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Bank CEOs unite in secret meeting to conquer fintech world

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TLDR:

CEOs of major banks, including JPMorgan and Barclays, held a private meeting in Davos to discuss the challenges posed by fintech firms and stringent regulations. The CEOs expressed concerns about the competitive threat posed by fintech companies and private lenders, as well as the burden of regulatory requirements. The meeting, attended by around 60 CEOs, also included discussions on managing risks amid geopolitical tensions, macroeconomic uncertainty, and technological disruptions. The concerns expressed by the bank CEOs in Davos reflect the broader challenges facing the traditional banking sector as fintech continues to gain momentum.

CEOs of major banks, including JPMorgan Chase & Co. and Barclays PLC, reportedly held a private meeting in Davos on Wednesday to discuss the challenges posed by fintech firms and stringent regulations. The CEOs expressed concerns about the competitive threat posed by fintech companies and private lenders, as well as the burden of regulatory requirements, according to a sources-based report by Reuters.

The meeting, which was attended by around 60 CEOs of global financial firms, was led by Barclays CEO C.S. Venkatakrishnan and Manulife Financial Corp CEO Roy Gori. The agenda included discussions on managing risks amid geopolitical tensions, macroeconomic uncertainty, and technological disruptions. Regulatory concerns were also raised, with UK regulators being singled out as particularly stringent, followed by European regulators.

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