Exclusive: Goldman to launch Marcus UK robo-adviser early next year
Goldman Sachs will launch an app for UK users of its digital bank Marcus. This app has a main feature to offer automated investment management to clients in the country. This will come into act by the first quarter of the next year. Des McDaid, the head of Marcus UK said that since launching a […]
Germany’s Degussa bank selects Nets to power its digital card services
Frankfurt-based Degussa Bank and European payment services provider Nets have joined forces to create a modern, innovative consumer credit card offering in Germany. Silke-Christina Kummer, Head of Card Business Advisory & Services at Degussa Bank said that the pandemic situation has shifted the cash payments to digital payments. The head also added that the consumers in Germany are increasingly […]
Property bubbles, corporate debt among Europe’s top risks: ECB
The European Central Bank said in a biannual stability review that, the high debt levels and a property bubble are among Europe’s biggest economic vulnerabilities, weighing on its recovery from a pandemic-induced recession. During the pandemic copious government subsidy kept much of the euro zone afloat. But weaning the bloc off support will be tricky. Because, that […]
Bank of England warns over easy alternatives to Libor
Bank of England Governor Andrew Bailey said that markets must not replace the tarnished Libor interest rate with alternatives that could end up replicating the same flaws that made it easy for banks to manipulate. The publication of some dollar denominations will continue until mid-2023 for outstanding contracts. But still the London Interbank Offered Rate is […]
Commerzbank delivers upbeat outlook after swing to profit
A first-quarter profit and raised revenue outlook are given by the Commerzbank, which is all against the expectation on it. This is buoyed by strong trading commission as the German lender shrinks operations and makes heavy job cuts. This Germany’s second-biggest bank is expected to remain in the red this year as it conducts a […]
Philippine Central Bank holds rate at record low, signals no change anytime soon
As policymakers focus on supporting an economy which is showing signs of recovering after shrinking for five consecutive quarters, the Philippine central bank left its key interest rate steady at a record low. As predicted by the economists, the Bangko Sentral ng Pilipinas (BSP) kept the rate on the overnight reverse repurchase facility at 2.0% […]
Bank of England sets June milestone for scrapping Libor in derivatives
Britain’s financial regulators said that banks are encouraged to scrap Libor for pricing derivatives contracts from mid-June. Piling pressure on markets to speed up the long-anticipated demise of the tarnished interest rate benchmark. Use of the London Interbank Offered Rate or Libor in pricing new contracts such as home loans and credit cards have been set […]
ECB tapering talk is purely speculative
ECB policymaker Francois Villeroy de Galhau said suggestions that the European Central Bank (ECB) could begin winding down exceptional bond purchases early are purely speculative. Villeroy is also governor of the French central bank. He pushed back against recent comments by more hawkish members of the ECB who have suggested it could decide to slow bond […]
Citi weighs launching cryptocurrency services after surge in client interest
After a surge in interest from clients, Citigroup Inc is weighing the option of providing cryptocurrency-related services. Itay Tuchman, the bank’s global head of foreign exchange reported to the newspaper that the bank has not yet decided whether it will offer clients cryptocurrency-related services, but trading, custody and financing are all under consideration. Tuchman told the […]
ZhongAn, StanChart-backed lenders take early lead in HK digital bank race
Online-only banks in Hong Kong backed by China’s ZhongAn Online P&C Insurance and Britain’s Standard Chartered moved ahead of newly launched rivals as they garnered 70% of deposits last year. The numbers give the first glimpses of the performances of Hong Kong’s eight so-called virtual banks. This is launched last year and it can offer […]