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INVESTMENT BANKING, RETAIL BANKING | Staff Reporter, Singapore
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Weekly Global News Wrap Up: EU bank watchdog loses 8% of its staff in two months; US bank customers paid almost $15b in fees

And JPMorgan Chase to hire 3,000 people in Poland.

From Reuters: The European Union’s London-based banking watchdog has lost nearly a tenth of its staff in just two months as fewer people apply for jobs and more leave because of Brexit. From its base in Canary Wharf, one of London’s two main business districts, the European Banking Authority is responsible for fleshing out the bloc’s banking laws. The EU will decide in November where the EBA’s new home will be after Britain leaves the bloc in March 2019 and its chair Andrea Enria hopes this will finally lift the uncertainty which has hung over the agency since last year’s Brexit vote.

From CNBC: Most Americans would rather not shell out extra cash to their bank in overdraft fees. Sadly, many still do. Altogether, Americans paid $15 billion in fees for bounced checks and other overdrafts last year, the Consumer Financial Protection Bureau has said. Almost half of Americans who've had a checking account have been charged an overdraft fee at some point. In fact, the average consumer overdrafts more than twice a year and coughs up $35 in fees each time, according to a study released Tuesday by personal finance website NerdWallet.

From CNBC: JPMorgan Chase, one of the world's largest banks, says it is opening a new global corporate center in Warsaw, Poland, that will hire more than 3,000 people in the next three years. The move was announced Tuesday in Warsaw by Steve Cohen, JPMorgan Chase's managing director, and Mateusz Morawiecki, Poland's deputy prime minister and development minister. The move is the latest example of the attractiveness of Poland to foreign investors given the country's strong economic growth, now at nearly 4 percent per year, and a labor force that is skilled but still cheaper than in Western Europe.

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