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Home » Daily Briefing » Morning Briefing 31 May 2016

Morning Briefing 31 May 2016

Morning Briefing

HSBC boss Stuart Gulliver is the chief executive of a European bank that most investors would like to see the back of, according to a survey of 74 institutional investors by Autonomous Research.

Respondents were asked to name three banks in Europe that are "most in need of a change in CEO", and Mr Gulliver apparently had almost double the votes of Credit Suisse's Tidjane Thiam in second place. Details of the poll, which is not due to be made public, were revealed by the Financial Times.

MasterCard is looking to drive usage of its MasterPass digital payments platform in Hong Kong with a number of solutions, including taxi-ride booking and heartbeat-authenticated mobile payments, according to a report in the South China Morning Post.

"We're after high-frequency transactions in market segments such as transportation, ticketing, and food and beverage," Raj Dhamodharan, group head for digital payments and labs at MasterCard Asia-Pacific, told the Post.

Monitise, the British mobile payments company that changed CEO twice in 2015, has changed its mind about the decision, announced in March, to sell its voucher business, Markco Media — which includes the website.

Shares in loss-making Monitise rose by nearly 60 percent in a day when it said it was in discussions about selling the business, but it now says it sees "greater shareholder value" in retaining it.

Under the eye-catching headline 'Nuns with Guns: The strange day-to-day struggles between bankers and regulators', the Wall Street Journal outlines the sobering reality of how banks are struggling to cope with being awash in new regulations and their associated acronyms: 'Among the new federal banking regulations there is one that financial wonks call "TRID," the TILA-Respa Integrated Disclosure rule. Attendees at a recent training school here for bank compliance staff, who must learn and enforce such rules, said they deciphered TRID's true meaning: "The reason I drink."'

When bigger isn't better: Banks retreat from global ambitions
Singapore bank lending shrinks for seventh straight month in April
Abu Dhabi makes fintech play
Swedbank creates digital banking group
Thousands of mobile payments affected by viruses in China
Satyajit Das: Australian banking is more vulnerable than people realise

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