shadow banking sector is swelling, given its role in the financial crisis

Facebook Libra must meet strict standards, warns Bank of England – Guardian
Digital currency must be subject to measures such as stress tests to gain approval The Bank of England has hardened its stance on Facebook ’s Libra digital currency, telling the social media company it must meet its highest standards to get the green light for launch in Britain. In its

Stripe: parallel lines  – Financial Times
Branching into loans seems risky but will help fintech to keep its customers on side

Race to become UK digital banking leader hots up – Financial Times
The UK has become a competitive hotbed for digital banking in recent years, with Revolut last week claiming it had demonstrated its “viability” after the fintech reported a more than fourfold increase in annual revenues.

Barclays blow to Post Office banking – BBC
The decision not to let its customers withdraw money from Post Office counters is described as “shocking”.

No-deal Brexit would ‘push national debt to levels last seen in 60s’ – Guardian
IFS says public borrowing will more than double next year whatever the Brexit result Emergency tax cuts and higher public spending to offset the impact of a no-deal Brexit would send government debt to its highest level in more than half a century, according to Britain’s leading experts on the

‘I’m being jailed for four emails from 12 years ago’ – BBC
A former trader says the US government submitted misleading evidence to court.

HSBC to cut up to 10,000 jobs in drive to slash costs: FT – Reuters
HSBC Holdings Plc is planning to cut up to 10,000 jobs as interim Chief Executive Officer Noel Quinn seeks to reduce costs across the banking group, the Financial Times reported on Sunday.

Online wealth manager Nutmeg reveals widening losses – Financial Times
Group attracts strong financial backing despite never having made a profit

Libra: PayPal first to drop out of Facebook cryptocurrency – BBC
Libra has been strongly opposed by regulators around the world over privacy and financial concerns.

 

About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.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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Things worth reading: 13th November 2019

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