Traditionally the banking sector has been shrouded in secrecy, guardians of not only customer financial data but their own internal information. In the aftermath of the 2007 financial crisis, stakeholders, customers and regulators have demanded more honesty from the industry.
Institutions from government to universities are no longer what they once were in the public mind, but banks have fared worse in the court of public opinion than many others, according to a Gallup poll.
Regulatory change is coming, geared towards increasing competition and innovation in retail banking. This is good news for customers. In August this year, the Competition and Markets Authority (CMA) released recommendations arising from its investigation into the retail banking sector.
Just as HSBC’s global head of foreign-exchange cash trading in London was about to fly out of New York’s Kennedy International Airport on the evening of Tuesday, July 19, he was arrested by US federal officials.
Brent crude prices have seen a consistent decline from well over $100 per barrel in 2014 to less than $30 from the beginning of 2016. Based on oil prices that had been rising for more than a decade prior to 2015, energy companies made massive investments in drilling and exploration.