Weekly Global News Wrap Up: ABN Amro chief to step down in 2017; US banks step away from auto lending

And HSBC expects more banks to work with fintechs.

Gone are the days when fintech companies were seen as a threat. According to Reuters, John Flint, HSBC's retail banking and wealth management head, believes there will be more collaborations between banks and fintech firms as both entities strive to meet customers’ evolving demands. "There's mutual respect on both sides. If you look at smaller fintech firms, you can see that banks are partnering with them and that benefits both stakeholders' needs," said Flint. Read more here.

ABN Amro’s CEO Gerrit Zalm will step down in 2017, a year earlier than his term’s supposed expiration in May 2018. According to Bloomberg, Zalm said the bank needs a longer-term leader after he brought the company back to the stock market following its post-bailout reorganization. Read more here.

CNBC reports that big US banks are backing away from parts of the auto loan market as Americans take on bigger debts that take longer to pay off. JPMorgan Chase says the bank could face greater stress in an economic downturn. Read more here.