Today In Digital-First Banking: Drury Tapped To Lead Telecom, Tech Banking For Citi; UK Examines Benefits Of ‘Britcoin’

In today’s top news in digital-first banking, Philip Drury has been chosen to lead an investment banking group for Citigroup that is focused on firms in telecom, data, entertainment, media and tech, while the United Kingdom is looking at the benefits of a so-called “Britcoin” cryptocurrency. Plus, CU Recovery said it collected a record $3 million in charge-off debt last month.

Drury Selected To Head Up Telecom, Tech Banking For Citi

Citigroup has chosen Philip Drury to lead a new investment banking group that is geared toward companies in telecom, data, entertainment, media and tech. The executive will relocate to California for his global head of the technology and communications group role. At the present time, Drury leads the banking, capital markets and advisory division in Europe, the Middle East and Africa. Citigroup’s rivals have usually brought together the telecom, media and tech units inside of their investment banks.

UK Task Force Looks At Benefits Of ‘Britcoin’ Digital Currency

Rishi Sunak, the British treasury chief, has dubbed a potential digital pound as the “Britcoin” and said the Treasury Department and the Bank of England would examine the advantages of creating a central bank digital currency (CBDC). The so-called “Britcoin” would be for use by companies and households. It would be in existence along with cash and bank deposits instead of taking their place. Moreover, the digital version of the pound could let individuals and companies hold accounts directly with the bank.

PSCU-Owned CU Recovery Collects Record $3 Million In Charged-off Debt

CU Recovery, a PSCU company, announced Monday (April 19) that it collected a record $3 million in charged-off debt in March for its 850-plus credit union (CU) clients. The record month of recoveries in March also helped CU Recovery’s CU clients receive an enhanced understanding of the relationship between initial credit risk and forecasted returns. CU Recovery is a full-service collection agency for CUs, which PSCU purchased in 2018.

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