The Finanser’s Week: 2nd November 2020 – 8th November 2020

The main blog discussions this week include …

The impact of the US election on finance and FinTech

No politics from my side here, but just reflecting on the politics of America. The US election – whatever your view of its process and outcome – leaves us with a different perspective on financial markets and, specifically, on FinTech start-ups and funding. Looking at …

Q: Why did China block Ant Group’s IPO? A: Jack messed up

I reported last week Jack Ma’s rant at the banking industry as having Basel Accords created by “an old people’s club” and that banks have a “pawnshop” mentality. I said that I agree with his sentiment – which I do – but it ain’t what …

The future of branches is not what you think

Yet again, I’m returning to the story of branches. There are so many reports about the branch of the future and the end of branch banking out there that you would think the world of branches had no future. The debate is pretty pointless to …

Recognising six (Canadian) bankers doing a good job

I just stumbled across a report in Canada’s Globe and Mail, recognising the top 50 business executives who have helped see the country through this year’s crisis. It recognises quite a lot of banking people, and I wouldn’t normally share such content … except that …

The Elephant and the Bird

The really annoying elephant is still in my room. It’s got to the stage now that I walk past him every day and don’t notice him. That’s what the elephant in the room is all about. It’s big, it’s annoying and you walk past it …

And the main news headlines are ….

Here's Why Bank of America, JPMorgan Chase, and Other U.S. Bank Stocks Are Tanking Today - Motley Fool
The stock market is having a generally strong start today. As of 10 a.m. EST, all major averages are in the green, with the S&P 500 up by more than 2% and the Nasdaq higher by almost 4%. Despite the uncertain election results, investors seem to be eager to put money into the market today

JPMorgan warns of another potential regulatory fine tied to weak ‘internal controls’ at bank - CNBC
JPMorgan Chase said that just weeks after paying a record penalty it is facing another potential fine, this time over internal controls in wealth management and other areas.

Ant Group forced to suspend biggest share offering in history - Guardian
Jack Ma-founded fintech giant pulls IPO two days before listing after executives were summoned to meet regulators The stock market flotation of Ant Group, planned to be the biggest share offering in history, has been dramatically suspended just two days before dealings were due to begin in Shanghai and Hong

Bank of England: Six things to expect this Thursday - ING
Downgraded forecasts and more quantitative easing are likely to be the major headlines from the Bank of England this week. But on negative rates - the topic markets are most interested in - we suspect policymakers will keep their cards relatively close to their chests

Fintechs take on banks at their own game - Financial Times
Some digital start-ups in the US are beginning to accept customer deposits

The virus has crushed the challenger bank dream - Financial Times
There comes a time in your life that you realise that some of the friends you used to consider good friends aren’t actually your true friends. These are your party friends. They’re great in the good times, but they lose their charm

Covid-19 sparks consolidation amongst European banks - Verdict
Amid the turbulence and uncertainty created by Covid-19, CaixaBank and Bankia are merging in a deal that will create Spain’s largest domestic bank. The combined entity will have more than €650bn in assets and a combined market capitalisation of almost €17bn

Australia's central bank launches digital currency project - Reuters
Australia's central bank on Monday said it was launching a project to explore the potential use and implications of a wholesale form of central bank digital currency (CBDC) using distributed ledger technology (DLT).

Ant Group: How it became a financial giant - BBC
As China's Ant Group prepares for its stock market debut, we look at how it established its empire.

'Nightmare' of businesswoman accused of mortgage fraud - Guardian
Santander accused a designer of supplying forged documents – but refused to explain its actions A businesswoman who found herself placed on the National Fraud Database after she applied to Santander for a mortgage, says she went through a “nightmare” after the bank refused to admit it had made a