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Daily Briefing

Friday 21st April @ 9:17am

Issues of governance and oversight continue to play out at Wells Fargo , which faces into a vote of confidence by shareholders next week. Shareholder advisory group Institutional Shareholder Services (ISS) recommended earlier this month that shareholders vote against 12 of the 15 directors. "The recommendation was another blow to the country's third-largest bank, which has been struggling for months to...MORE

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Thursday 20th April @ 9:22am

Mobile phones have been getting slimmer over several years, with new offerings such as the 'light phone' literally slipping into your wallet. Now cards are getting some of the technology that we've come to take for granted on mobiles. Some cards already offer a constantly changing three-digit CCV code, but now Mastercard is introducing fingerprint authentication and using South African retailer Pick'n'Pay and South African...MORE

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Wednesday 19th April @ 10:01am

Bank of America has delivered upbeat results for the first quarter. "The second-biggest US bank by assets on Tuesday reported a stronger-than-expected 40 per cent jump in net income to $4.86bn, magnifying the disappointment for rival Goldman Sachs, whose profits fell short of forecasts. Brian Moynihan, chairman and chief executive, said: 'The US economy continues to show consumer and business optimism...MORE

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Tuesday 18th April @ 10:28am

In London, prime minister Theresa May has called a British general election for 8 June, ostensibly to strengthen the hand of her Conservative party ahead of the Brexit negotiations, now that Article 50 has been triggered. According to the FT, polls show her party currently leading its nearest opponent Labour by 20 points, suggesting that the Conservatives could pull strongly ahead and gain a stronger parliamentary majority. "'This is Theresa May's attempt to free...MORE

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Thursday 13th April @ 10:32am

First of all, news that all-around legend and self-described "Cards, Payments obsessed Risk Management geek in carbon life form" Sriram Natarajan @sriramnat will be chairing some of the panels at Lafferty's next set of International Council meetings. The meetings, which are co-hosted by Discover, take place in Chicago from 20-22 June. More news on the Chicago Councils to follow in the coming weeks. It's been a big week for...MORE

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Wednesday 12th April @ 9:21am

Ah yes, going viral . Lafferty's next thought leadership report, Social Media and Banking, examines the opportunities for financial institutions to get their messages out on social media. We found a lot of banks that wanted to "go viral". In some cases, going viral is good. The professor whose daughter rocked in on his interview with the BBC, that's good viral. In most cases, however, "going viral" should be code red for PR disaster. That's the...MORE

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Tuesday 11th April @ 9:25am

Wells Fargo is finally beginning to admit some hard truths to itself. A new report by independent investigators has laid the blame for the fake account opening scandal on the hard-selling culture that permeated the bank for at least a decade. The bank will claw back $41 million and $19 million in bonuses from former CEO John Stumpf and former head of community...MORE

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Monday 10th April @ 9:40am

Blowing the whistle on corporate wrongdoing is a thankless task, and the manner in which companies deal with whistleblowing says a great deal about the company's culture, a fact acknowledged this morning by Barclays as it deals with a new incident involving CEO Jes Staley. Barclays said Mr Staley broke the rules on internal treatment of whisteblowers after he tried to identify the writer of a letter who raised issues about bank conduct. In a statement, chairman John...MORE

Robotville
Friday 7th April @ 10:49am

We begin today in the United States, where debt collection was the biggest source of complaints to the Consumer Finance Protection Bureau during 2016, for the second year in a row, according to its latest report. Credit reporting and mortgages attracted the second- and third-largest batches of complaints. The bureau received a total of 88,000 complaints about...MORE

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Thursday 6th April @ 9:07am

The messages coming out of the White House on banking reform are certainly mixed. Prominent US politician Elizabeth Warren and White House economic advisor Gary Cohn (formerly number two at Goldman Sachs) may appear to be an odd couple: it was Senator Warren who yesterday pressed Mr Cohn on his administration's plans on banking policy. But look a little closer. "Cohn, the ex-Goldman Sachs Group executive who is now advising President Donald Trump, said he generally...MORE

Wednesday 5th April @ 10:17am

Has a single non-executive job posting ever caused such excitement? Facebook's WhatsApp messaging service is looking for a new staff member at its Californian headquarters that can handle support calls for customers in an overseas market. And yet, because the job description mentions "Digital Transactions [in] India", an otherwise unremarkable event has found its way onto...MORE

Starbucks
Tuesday 4th April @ 9:20am

Banks and payments companies have been paying close attention to mobile wallet champion Starbucks , which began developing a QR code-based app back in 2011 and now has one in four of its customers paying through the app. Seattle may not get the tech kudos of San Francisco and Silicon Valley but it is home to Starbucks and Amazon, and both have been trialling a pay and go-type technology. You've probably already seen this https://www.youtube.com/watch?v=NrmMk1Myrxc.11(Amazon...MORE

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