Weekly Global News Wrap: JPMorgan reshuffles investment bank; Fintech firm LendingClub buys Radius Bank for $158m

And customers were outraged by N26 UK exit.

From Reuters:

JPMorgan is reshuffling senior management at the top of its investment bank, appointing two global co-heads and shifting some senior dealmakers to jobs focused on onboarding business.

The bank has named Viswas Raghavan and James Casey to jointly run its global investment banking unit.

Global M&A co-heads Hernan Cristerna and Chris Ventresca are among those who will drop management responsibilities and instead join a new executive committee of 18 global chairs.

From CNBC:

LendingClub, an fintech platform focused on online personal loans, is acquiring Boston-based online bank Radius Bank for $185m.

This is the first time a US fintech firm has bought a bank.

With about $1.4b in assets, Radius is amongst a cohort of small lenders that have partnered with fintechs who need the service of a Federal Deposit Insurance Corporations (FDIC)-regulated institution.

From CNBC:

Customers of German fintech N26 are outraged and betrayed by the firm’s UK exit.

N26 announced last week that it would pull out of the country as it won’t have the appropriate licence to operate after Brexit. It would be closing all UK accounts on 15 April.

N26 hasn’t disclosed its UK customer numbers publicly, but reports have said it managed to attract just 200,000 customers in the country since it opened there in 2018.

Photo courtesy of Wikimedia Commons.