The business press have focused this week on Deutsche Bank, amid rumors they will require government action to stay viable in their current circumstances; trigger issue is US government seeking a US$14 billion fine over the 2008-2009 centered subprime mortgage crisis; rumors vary on whether Deutsche and German government are working on a crisis plan and/or considering government financial support; comparisons are proposed to that period's bailout of "too big to fail" Lehman Brothers. Source
The road towards increased renewable energy usage is a rocky one that needs to be financed.
Fitch Ratings has upgraded its outlook for Canadian banks from negative to stable; cites solid risk management, increasing profits and better than expected capital positioning as factors for the upgrade; says recent regulatory changes, slow GDP growth, high household debt and decreasing home prices are still concerns for 2017. Source
In an interview with P2P Finance News, Adair Turner cites P2P loan securitizations and other evolving forms of structured credit as high risk, causing a potential "red flashing light" for regulators; speaks of the evolution of the asset class as securitization portfolios from P2P lenders have been increasing in 2016; discusses complex structured investment vehicles as the most high risk specifically those issuing short term debt against longer term holdings. Source
Rumours have surfaced that Wall Street heavyweight, Goldman Sachs, is looking to offload its Apple Partnership.
Days after the chaos, newly appointed CEO of the SVB bridge bank urges customers to hold deposits. Meanwhile regulators investigate the fall.
Mastercard is the latest company to be added to OnStar Go, a cognitive mobility platform where drivers can browse stores and restaurants and purchase directly on their dashboard; get gas and pay for it without getting out of the car; after its launch in July, Masterpass is currently available in 33 markets, with plans to expand into 36 by the end of this year; the new dashboard will be deployed across two GM vehicles in the US by 2017; "The global momentum we're achieving with banks, merchants and consumers is proof-positive of our efforts to create simple and secure digital payment experiences anywhere consumers want to shop," said James Anderson, Executive Vice President of Digital Payment Products at Mastercard. Source
BBVA Compass and the Opportunity Finance Network are teaming up to identify and increase training for 25 leaders in community lending through an Opportunity Fellows Program; BBVA Compass is a leading banking franchise with 668 branches mainly in the US sunbelt; Opportunity Finance Network is an association of community development financial institutions (CDFIs); the chosen Fellows will receive six days of training through early 2017 on themes including financial innovation and financial inclusion; applications open mid-November 2016; cost is not specified but appears to be complimentary or highly-subsidized for the leaders given the opportunity to participate. Source
Block's Q4 2022 earnings surpassed market expectations. Dorsey outlined the future focus for the business.
Embedded finance has been caught in the convergence of instant payments and open banking. It could be its time to shine.