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The Finanser’s Week: 27th April 2020 – 3rd May 2020

The main blog headlines are …

What will the world be like when #coronavirus ends? (Part One)

Most of the people around the world have savings that can last them less than a month. In the USA, 29% of households have less than $1,000 in savings; in the UK, 15% of Brits have no savings at all; and in most economies worldwide, a …

What will the world be like when #coronavirus ends? (Part Two)

I hesitate to write that headline – after all, none of knows when or even if this pandemic will end – but what I do know is that, in this time of crisis, there are lots of things changing: our beliefs, our priorities, our views, …

Is Facebook’s Libra the next Paypal?

What if we make money truly global, stable and secure? That’s Libra’s ambition and I’ve got to hand it to the guys at Libra. Having announced their idea to create a global currency last summer, and then see it ripped to pieces by regulators, they’re back. …

Does #coronavirus mean being rude to people?

I grew up in a time that was not politically correct. We used to have names for people who did not fit with our thinking, that were often derogatory and rude. Then, as I grew up, the world globalised and inclusion became more the norm. …

Banking is not about relationships. It’s about secrets

Britain’s Got Talent is running right now in the UK and I really enjoyed this comedic sketch by Baptist Minister Allan Finnegan. You may not be able to watch it in your country, so here’s the script: I’ve been married for thirty years, which means …

 

And the main news headlines are ….

Barclays may have to put aside £4.5bn to cover bad debts due to coronavirus – The Guardian
Bank reports £2.1bn charge for first quarter as customers struggle to repay loans Coronavirus – latest updates See all our coronavirus coverage The Covid-19 pandemic could force Barclays to set aside £4.5bn to cover bad debts this year, as customers struggle to repay their loans in the coronavirus crisis. The

Barclays boss: Big offices ‘may be a thing of the past’ – BBC
The bank is rethinking its office strategy as many work from home during the coronavirus crisis.

Wirecard: what KPMG’s report found – Financial Times
The payments group had predicted vindication from a special audit — it did not arrive

Coronavirus ‘will hasten the decline of cash’ – BBC
As people turn to digital payments during the lockdown, there are fears over the long-term future of cash.

Coronavirus: HSBC puts 35,000 job cuts on hold – BBC
The bank says it will pause the cuts to avoid leaving staff unable to find work elsewhere.

Ten reasons why a ‘Greater Depression’ for the 2020s is inevitable – Guardian
Ominous and risky trends were around long before Covid-19, making an L-shaped depression very likely After the 2007-09 financial crisis, the imbalances and risks pervading the global economy were exacerbated by policy mistakes. So, rather than address the structural problems that the financial collapse and ensuing recession revealed, governments mostly

How Goldman’s vampire squid gave way to BlackRock  – Financial Times
The sway held by the group extends far beyond its function as a vast asset manager

Bank of England probes how long banks can survive the lockdown – This is Money
Bank of England officials have launched an investigation into how long banks can survive the lockdown, as Britain’s biggest lenders set aside an estimated £3.4billion to cover defaults on loans.

Banks paid millions in bonuses weeks before ban on cash rewards – The Guardian
Millions of pounds of bank bonuses were paid out weeks before the Bank of England banned British lenders from offering cash rewards to their most senior executives as the coronavirus crisis escalates.

UK economy will take three years to recover from coronavirus – EY – Guardian
Report warns that half of all UK consumer spending in 2020 will be delayed or lost completely Coronavirus – latest updates See all our coronavirus coverage It will take the UK economy three years to fully recover from the fallout of the coronavirus pandemic, according to a leading forecasting group.

 

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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