WEEK

11

LAST WEEK'S

BANKING

HIGHLIGHTS

KEEP UP TO DATE WITH THE LEADING NEWS.

North America: $251 billion of “Unrealized Losses” on Securities Investments in 2018

WOLF STREET

Those losses that are not included in the “net income” figures – ballooned to $251 billion, the largest unrealized losses since 2008.

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North America: Goldman Sachs Says in New York Filing It’s Cutting 65 Jobs ‘quite small’

BLOOMBERG

Goldman Sachs typically cuts about 5 percent of staff around this time every year to make way for new hires. Chief Executive Officer David Solomon, who took over from Lloyd Blankfein in October, also has been reviewing all of the firm’s business lines.

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Africa: How digital banking can backfire for African banks

THE AFRICA REPORT

African banks are competing to offer customers fully digital banking services. In the race however, they need to understand that copy-and-paste solutions will not work and service complaints can be amplified. According to Esther Chibesa, head of treasury and trade solutions for Kenya and East Africa at Citi, the challenge is creating a “shared user experience”.

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Asia: HSBC invests in CXA

FINEXTRA

HSBC has joined a $25 million funding round for CXA Group, a Singapore-based health-focused insurance startup.

Singtel Innov8, Telkom Indonesia MDI Ventures, Sumitomo Corporation Equity Asia and others joined HSBC in the round.

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Asia: Standard Chartered set to offer Indian solution

STANDARD CHARTERED

The technology platform will offer Indian SMEs access to financial and business solutions via a network of partnerships in an open platform. By SC Ventures, the innovation, investment and ventures unit of the bank.

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South America: Citi expects privatization to bolster revenue in Brazil

REUTERS

Citigroup Inc expects to boost revenue in Brazil over the next years by advising potential public asset sales and through a revival in capital markets.
Marcelo Marangon, CEO, said Citi expects to grow to $1.5 billion from $1.1 billion over the next years. Bankers of Citi’s Brazilian division are already targeting asset sales and planning to vie for mandates in the transactions.

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Europe: Brexit ‘sees UK finance firms move £900bn to Europe’

BBC

It adds this has cost £3bn-4bn and involves 5,000 expected staff moves or local hires. The study, by capital markets think tank New Financial, says 275 firms have moved some or all of their business.

"Business will continue to leak from London to the EU, with more activity being booked through local subsidiaries," said William Wright, founder and managing director of New Financial.

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Europe: JPMorgan CEO Dimon Says Europe Needs Pan-European Banks

PMNTYS

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said European banks should look beyond borders for mergers to take advantage of the region, according to a report by Bloomberg.

“If politicians fight it, they’ll be sub-scale forever, and that’s not good for their economy,” Dimon said. “They should really think through the choices here and allow these banks to merge and go pan-European.”

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Oceania: Regulator chides banks over repaying wrongly charged fees

REUTERS

SYDNEY (Reuters) - Australia’s corporate watchdog rebuked the biggest banks and financial services firms on Monday for delays in fixing internal systems that resulted in customers paying fees for services they had not received.

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week 11

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