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BACKCHAT / DIARY Backchat
crisis? A cool startup! Peer to peer lender, Funding Circle, has added Eric Daniels to its Board as a Non-Executive Director. Daniels oversaw Lloyds TSB’s rescue of HBOS to form Lloyds Banking Group, along with a government bailout that left UK taxpayers owning 43% of the FI.
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He began his career with Citibank and in 2001 joined Lloyds where he was appointed to the Board as Group Executive Director with responsibility for the retail banking division. He became Chief Executive of Lloyds TSB in 2003 before retiring as Chief Executive of Lloyds Banking Group in 2011, having presided over a £16 billion PPI mis-selling scandal. So much for new entrants sweeping away the old guard, brave new world etc etc.
In the last issue of IBS Journal, we handed the ‘Colossal, Costly Cockup of the Year Award’ to RBS for its attempts to launch Williams & Glyn (W&G) as a standalone bank. In this edition, we’re announcing Wells Fargo as the winner of our ‘2016 Keeping Banking Sleazy Award’. This is in recognition of it being slapped with a $185 million fine for employees opening over 1.5 million unauthorised deposit and credit card accounts in order to hit sales targets and receive bonuses.
Staff funded the accounts by transferring money from customers’ authorised accounts without permission, the Consumer Financial Protection Bureau (CFPB), the Office of the Comptroller of the Currency, and the Office of the Los Angeles City Attorney said. They also created fake PIN numbers and email addresses to enrol customers in online services. The FI has fired 5,300 employees. And the cherry on this ‘best before 2007’ cake is the exec who presided over the whole sorry affair, Carrie Tolstedt, departed in July with a $124.6 million bonus.
A review has been carried out by a third party consulting firm going back to 2011, and $2.6 million has been refunded to customers for any fees associated with products they received but did not request. The $185 million fine is the largest penalty since the CFPB was founded in 2011.
You know something has crossed over to the mainstream when it gets mentioned in popular TV shows. Bitcoin has cropped up in the really rather good Silicon Valley and Mr. Robot. Now GenCoin, a fictional digital currency inspired by Bitcoin, features heavily in StartUp, a crime drama which recently launched on Crackle. Sounds like IBS Journal’s cup of tea. Pass the popcorn, please…
IN THE NEXT ISSUE Feature Focus: Islamic Banking Systems here do you go when you’re tainted by the 2007-2008 financial Diary OCTOBER
5-6: BAI Beacon, Chicago
https://www.bai.org/baibeacon
23-26: Money20/20, Las Vegas
http://money2020.com
NOVEMBER
8-9: BankTech Asia, Kuala Lumpur
www.banktechasia.com
DECEMBER
5-7: World Islamic Banking Conference, Manama
www.wibc2016.com
5-7, PayExpo MENA 2016, Dubai
http://www.payexpo.com/mena/
FEBRUARY
7-8: FinovateEurope 2017, London
http://europe2017.finovate.com
MARCH
28-29: MEFTECH 2017, Abu Dhabi
www.meftech.ae
For further information and a comprehensive listing of industry events, visit our website:
IBS Intelligence is a prominent media partner of many fintech industry events worldwide. If you are interested in a media partnership with us and marketing opportunities, please contact:
www.ibsintelligence.com © IBS Intelligence 2016
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