The main blog discussions this week include …
It has been a while since I sat back to think about the future bank. I talk about the future bank all the time, but the overall view of a bank in its totality. What will it look like in 2030 and beyond? I think …
Or will CBDCs destroy banking?
I keep wondering about the future. Governments vs Libertarians? Centralised vs decentralised? DeFi vs CBDC? My conclusion is CBDCs will win, in the financial markets. Why? Because money is critical to our lives. It’s a key. You cannot ignore it. It’s what we created to …
In the UK, we talk a lot about The Nanny State. There’s this idea that government can be too controlling and demanding, and treats us like children and they are our nanny guardian. It reminds me of this sketch from Tracey Ullman … Jacob Rees-Mogg in …
Integrating technology and banking is not easy, especially with acronyms
Some time ago, I mentioned that code is art and, if code is art, how do you attract great artists? Banks are not really seen as a place for an artist. It is like bringing maths and art together. The two don’t mix. Like science and …
Don’t bet against the American dollar
Talking of politics and, after my piece last week about the possibility that Chinese infrastructure could replace our European (SWIFT) and American (Visa) operations Kathleen Tyson, a good friend and member of the Financial Services Club, piped up and said: Don’t give up on the …
And the main news headlines are ….
Pay and performance top of mind at Goldman Sachs - Financial Times
Disappointed employees may want to reflect on their good fortune given the pandemic and near-recession
The Bank of England should not impose a negative interest rate - The Telegraph
Can we please stop talking about a negative Bank Rate; even another dollop of quantitative easing would be preferable to that. The Bank of England, of course, denies that its letter to banks this week, asking whether they were ready for such a policy move, indicates that it is about to impose one.
What bank results tell us about the US economy ahead of the election - Sky News
As a rule of thumb, the profits of banks tend to reflect the health of the economies in which they operate. So those wondering about the strength of the US economy's recovery from COVID-19 will have been scrutinising this week's third-quarter updates from America's big banks carefully for clues.
Brexit: Banks warned over expat account closures - BBC
Banks must ensure closing expats' UK bank accounts does not leave customers in "undue financial hardship".
Tax rises of more than £40bn a year 'all but inevitable' - BBC
Rises of more than £40bn a year will be needed to stop government debt getting out of control, warns think tank.
Leicester textile firms 'involved in money laundering' - BBC
Some of the companies involved have supplied Boohoo and Select Fashion, a BBC investigation finds.
Former Barclays execs to launch digital bank - Finextra
A team of financial services experts led by two former Barclays executives has unveiled plans to launch Pennyworth, a new digital bank to serve the needs of young professionals and middle managers.
Aussie bank BANS customers from using credit cards on any gambling services - Daily Mail
A bank has banned its customers from using credit cards on any gaming or gambling services, sparking backlash from customers who claim McDonald's will be next for selling unhealthy food.
Scammers exploit Covid to steal from stressed bank customers - Guardian
Criminals are adapting their tactics to take advantage of those spending more time at home and feeling vulnerable It began with a text purportedly from O2. The message informed Stephen Frew that his latest payment could not be processed and asked him to update his card details via a link.
IMF and World Bank must act fast after Covid caught policymakers napping - Guardian
Tide went out for global economy in 2020 and just about everybody was caught skinny-dipping Warren Buffett once quipped it was only when the tide went out that it was possible to see who had been swimming naked. The legendary investor had companies up to their eyeballs in debt in
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...
