Banking Technology Magazine November 2022 issue out now
Cover story: TAKING THE LEAD – Women are inspiring fintech teams.
The fintech industry’s bumpy ride continues as we are moving closer to the end of the year and there is little doubt this is just a taste of things to come in the 2023 and beyond…
Marcus, a once much-hailed digital bank for consumers launched by Goldman Sachs in 2016, is about to disappear from the fintech map. With predicted losses of $1.2 billion this year, Marcus is now being folded into Goldman Sachs’ wider asset and wealth management division as the banking group shifts its focus away from its retail banking proposition. Building a consumer bank at scale is tough, even the likes of mighty banking conglomerates like Goldman Sachs.
At the same time, Goldman Sachs teamed up with Apple to launch a new “high-yield” savings account for Apple Card users.
Credit Suisse is cutting around 9,000 jobs (from its current 52,000 full-time workforce) as it looks to “radically restructure” its investment banking business and “deliver a new, more integrated business model”. New CEO Ulrich Körner describes the restructuring as a “historic moment” for Credit Suisse.
On a smaller scale, Flux, a UK-based digital receipts and cashback firm, has closed down after six years in operation. A Barclays Rise graduate, it claimed to have recently surpassed one million users, generated 11 million digital receipts, and paid more than £140,000 in cashback.
But it’s not all doom and gloom. This issue of the magazine is also full of stories about companies and people riding the fintech wave and demonstrating that digital capabilities, innovation and problem-solving are still very much in demand.
And if you are looking for an opportunity to apply your digital and banking expertise, check out this vacancy for a chief digital officer.
As always, we hope you find the Banking Technology magazine engaging and worth your time.
CLICK HERE TO READ THE FREE NOVEMBER 2022 EDITION OF THE BANKING TECHNOLOGY MAGAZINE