Find out what happened in the global banking scene this week.
Most banks across the globe are cutting costs and shutting down branches, but JP Morgan Chase is bucking the trend by building more retail locations. Consumer banking CEO Barry Sommers told CNBC that "while there have been tremendous innovations around mobile banking, …the branch remains the center of that relationship we have with our customers." Read more here.
Banks and tech firms have started using blockchain technology to streamline trade finance processes. Reuters reveals that HSBC and Bank of America Merrill Lynch is working with Infocomm Development Authority of Singapore to emulate a letter of credit (LOC) transaction, while more than 15 of fintech firm R3’s “consortium member banks have also designed self-executing transaction agreements.” Read more here.
Bloomberg reports that Mizuho Financial Group is planning to form an alliance with Maybank Kim Eng. The alliance will involve Maybank Kim Eng providing Mizuho's clients with research on companies in Southeast Asia. No details are available just yet but Maybank Kim Eng is expected to shed light on the potential tie-up soon. Read more here.
According to BBC, the Royal Bank of Scotland is still planning to move out of Scotland should the country decide to split from the UK. But Chief executive Ross McEwan assured that the possible move will not result in major job cuts. Read more here.
Reuters reports Barclays reaches a $100 million settlement with 44 states, the latest in a series of enforcement actions faced by the bank over charges that it manipulated the Libor and Euribor interest rate benchmarks. Read more here.
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