Banking news
Here are some recent banking news updates:
1. Digital Banking
- JPMorgan Chase launches digital bank in the UK, offering customers a mobile-only banking service with no branches or ATMs. (Source: The Financial Times)
- Revolut, a digital banking app, raises $500 million in funding, valuing the company at $5.5 billion. (Source: Bloomberg)
2. Regulatory Changes
- The European Union's new anti-money laundering (AML) regulations come into effect, requiring banks to improve their AML controls and reporting. (Source: The Wall Street Journal)
- The US Federal Reserve announces plans to phase out the use of Libor, a widely used interest rate benchmark, by 2023. (Source: Reuters)
3. Mergers and Acquisitions
- Wells Fargo agrees to sell its community banking business in the UK to Santander UK for $1.2 billion. (Source: The Financial Times)
- Bank of America announces plans to acquire EnerBank, a consumer finance company, for $3.5 billion. (Source: CNBC)
4. Cybersecurity
- A major cyberattack on a US bank's online banking system is reported, with hackers stealing sensitive customer information. (Source: The New York Times)
- The Federal Reserve issues new guidance on cybersecurity risk management for banks, emphasizing the need for robust incident response plans. (Source: American Banker)
5. Economic Trends
- The US Federal Reserve cuts interest rates for the third time this year, citing concerns about global economic growth. (Source: The Wall Street Journal)
- The International Monetary Fund (IMF) warns of a global economic slowdown, citing trade tensions and Brexit uncertainty. (Source: Bloomberg)
6. Banking Innovation
- JPMorgan Chase launches a new blockchain-based platform for cross-border payments, aiming to reduce costs and increase efficiency. (Source: Coindesk)
- Bank of America announces plans to use artificial intelligence to improve customer service and reduce costs. (Source: The Financial Times)
These are just a few examples of recent banking news. If you'd like to stay up-to-date with the latest developments, I can provide you with a regular news update or recommend some reliable sources for banking news.