Much has been said about the brave new world of transaction banking—robots and blockchains replacing humans and inefficient paper. Incorporating artificial intelligence and Big Data enable smarter, more strategic, enterprise-wide efforts.
Not likely. American towns and cities have lost millions of manufacturing jobs, yet manufacturing output has actually risen 85% since 1987.
ExonMobil’s CEO Rex Tillerson went overnight from dark-horse candidate to president-elect Donald Trump’s nominee for secretary of State. If confirmed, Tillerson might prove to have the toughest position in the new cabinet as he wrestles with strife around the world and a new relationship with Russia.
Jacques Molgo, group financing & treasury director, and Laurent Chesnay, head of group front office, Air Liquide, a French multinational, explain the appeal of deal-contingent forwards (DCF)—a type of foreign exchange contract.
Naspers Group Head of treasury Jaco van der Merwe talks with Global Finance about managing complex foreign exchange transactions.
Private-sector entities are getting involved in providing aid, education and even jobs to refugees in order to mitigate the crisis.
Tim Sloan, new CEO of Wells Fargo, will likely close branches and seek growth online, but even that may not be enough to help the San Francisco-based bank change direction in the wake of its cross-selling scandal.
Financial settlement start-up Ripple has enjoyed a cordial, but at times uneasy relationship with the financial messaging network SWIFT. On the one hand it has sought to collaborate with SWIFT to try and improve the cross-border payments experience for corporate ...
Singapore chosen as a top fintech hub in Connecting Global FinTech: Hub Review 2016 by Deloitte and All Street Research.
Big profits from managing short lead times helped Amancio Ortega—Spanish business magnate, founder and chairman of the Inditex fashion group—recently pass Bill Gates’s fortune for the second time.
Will bringing in an outsider revive the brand with fresh insight or cause it to stumble on the turns?
Although Liam Fox made headlines for saying British businessmen are too lazy to boost exports, less extensively reported remarks by the UK’s international trade secretary hint at a significant change in policy.
The 2016 Global Cloud Data Security Study, compiled for digital security company Gemalto by the Ponemon Institute, shows that safety measures are not keeping up with Cloud data challenges, making organizations vulnerable in storage and management of confidential information.
The first-round winners of the 17th Global Finance Best Digital Bank Awards reveal the strategic importance that both corporate/institutional and consumer banks place on digital banking.
By aping technology firms, banks that simplify solutions and focus upon the customer experience will be the ones that survive.
US | Wal-Mart’s decision to buy Jet.com, a fast-growing e-commerce company, for $3.3 billion is being viewed as a shrewd move for both companies—one that strengthens their ability to compete with Amazon.
After 17 years of construction, the Gotthard Base Tunnel, connecting Northern and Southern Europe through the Alps, opened to great fanfare on June 1, and shone a light on years of lax investment in infrastructure by European nations generally.
Fintech collaborations may be on the verge of yielding concrete solutions for monitoring and compliance.
US | When Microsoft bought LinkedIn, the deal was structured to leave the networking site to grow and develop somewhat independently. The question is, how independently?
The promise of London’s new mayor, Sadiq Khan, to build 50,000 homes (half of them affordable) with a reasonable commute is being heralded but also questioned.
Elisabeth Mosseen, group treasurer, and Eva Christianson, head of risk analysis and control at group treasury, both at Volvo Car Group, chart their treasury’s transformation from a division of Ford to a stand-alone outfit.
Finance sector innovations have cut costs and improved convenience but have not been transformative. Will bankers and treasurers—traditionally risk-averse players—ever brainstorm a revolutionary breakthrough?
Adam Boukadida, deputy treasurer for Etihad Airways, talks treasury transformation vision, goals and strategy.
Coca-Cola’s director of international treasury services, Jim Aschmeyer, explains how a strong relationship with Citi aids innovation and cash management.
Trends | Inversions
The US Treasury Department’s recent rules against corporate inversions are intended to stop “serial inverters.”
Corporates today need more agility to meet regulatory requirements and manage volatility, hence technology plays a growing role in treasury departments.
Bank of China, the fourth-largest bank in the world, has been an ener-getic leader in expanding overseas. In an interview with Global Finance, Chen Siqing, the bank’s president, spoke about internationalization efforts and the importance of overseas growth.
UK: The April launch of Atom Bank is a new chapter for seasoned entrepreneur Anthony Thomson.
PNC Bank’s head of retail banking and chief customer officer, Karen Larrimer, details how to match customer needs with technology.
Forget Humphrey Bogart and Ingrid Bergman. Casablanca is carving a new identity as a financial hub, with the Casablanca Finance City (CFC) recently topping the Global Financial Centers Index in Africa.
Phil Di Iorio, CEO, J.P. Morgan Private Bank discusses how new digital tools are changing the industry—and driving interactions with clients.
BNY Mellon Wealth Management, based in New York, oversees more than $191 billion in client assets and chief investment officer Leo Grohowski discusses the best options for managing market volatility.
Capital Markets | Regulation
“Nothing will make us deviate or change our course. We are not exiting our operations in any of our African markets,” declared Maria Ramos, CEO of Barclays Africa.
Special Report: Fintech
As banks rush to find areas where the blockchain can save them time and money while creating opportunities, it’s hard to see exactly how this might shape future banking processes.
Nordea Markets Investment Banking is an integrated part of wholesale banking in the Nordea Group. A move from different legacy systems to one single platform is part of Nordea’s simplification program. Svante Andreen, Nordea co-head of markets investment banking, expects the move to foster agility, enabling Nordea to become a truly digital bank.
Newsmakers | United States
Edward Breen earned his reputation breaking up Tyco, so it’s no surprise that he’s hit the ground running since taking over at DuPont last October as interim CEO, a position made permanent a month later.
Capital Markets | Privatization
Russian president Vladimir Putin is pinning his hopes on privatization to help ease Russia’s 2016 budget deficit, which, according to some estimates, could reach $38 billion, or 6% of GDP.
Cheng Jun, general manager, global trade services, Bank of China, says One Belt, One Road will expand China’s role in international finance.
Cuba: News that Anglo-Dutch consumer products company Unilever will return to Cuba to build a $35 million plant in the special development zone at the port of Mariel, about 40 kilometers west of Havana, is one of the clearest signs yet that the communist nation is taking a more pragmatic approach to foreign direct investment.
Michael McDonough, global head of corporate trade and supply chain finance at JP Morgan Chase, sees the supplier finance market evolving to embrace more diverse industry sectors, and banks expanding the range of funding to clients.
Japan’s Financial Services Agency is preparing legislation allowing the government to relax restrictions on fintech investment, promising a technological jolt to one of the world’s biggest financial markets.
Carina Gyllenbring, head of trade & export finance at Swedbank, says the Baltics have proved remarkably resilient in dealing with the trade shocks of their neighbors and trading partners.
Philip Panaino, regional head, transaction banking, Africa & Middle East, Standard Chartered, says awareness of supply chain finance needs to expand from corporate treasurers to their broader organizations.
David Newns, global head of State Street’s Currenex, says the diversity and liquidity provided by ECN (electronic communications networks) trading are keenly important to banks.
FinTech | Trends
The launch of the blockchain-enabled asset trading platform Nasdaq Linq, Goldman Sachs’ filing of a patent for a securities settlement system based on a new virtual currency called SETLcoin, and the continued rise of blockchain banking consortium R3 all point to a race by financial institutions to harness the power of the blockchain.
The World’s Best Digital Bank Awards was preceded this year by the inaugural Global Finance Digital Bank Conference, held in London. Three panels of digital banking experts shared their experiences of competing against nontraditional providers in the financial technology space.
Q+A with Juraj Bojkovský, Director Of Electronic Distribution Channels At Tatra banka
Q+A with Asit Oberoi, Senior President And Chief Operating Officer, YES Bank
Trends | Fintech
China’s Big Three Internet and e-commerce companies—Baidu, Alibaba and Tencent—are so big they are referred to collectively as BAT, and all three have received banking licenses and scaled up their e-commerce and finance platforms.