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The Finanser’s Week: 30th November 2020 – 6th December 2020

The main blog discussions this week include …

It’s beginning to look a lot like banking …

I wrote this the other day for Channel News Asia: FinTech firms may look like banks soon The gist of my thread is that, due to Ant Group offloading all of their risk to banks, the authorities are now stepping in to say that any …

I asked the elephant to leave

The elephant is still here. He’s too big for me to get rid of him. And he’s very difficult to deal with as he’s big and smelly. Nevertheless, I quite like the fact that I can see him, when no one else can, and he’s …

It’s not all about you

I was struck by a comment made on LinkedIn that most media miss what’s going on in the rest of the world. In this case, it was a comment about Starling Bank getting plaudits for being the first challenger to be profitable. What it should have …

Should we … push the button?

I wrote the other day about machines becoming human, and said they would not be … but what if they were or, more importantly, what if machines stopped needing humans? This is the dystopian future of Terminator and more, where humans become redundant and we …

Is bitcoin becoming respectable?

As bitcoin’s pricing goes up and down as usual – almost $18,000 today (who bought a few for a $1?) – it seems like the world is moving towards cryptocurrencies, as they are now respectable. They’re not respectable in the eyes of governments and banks …

 

And the main news headlines are ….

Trump’s Deutsche Bank Loans Appear To Be In Trouble – Forbes
For all the talk about Donald Trump’s debt, most of his loans are actually in decent shape. They’re pledged against valuable assets, which throw off big profits. But there are exceptions.

HSBC share price rockets 50% since its 25-year low – BBC
Investors feel the UK’s biggest bank’s outlook has improved after slumping in September.

Bank account shutdown hurting communities sending $10 billion a year to family overseas – ABC News
The multicultural miracle of Australia is also a $10 billion money machine, as residents support relatives abroad with payments called ‘remittances’.

Break up UK’s big high street banks, say cross-party MPs – The Guardian
Group says major banks stifle competition and exploit both vulnerable and loyal customers A cross-party group of MPs is calling for the break-up of major high street banks, which they say are stifling competition and exploiting vulnerable customers. The call is part of recommendations put forward by the all-party parliamentary

EU doesn’t need Brexit ‘at any price’, says Angela Merkel – video – Guardian
The German chancellor, Angela Merkel , conceded that there was some anxiety about the prolonged Brexit negotiations, with the Netherlands, Belgium and France all asking the European commission to trigger no-deal preparations in recent weeks. But she said the agreement with Britain should not come ‘at any price’ and should

JPMorgan, Lloyds Set Sights on Starling Bank, Times Reports – Bloomberg
JPMorgan Chase & Co. and Lloyds Banking Group Plc have expressed interest in buying Starling Bank Ltd., a British challenger startup lender, the Times reported.

Warning lights are flashing for Big Tech as they did for banks – Financial Times
When bankers got too clever and our businesses too complex, we all suffered the consequences. The 2008 financial crisis touched so many of us because the banks were woven into all our lives. Society was exposed to risks it didn’t understand, and we all paid the price via government-backed bailouts.

TSB owner Sabadell considers bank’s future as BBVA deal scrapped – BBC
Spanish lender Banco Sabadell has said it will consider options for its UK bank TSB after it called off a planned merger with rival BBVA.

HSBC considers exit from US retail banking – Financial Times
HSBC is weighing up a complete exit from retail banking in the US after narrowing the options for how to improve performance at its struggling North America business, according to two people familiar with the situation.

Bank branches set to disappear from high streets by 2035 despite demand – full details – The Express
BANK branches and cash points have been one of the main financial casualties of coronavirus as lockdown rules forced industries to adapt. In recent months, the government and financial regulator (FCA) have stepped forward to ensure physical cash use is protected but if current trends continue, bank branches could become a thing of the past.

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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