Feeds

Banking giants spend $1bn on UK Net venture

Gunning for high value e-biz

  • alert
  • submit to reddit

Providing a secure and efficient Helpdesk

Two of the biggest name's in the global financial sector, Merrill Lynch and HSBC, are to spend $1 billion (that's more than £600 million) on an online banking division. The new venture, as yet unnamed, will be aimed at providing a range of banking and investment services to anyone with a spare $100,000 to invest – described by Peter Toeman of Morgan Stanley Dean Witter in today's FT as "private banking for the mass market". Based in London and owned 50:50 by the two financial heavyweights, the new venture will allow HSBC and Merrill Lynch to lean on each other's strengths. HSBC chairman Sir John Bond said: "By combining resource, our two companies are able to serve customers in more markets, quicker and more effectively than either one could on its own." The services will all be accessed via the Net boosted by a series of kiosk-style branch facilities. Elsewhere in online banking land, Smile – the Co-op's Net bank – announced it had netted 120,000 customers in its first five months. The Pru's Egg also announced some customer stats – another 42,000 people joined it during the first three months of the year. ® For more Net finance news, check out our Cash Register section

Providing a secure and efficient Helpdesk

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Apple CEO Tim Cook: TV is TERRIBLE and stuck in the 1970s
The iKing thinks telly is far too fiddly and ugly – basically, iTunes
Huawei ditches new Windows Phone mobe plans, blames poor sales
Giganto mobe firm slams door shut on Microsoft. OH DEAR
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Apple Pay is a tidy payday for Apple with 0.15% cut, sources say
Cupertino slurps 15 cents from every $100 purchase
Forget silly privacy worries - help biometrics firms make MILLIONS
Beancounter reckons dabs-scanning tech is the next big moneypit
Microsoft's Office Delve wants work to be more like being on Facebook
Office Graph, social features for Office 365 going public
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.