Friday May 25, 2018 –
Here are the new and noteworthy stories we have been following this week.
Banks Adopt Military-Style Tactics to Fight Cybercrime
Banks are using military-style tactics to combat a $445 billion problem.
https://www.nytimes.com/2018/05/20/business/banks-cyber-security-military.html
Main Street Banks’ New Lending Rivals: Hedge Funds and Private Equity
Banks are facing increasing competition in commercial lending from hedge funds and private-equity firms.
Fifth Third Bancorp pays $4.7 billion for MB Financial’s Chicago muscle
Fifth Third is acquiring MB Financial in a stock-and-cash deal valued at about $4.7 billion.
Barclays reported to be exploring merger with Standard Chartered
Barclays is reportedly exploring a merger with Standard Chartered in response to pressure from activist fund, Sherborne.
US has more than 5,600 banks. Consolidation is coming
Conditions are ripe for bank M&A – increased sector profitability, activist shareholders, and lighter regulation.
https://www.ft.com/content/41af5986-5e05-11e8-9334-2218e7146b04
U.S. bank regulator encourages banks to reconsider small-dollar lending
The OCC is encouraging banks to engage in small-dollar lending.
Payments processor EVO Payments stock jumps in Nasdaq debut
EVO Payments raises $224 million in IPO.
Adyen, payments processor for Spotify and Uber, plans to IPO in June
Adyen is planning a June IPO with a $7 billion – $11 billion valuation.
GreenSky Opens Below IPO Price After Raising $874 Million
GreenSky raises $874 million in IPO.
PayPal starts deeper integration with Google; users can now pay directly in Gmail, YouTube and more
PayPal and Google deepen payments integration so PayPal could be used across all Google platforms and services.
Trump signs the biggest rollback of bank rules since the financial crisis
Small banks get regulatory relief with easing of Dodd-Frank – threshold for systemically important banks raised to $250 billion.
https://www.cnbc.com/2018/05/24/trump-signs-bank-bill-rolling-back-some-dodd-frank-regulations.html
Europe’s New Privacy Law Takes Effect Today. Here’s How the World Is Handling Digital Rights
The European Union’s General Data Protection Regulation (GDPR) comes into force this week.
http://time.com/5291529/gdpr-digital-privacy/
