SAN FRANCISCO, CA - APRIL 13: A sign is posted in front of a Citibank office on April 13, 2018 in San Francico, California. Citigroup reported better than expected first quarter earnings with revenue of $18.872 billion compared to analyst expectations of $18.865 billion. Justin Sullivan/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==
European banks are agonising over how to handle the mountains of client data at their disposal – and not just because Facebook Inc’s privacy scandal showed them the potential pitfalls of getting it wrong.
Sweeping new European Union rules kick in on Friday, setting out strict new boundaries on the information companies can gather about their clients and how they use it. Violators can be fined as much as 4% of their global revenues.
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