Crypto News 

Previously Hacked Gatecoin Exchange Receives Liquidation Order Following Banking Problems

“Gatecoin, a crypto exchange that was hacked in May 2016, has announced on March 13 that it has received a winding up (compulsory liquidation) order from an unspecified court” writes Helen Partz for cointelegraph.com. The company wrote that Gatecoin will have to cease operation with immediate effect, noting that the exchange will assist in the liquidation process in order to distribute assets to the creditors. Another recently hacked crypto exchange, Cryptopia, has since partly relaunched its website, also announcing that it will be using customers’ balances held from the date…

Read More
News 

Citi Preps For Corporate Banking Uptick

“While business with its corporate clients slowed down at the start of the year, Citigroup said it is preparing for its corporate banking operations to pick up as the year moves forward” reports pymnts.com. According to Mason, there is a “disconnect” between economic data and concerns about an economic downturn, and the strong performance of the bank’s corporate customers across the globe. Last month Citi announced a partnership with corporate treasury and cash management solution provider Kyriba, which will connect its business customers to faster payment capabilities provided by Citi.While…

Read More
News 

UK Study Finds Broad FI Support For Open Banking

“Specifically, open banking will help streamline and speed application and onboarding processes, as voiced by 52 percent of those surveyed” reports pymnts.com. If open banking can transform those processes, the financial institutions said, significant pain points would be alleviated.Open banking is a bit more than a year old in the United Kingdom, and is viewed positively by a majority of financial institutions.A vast majority of firms in that sector surveyed by Forrester (and commissioned by TransUnion) – 99 percent of them, in fact – view open banking as beneficial to…

Read More
News 

Edmond de Rothschild bank to be taken private by family

“The family of Benjamin de Rothschild, a scion of the 250-year-old banking dynasty, has said its plans to take the stock market-listed Edmond de Rothschild bank private” writes Jasper Jolly for theguardian.com. Ariane de Rothschild will become chairwoman of the board of directors of Edmond de Rothschild (Suisse) SA, under which the various Edmond de Rothschild banking operations will be consolidated.Edmond de Rothschild would become the only Swiss private bank to be 100% family owned and under a simplified structure would be headquartered in Geneva, the historical centre of the…

Read More
News 

StanChart suffers senior private banker exits in Asia as unit earnings sag: sources

“Loss before tax at the private banking business widened to $14 million last year, from a loss of $1 million in 2017, the bank’s annual report showed” writes Midwest Communications Inc for 95kqds.com. Both Hong Kong-based Kwong and Lam joined StanChart in the first half of 2017 from the regional private banking unit of rival HSBC Holdings PLC. It was not immediately clear where the two are headed.A StanChart spokeswoman in Singapore declined to comment on recent staff exits in Asia, but said that the bank continued to invest in…

Read More
News 

Family plans to take Swiss bank Edmond de Rothschild private

“ZURICH (Reuters) – The Benjamin de Rothschild family plans to take Swiss bank Edmond de Rothschild (Suisse) S.A. private as a way to consolidate Edmond de Rothschild banking activity and make the Swiss group its operative holding company, the bank said on Wednesday” writes Midwest Communications Inc for 95kqds.com. Founded in 1953, the private banking and asset management group has 170 billion Swiss francs ($168.72 billion) in assets under management. Source: 95kqds.com

Read More
Markets News 

Citi is expecting trading to fall in the ‘high single-digits’ in the first quarter

“Underwriting revenues have been sluggish across Wall Street as well, but in investment banking Mason said he was expecting gains” writes Alex Morrell for businessinsider.com. Like most banks, Citi in January reported a hefty decline in fourth-quarter trading revenues, which fell 11% to $3.1 billion amid a December market rout. Investment banking revenues were down slightly in the quarter to $1.3 billion, as a 47% jump in advisory fees was offset by a chill in underwriting.At a conference Tuesday, Mason said he anticipated the bank’s fixed income and equities trading…

Read More
Crypto News Platforms 

HSBC Seeks Banking Partners in South Korea to Launch Voltron Blockchain Platform

“United Kingdom-based banking giant HSBC is seeking banking partners in South Korea to deploy the blockchain platform Voltron in the country, Korean news outlet The Korea Times reports on Tuesday, March 12” writes Josh Matthews for cointelegraph.com. As reported, Voltron is a platform that enables companies to process and settle their trading invoices via blockchain.In February, HSBC revealed that its proprietary blockchain solution FX Everywhere had cut costs for foreign exchange trade settlement by 25 percent.HSBC wants to establish ties with Korean banks to collaborate on the development of the…

Read More
News Regulators 

Fed bans two former Goldman Sachs executives from banking industry for their roles in Malaysian scandal

“The Federal Reserve on Tuesday barred two former Goldman Sachs Group executives from the banking industry for their roles in the scandal at a Malaysian investment fund” writes Senior Economics Reporter for marketwatch.com. Tim Leissner, a former Goldman partner in Asia, was one of the two executives barred by the Fed from the banking industry.Some of the money went to bribes. Source: marketwatch.com

Read More