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North America: Rising star Jane Fraser is now President of Citigroup
The bank promoted Jane Fraser to president, its second-highest post, possibly making her the clear person to one day succeed Chief Executive Michael Corbat and become the first woman to run one of the largest U.S. banks.MORE >>>
North America: JPMorgan has a plan to help Amazon and Airbnb look more like banks
JPMorgan Chase has long feared that technology giants will act more and more like banks. The firm’s surprising solution: help them do it.
The bank has spent the last year developing an e-wallet tailored for companies such as Airbnb, Lyft and Amazon that it says could help online marketplaces and companies in the gig economy defend against getting cut out of the businesses they helped create. In the process, they’ll look a little more like banks.MORE >>>
Africa: Liberia: Central Bank of Liberia Denies Laying Off 400 Employee
Monrovia — The Central Bank of Liberia has dismissed reports that it is planning a massive layoff of some 400 of its staff in compliance with the International Monetary Fund’s request to slice the wage bill. In a statement Tuesday, the CBL countered that reports of massive redundancies, to the tone of 400 staff members – something that would amount to more than 50% of all its employees, is simply untrue.MORE >>>
Asia: Philippine household lending grew 26.2% in September
ASIAN BANKING & FINANCE
Loans for Philippines’ household sector grew 26.2% in September from 25.4% in August, due to faster growth in motor vehicle, credit card, and salary-based general-purpose consumption loans during the month, according to the Bangko Sentral ng Pilipinas (BSP).MORE >>>
Asia: Malaysian banks still struggle with sluggish loan growth
ASIAN BANKING & FINANCE
Malaysian banks’ loan portfolios remained at a muted pace with only a 3.8% YoY growth in September, slightly lower than the 3.9% YoY recorded in August, according to a report by UOB Kay Hian. Overall business loans remained a key drag on loan growth, expanding by only 2.7% in September compared to the 6.8% YoY growth in September 2018MORE >>>
South America: Argentina and Paraguay approve cross-border payments
Argentina and Paraguay’s central bank governors signed an agreement allowing cross-border payments between both countries in local currency on October 18. The agreement between both central banks means all the members of the trading bloc Mercosur now have bilateral accords on cross-border payments. The bloc includes Argentina, Brazil, Paraguay and Uruguay. The two governors signed the agreement in Washington, DC, where they were attending the International Monetary Fund’s annual meeting.MORE >>>
Europe: Tink appoints former Stripe exec as UK & Ireland country manager
open banking platform Tink has appointed Stripe’s former head of EMEA banking, Rafael Plantier, as its new Country Manager for the UK and Ireland.
The appointment is part of Tink’s ambition to equip banks and third-party providers with the best-in-class technology solutions.MORE >>>
Europe: IBM and BoA are collaborating on a cloud for financial services
IBM and Bank of America, along with the regulatory compliance arm of IBM, Promontory Financial Group, have partnered to create a cloud specialized for banks that has the security, privacy and regulatory compliance solutions built-in to it.
It is designed to address challenges that hold banks back when they think about adopting cloud computing, and so that they can challenge the Fintechs.MORE >>>
Oceania: Bank bosses gear up for another inquiry
The CEOs of Australia’s two largest banks – Commonwealth Bank and Westpac – kick-off the annual check-up in front of the House of Representatives economics committee on Friday.
Commenting on National Australia Bank’s 2019 results on Thursday which saw a 10.6 per cent slump in profits, Moody’s Investors Service expects margins and earnings will remain under pressure in 2020, especially in consumer banking.MORE >>>