Cambridge Analytica Files for Chapter 7 Bankruptcy after Facebook and US Election Scandals

Cambridge Analytica Files for Chapter 7 Bankruptcy after Facebook and US Election Scandals

Cambridge Analytica has filed for Chapter 7 bankruptcy in the United States after announcing that it had lost most of its clients for using data from 87 million Facebook users to influence the 2016 US election.  It is facing lawsuits in the United States over Facebook data collection and in the filing, listed assets of $100,001 to $500,000 and liabilities in the range of $1 million to $10 million.

” Cambridge Analytica Files for Chapter 7 Bankruptcy after Facebook and US Election Scandals “

Cambridge Analytica was founded in 2013, and uses data to help commercial and political divisions change audience behavior.  The board includes Rebekah Mercer and Jennifer Mercer, daughters of billionaire Robert Mercer and co-CEO of Renaissance Technologies, one of the world’s largest hedge fund.

In the United States, Chapter 7 bankruptcy filing means the debtor’s assets are sold to pay the lenders (creditors) while in Chapter 11, the debtor will restructure with creditors to ensure the orderly regroup or disposal of assets.

Source: SCMP, ReutersCambridge Analytica

 

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UK Banks Close Down 1000 Branches

UK Banks Close Down 1000 Branches

More than 1000 bank branches have closed down over the past 2 years as more customers have turned to mobile banking. HSBC has shut most outlets since 2015 reducing almost 30% of its network by closing down 321 branches.

“HSBC has shut most outlets since 2015 reducing almost 30% of its network by closing down 321 branches. “

~ Financial Times

Royal Bank of Scotland and Lloyds Banking Group shut 191 & 180 branches respectively. Banks have been cutting costs at a time when profits are being squeezed by record low interest rates. HSBC has seen the number of branch visits drop by 40% in the past five years and it intends to grow its mobile and online banking.

Related Reports: Financial Times, BBC

 

About HSBC

HSBC is one of the world’s largest banking and financial services organisations. With around 6,000 offices in both established and emerging markets, we aim to be where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.

We serve more than 47 million customers through our four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. Our network covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America. Listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by about 213,000 shareholders in 132 countries and territories.

Visit: HSBC

 


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Goldman Sachs Moves into Retail Banking

Goldman Sachs Moves into Retail Banking

The move into retail banking came about eight months after the lender announced it would acquire GE Capital’s online deposit arm, giving the company about $16 billion in accounts and certificates of deposit.

“We are committed to providing our new online deposit customers the high level of service they have come to expect”

-Esta Stecher, Chief Executive Officer of GS Bank

Goldman Sachs is starting to take online deposits as low as $1 for savings accounts. The new retail banking arm, called GS Bank, is offering some sweet interest for early movers.For new deposits, Goldman will give 1.05 percent annual yield and 2 percent on a five-year Certificate of Deposit

Related Reports: Goldman Sachs, CNBC, Business Finance News

 

About Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Visit: Goldman Sachs


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