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RETAIL BANKING | Staff Reporter, Singapore
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Weekly Global News Wrap Up: Amazon may buy a bank in 2018; Four US banks' 'living wills' have shortcomings

And Britain's Competition and Markets Authority extends deadline for open banking implementation.

From Bloomberg: Amazon.com Inc.’s entry into the financial sector could come sooner rather than later. Bankers beware. CFRA bank analyst Ken Leon says that online giant may acquire a small or mid-size bank in 2018 to gain a footing in the industry. That’s just one of his top predictions for the sector next year.

From Reuters: U.S. banking regulators said Tuesday that “living wills” submitted by eight large U.S. banks are satisfactory, but half of those plans have “shortcomings” that should be addressed in the future. The Federal Reserve and Federal Deposit Insurance Corporation found shortcomings in plans from Bank of America, Goldman Sachs, Morgan Stanley and Wells Fargo, detailing how they could be safely taken apart should they face bankruptcy.

From Reuters: Britain’s competition watchdog has given five banks extra time to comply with so-called open banking plans aimed at boosting competition in retail banking after the lenders said they would not be ready by a January deadline. The Competition and Markets Authority (CMA) set out individual timelines on Tuesday for Barclays Plc, HSBC , Royal Bank Of Scotland, Santander UK and Bank of Ireland to comply with the new rules after they said they would not be able to release all of the required data by the original Jan. 13 deadline.

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