HSBC names Google’s former Engineering Director as its new CIO of retail
HSBC has announced that it has appointed Mike Warriner, Google’s former Engineering Director as its new Chief Information Officer (CIO) for retail banking and digital wealth management.
Warriner spent five years in his role at Google, leading the US tech giant’s Google Engineering Site and AdSense Engineering program.
“HSBC is an amazing brand, has great products and a highly capable global technology team,” Warriner said. “But even the strongest can’t sit still and the market is moving rapidly with new entrants taking advantage of mobile, artificial intelligence, chat bots and agile development.”
“I am confident that together we can build the best products in the market – relevant, innovative, and exciting and a great experience for our customers.”
Warriner’s appointment is part of HSBC’s recent emphasis on expanding its digital operations, having assigned $2.1bn to its digital initiative.
"As we continue to adapt to evolving customer needs, we need the right people to bring new thinking to HSBC, ensuring we are able to offer the best possible banking experience,” said Ganesh Balasubramanian, HSBC’s Global Retail Banking and Wealth Management CIO.
"Mike brings a unique mix of deep technical knowledge, past experience of the banking world and Google scale, plus expertise in building and leading global technology teams."
One outcome of this initiative is the HSBC Beta, an app that will allow the bank’s customers to view their accounts all in one place, whilst also allowing them to find the best deals.
Start-ups receive $60 billion investment, smash 2020 record
Start-ups on the continent have raised a massive 43.8 billion euros ($60.9 billion) in just the first six months of 2021, according to figures from Dealroom, surpassing the record 38.5 billion euros invested last year..
This is despite the fact that the number of venture deals signed so far is around half the amount agreed in 2020. Only about 2,700 funding rounds have been raised so far this year, compared to 5,200 last year.
Prime examples in times of change
Examples are Swedish buy-now-pay-later firm Klarna which has raised more than $1.6 billion in two financing rounds, the German stock trading app Trade Republic received $900 million in May and British payments provider Checkout.com snapped up $450 million at the start of the year.
The figures suggest that European tech firms are pulling in far larger sums of money per investment than in previous years, which defies the economic uncertainty of the pandemic and boosted online services enormously.
The CEO of Checkout.com, Guillaume Pousaz, said start-ups have often been created in times of crisis, citing the emergence of several new financial technology companies in the wake of the 2008 global financial crisis.
He added that big transformational change was often the time when there is the emergence of a lot of new start-ups, sometimes when people are losing their jobs for associated reasons.
UK leading the charge
Scale-Up Europe, a group that includes the founders of UiPath and Wise, proposed 21 recommendations to help the region build “the next generation of tech giants.” Among the suggestions are tax credits to corporates for investing in start-ups and regulatory changes that adapt to new innovations.
Sebastian Siemiatkowski, CEO of Klarna, said the U.K. leads Europe when it comes to tech policy, and that there were a number of regulatory issues needing to be addressed before the European Union can produce tech giants of its own.
Siemiatkowski highlighted EU regulation of web cookies as an example of “poor regulation.” Yet, as the number of $1 billion start-ups in Europe continues to grow, the number of exits in the continent is also increasing.
This year has already seen some notable acquisitions, including Etsy’s $1.6 billion purchase of U.K. fashion resale app Depop and JPMorgan’s takeover of London robo-advisor Nutmeg.
As for stock market listings, a number of notable debuts have taken place in London in particular, including food delivery app Deliveroo, cybersecurity firm Darktrace and reviews site Trustpilot. Money transfer giant Wise, formerly known as TransferWise, plans to go public in the U.K. capital soon.