Foreign News: Deutsche fined over forex violations, Paypal buys up, job cuts at Lloyds, one big bran
Deutsche Bank has been fined US$205 million for violating New York banking law in its foreign exchange trading business, reports the FT. The New York Department of Financial Services ruling comes after the regulator found "improper, unsafe and unsound conduct" in Deutsches's foreign exchange business between 2007 and 2013 when it was the world's largest forex dealer.?? Following close on the heels of its agreement to buy iZettle and AI-based marketer Jetlore, Paypal is to shell out US$400 million in a cash deal to purchase e-commerce payout platform Hyperwallet, reports Finextra. Paypal said that the acquisition would "strengthen our ability to provide an integrated end-to-end solution in over 200 markets". Lloyd's Banking Group is to axe another 450 jobs, blaming increased use of digital channels by customers. In response, the job losses (mostly back office) will be partially offset by the creation of 255 new roles focused on digital support and advice, reports Finextra. It is all part of Lloyds' plan to transform into a "digitised, simple, low risk, customer focused" financial services provider. Meanwhile, a three storey branch of Lloyds subsidiary Halifax Bank on Tottenham Court Rd in London could be the blueprint for the bank branch of the future, a flagship branch that operates as a 'destination bank', reports the FT. It includes a coffee shop on the top floor that sells Halifax-branded sweets for £1 and which is the venue for free financial literacy and advice seminars. Google and Microsoft use the space to offer coding classes for children. Customers are encouraged to use "DIY Banking" ATMs to do basic banking transactions, leaving the staff mostly dedicated to upselling. While parents discuss mortgages, loans or investments, their children can play in the indoor play areas which include animated "piggy adventures" and a "feed the pig" coin-sorting machine. But, as the FT notes, Halifax's parent Lloyds has cut around a third of its branches since 2011, many in deprived or rural areas.