I recently had the chance to sit down with Chris Britt, the CEO of Chime. Chime is an innovative company in the FinTech space that aspires to be the banking solution for Millennials.
There are several outstanding companies in mobile banking/fintech space right now, such as Acorns, Atom, Robinhood, Betterment and Wealthfront. It’s a particularly exciting time to be in fintech for entrepreneurs and investors.
Why did you decide to start Chime?
Chris Britt: Millennials hate the traditional banking options. Of the 10 LEAST loved brands among Millennials, four are financial institutions you know well – Bank of America, Chase, Citi and Wells Fargo. They’re moving away from bank branches and want to manage everything in their lives on their phone, including their finances.
Six banks have been collectively fined £2.6bn by UK and US regulators over their traders’ attempted manipulation of foreign exchange rates.
HSBC, Royal Bank of Scotland, Swiss bank UBS and US banks JP Morgan Chase, Citibank and Bank of America have all been fined.
A separate probe into Barclays is continuing.
The fines were issued by the UK’s Financial Conduct Authority FCA and two US regulators.
The country’s Commodity Futures Trading Commission CFTC issued fines of $1.4bn to five banks, while the Office of the Comptroller of the Currency OCC added $950m in further fines to three lenders.
Separately, the Swiss regulator, FINMA, has penalised UBS 134m Swiss francs.
Barclays, which had been expected to announce a similar deal to the other banks, said it would not be settling at this time. “After discussions with other regulators and authorities, we have concluded that it is in the interests of the company to seek a more general coordinated settlement,” it said in a statement.
Forex failings “let down public trust”FCA boss Martin Wheatley told the BBC: “This isn’t the end of the story.””The individuals themselves will face the consequences,” he said.