Liam Proud joined Breakingviews in 2016. He previously worked as digital content editor at the Natural History Museum, and as deputy business features editor at the London newspaper City A.M. Liam graduated from the University of Exeter in 2013 with a degree in philosophy.
The $46 bln bank’s shares fell after CEO Sergio Ermotti announced vague returns goals. He may be cautious about low rates, or pinning his hopes on a wealth management push rather than cost cuts. If that doesn’t pay off, Ermotti – or his successor – will have to wield the axe.
Startups in Britain raised 44% more money last year than in 2018. Relative to the size of its economy, UK technology investment now matches the U.S. A Brexit-induced talent squeeze, and Prime Minister Boris Johnson’s strategic pivot away from London, will cap future growth.
The $421 bln group is shelling out $5.3 bln for Plaid, which enables payments that bypass the card network. For a rich acquisition multiple, it gets a hedge against a potential threat. The U.S. startup’s owners can cash out and let others worry about challenges such as Big Tech.