RETAIL BANKING | Staff Reporter, Singapore

Weekly Global News Wrap Up: Why easing the US banking rules could be dangerous; Brexit-hit banks to relocate their staff by 2018

And find out why consumers want tech firms to take on banks.

From Reuters: A U.S. congressional plan to ease banking rules for some large institutions goes too far and could endanger the financial system, a leading bank regulator said on Tuesday. Large banks must hold more capital than their smaller peers to brace for a future economic shock but the proposal unveiled last week in the U.S. Senate would exempt many leading lenders.

From Bloomberg: U.K. politicians are fighting to get a deal early next year that will ease businesses’ panic about Brexit. For some industries, it’s probably too late. Barring some major breakthrough, global banks will implement their relocation plans early next year to guarantee they’re able to have new offices inside the European Union running by the time the U.K. exits, people with knowledge of the matter said. There’s little Prime Minister Theresa May can do to stop lenders from executing their contingency plans, if they haven’t already, said one of the people.

From Bloomberg: Here’s another reason banks should fear the likes of Inc.: A new survey shows consumers are eager to see technology titans take on finance. Nearly 60 percent of U.S. bank customers are willing to try a financial product from tech firms they already use, according to a survey conducted by consultant Bain & Co. For younger respondents, the interest was especially high. About 73 percent of people age 18 to 34 said they would try a tech firm’s credit card, deposit account, investment or mortgage.

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