Nov. 30 - Libra could launch in January | HSBC weighs a US retail exit
HSBC considers leaving US retail banking; BBVA, Sabadell merger talks fall apart; Behind BNY Mellon's war against B2B checks; OCC fines JPMorgan $250M over weak controls in its advisory business
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Novi, Facebook's Libra wallet, which has been rebranded from Calibra, is also expected to launch around the same time, sources told the Financial Times.
The London lender has already closed 79 of its U.S. branches this year, and exiting the market, as HSBC is doing in France, would allow the bank to shift focus to Asia in a cost-cutting strategy.
BBVA valued Sabadell at $3 billion, but the smaller bank wanted at least 12% of the merged company, Bloomberg reported, adding it also had an issue with board composition. BBVA denied the latter.
Peer-to-peer payments have made consumer transactions cheap and efficient. BNY Mellon wants to do that for business payments, with additional communication, reporting and security measures.
Banks that see a 10% or greater drop in lending or investment in low- and moderate-income areas, compared with their historical data, will receive a "downward adjustment." But first, the OCC requires four types of data.
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