Big banks are taking the ideas behind blockchain and adapting the technology to their business models. For instance, much of Italy’s banking sector uses Spunta,…
Posts published in “Banks”
Global central banks have already set interest rates at record lows and earmarked trillions of dollars on asset purchases as an economic response to the coronavirus pandemic.
“Financial crises recur in part because memories fade.” – Ben S. Bernanke, Timothy F. Geithner and Henry M. Paulson Jr in “Firefighting: The Financial Crisis and Its Lessons.”
Neel Kashkari, president of the Federal Reserve Bank of Minneapolis told CBS’s “60 Minutes” that “there is an infinite amount of cash in the Federal Reserve. We will do whatever we need to do make sure there’s enough cash in the banking system.”
“Forget the mattress! Keeping large sums of cash at home is risky,” the FDIC tweeted today. “The best place to protect your money is in an FDIC-insured bank where it’s safe and sound.”
Italy’s banking staffs have worked without protection against the coronavirus epidemic, and they may go on strike, according to the head of the sector’s main union on Tuesday.
Deutsche Bank says that inflation could become “more embedded” in the world economy, leading people to later question fiat money. The bank predicts “demand for alternative currencies will therefore likely be significantly higher by the time 2030 rolls around.”
The bank even wonders if, as authorities will face policy dilemmas as they try to balance higher yields with record debt levels, fiat currencies will survive.
Goldman Sachs’ private equity clients are bracing for a recession. “Every one of our clients is focused on being prepared for a recession,” said Alison Mass, the bank’s chairman of investment banking.
While interviewed on Bloomberg TV, Mass said the bank’s clients are creating checklists of ways in which to navigate a recession.
U.K.-based Cashaa, a cryptocurrency banking platform, has launched bank accounts for U.S.-based crypto firms in U.S. dollars.
Cashaa is offering the accounts through a partnership with Metropolitan Commercial Bank, which saw a more than 300-percent increase, year-on-year, in its non-interest income. Metropolitan Commercial Bank, which is headquartered in New York City, is a full-service commercial bank with banking centers in Manhattan, Boro Park Brooklyn and Great Neck, Long Island.