We can’t let financial inclusion become just another buzzword January 18, 2019 Over the last decade, the world has made significant progress towards universal financial inclusion. Today, traditionally underserved individuals have greater access to financial products than ever before. And with mobile networks reaching more than 90 per cent of the population in developing nations, digital payments – a key on-ramp to financial inclusion – are becoming [...]
Citi appoints banking veteran David Livingstone to head up European operations ahead of Brexit January 17, 2019 Banking giant Citi has appointed veteran banker David Livingstone to run its European operations ahead of Britain leaving the EU in March. Livingstone, most recently the head of the bank’s Australia and New Zealand division, will move to head up its Europe, the Middle East and Africa region, according to a memo seen by City [...]
Morgan Stanley trading revenue hit by sharper fall than peers as shares plummet January 17, 2019 Morgan Stanley suffered the sharpest fall in trading revenue among its peers at the end last year, sending shares plummeting. Fixed income trading at the US bank fell 30 per cent year-on-year to $564m – the largest fall in a week of mixed fourth quarter results by major US banks – the bank said today [...]
Hard Brexit risks ‘manageable’ says Irish central bank official January 17, 2019 The risks of a “cliff edge” Brexit to the stability of the Irish financial system are manageable and the majority of its “most significant” firms are already executing contingency plans, the Central Bank of Ireland deputy governor Ed Sibley said today. Sibley said: “I am satisfied that from a financial stability perspective the most material [...]
In a cashless society, what will we do when our colleagues turn up rattling the collection tin? January 17, 2019 Periodically, a senior economist will suggest that as a society we could abolish cash. As an idea, it unites left and right in immediate dismay. On the one hand, it would strike a blow against individual liberty, giving retailers, banks, and possibly governments the potential to track your every transaction. On the other, it would [...]
Paid tha Cost to Be da Boss: Snoop Dogg invests in Swedish fintech unicorn Klarna January 17, 2019 Rapper Snoop Dogg has invested in $2.5bn (£1.94bn) Swedish fintech company Klarna, it emerged today. The rapper, famed for hits such as Gin & Juice, From tha Chuuuch to da Palace and Ain't Nuthin but a G Thang, has more lately reinvented himself as an investor, playing a role in specialist cannabis venture capital firm [...]
Goldman Sachs chief executive apologises to Malaysian people over 1MDB scandal January 16, 2019 Goldman Sachs chief executive David Solomon has apologised to the Malaysian people for former banker Tim Leissner’s role in the 1MDB sovereign wealth fund scam. Last year US prosecutors charged two former bankers with the theft of billions of dollars from IMDB and Leissner pleaded guilty to conspiracy to launder money and agreed to pay [...]
Goldman Sachs shares soar after bank defies market turbulence to beat revenue forecasts January 16, 2019 Goldman Sachs shares have soared after the US bank defied market conditions to deliver stronger-than-expected earnings in the fourth quarter. The bank posted revenue of $8.1bn (£6.3bn) in the three months to the end of December, higher than forecasts of $7.5bn and slightly up on the same period in 2017. Shares in the New York-based [...]
Blackrock investigates hoax letter to chief executives over climate change January 16, 2019 Blackrock is investigating a hoax letter published this morning, claiming to be from chief executive Larry Fink, that warned companies that the world’s largest investment firm would divest unless they took action against climate change. The letter, which was posted on a spoof Blackrock website as the company reported its financial results, said the investor [...]
London fintech startup Jaja Finance picks up £5m with a boost from Celeres January 16, 2019 Credit card fintech startup Jaja Finance has today confirmed the final close of its £3.5m crowdfunding round, boosted by an additional £1.5m from Celeres Investments. The £5m intake adds to an earlier £4.4m raised in seed funding last year, backed by Blystad Group and Pollen Street Capital among others. More than 1,000 private investors took [...]