AGP Executive Report
Last update: an hour agoJobs & Earnings: Barclays plans to cut 5,000 roles—about 5% of its workforce—as it expands automation and AI. Third-quarter pre-tax profit rose 12% to £2.3bn, but missed forecasts as fixed-income income fell. Rates & Inflation: New Zealand inflation eased to 3.7% in the September quarter, yet core price pressures have four major banks expecting a 25-basis-point Reserve Bank rate hike on October 28, which could push up borrowing costs. Digital Finance: The OCC finalized rules implementing the US GENIUS Act for stablecoin issuers and custodians; the American Bankers Association says the rules overstep Congress. Payments & Policy: Cash outside Nigeria’s banks rose by N48.7bn to N4.92tn in September, despite the central bank’s digital-payment push. The EU also agreed banking-rule changes aimed at expanding lending and reviving securitisation. Banking Infrastructure: A Google Cloud outage disrupted UK banking apps, including Revolut, Lloyds and Halifax, renewing scrutiny of banks’ reliance on external technology providers. Regional Expansion: JPMorgan moved closer to a Nigerian merchant-banking launch with a N50bn deposit at the central bank, while South Africa’s Nedbank completed its acquisition of a 66% stake in Kenya’s NCBA.
Note: AI summary from news headlines; neutral sources weighted more to help reduce bias in the result. Feedback is welcome. Please let us know if you have any comments or suggestions about the AGP Executive Report.
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