Top five stories of the week – November 25, 2022

Here’s our pick of five of the best news stories from the world of finance and technology this week.

FIS will reportedly cut thousands of jobs under the new CEO

FIS is reportedly planning to cut thousands of jobs

US banking and payments technology giant FIS is reportedly planning to cut thousands of jobs as part of incoming CEO Stephanie Ferris’ strategy to right the firm after a slump in its share price during 2022.

Bloomberg reports that while workforce cuts are expected to be staggered, several thousand employees and contractors are on the chopping block as part of Ferris’ $500 million cost-cutting plan.

Ferris was named president in February of this year and will also take over as CEO from Gary Norcross on January 1, 2023. Norcross will transition to the role of executive chairman.

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Visa appoints Ryan McInerney as new CEO

Payments giant Visa has appointed current president Ryan McInerney as its new CEO.

McInerney will take over from Alfred Kelly, CEO since 2016, on February 1, 2023. Once the transition is complete, Kelly will become executive chairman.

Visa CEO Kelly says McInerney as president has become “intimately familiar” with how Visa operates, with the company poised for further success under McInerney’s leadership, the firm says.

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US fintech GloriFi shuts down amid ‘a number of financial challenges’

GloriFi closes down

Texas-based fintech GloriFi, which describes itself as “an unapologetically pro-America, pro-freedom, pro-capitalism technology company,” is shutting down just months after launching its digital banking app.

The company announced the closure on its website, saying it had “experienced a number of financial challenges related to start-up failures, reputational attacks, the declining economy and several negative media stories”.

The Wall Street Journal reports that the firm was unable to secure the funding it needed to continue operations, with a potential funding arrangement falling through on Friday last week.

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Nationwide Building Society appoints new COO, Suresh Viswanathan

UK-based Nationwide Building Society – the world’s largest building society with 16 million members and 18,000 employees – has appointed a new chief operating officer (COO), Suresh Viswanathan.

Nationwide says Viswanathan “has extensive experience in delivering data-led technology and digital transformation with a focus on improving the customer experience”.

Over the past decade he has held COO roles at UK high street banks Barclays and, more recently, TSB (you can read an exclusive interview with him here when he was at TSB).

“His passion for doing the right thing for members and colleagues, combined with his extensive expertise and industry connections, will prove invaluable as we enhance our digital capability,” said Debbie Crosbie, CEO of Nationwide.

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FCA warns share trading apps against gamification

FCA warns share trading apps against gamification

Britain’s Financial Conduct Authority (FCA) has warned stock trading apps against adding gamification elements to their platforms, saying they could lead users to make high-risk investments and lead to gambling-like behaviour.

The regulator says gamification can “positively engage consumers”, but found it is being used in ways that can mislead consumers or cause poor outcomes.

The warning to consider design features such as gamification comes after the FCA surveyed more than 3,000 users across four trading apps. The FCA found that points, badges, push notifications and festive messages made users more likely to invest in products beyond their risk appetite.

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