You are here

BANKING

Nobel Prize winning economist praises $100 bn BRICS bank created to counter Western dominance

Nobel Prize-winning economist Joseph Stiglitz has praised the new development bank founded this week by the BRICS countries for creating a financial institution that could counter the Western-dominated IMF and World Bank.

Faced With Western Freeze-Out, BRICS Bank Is a Coup for Russia

Top of the agenda at the sixth summit of the BRICS developing nations beginning Tuesday is the founding of two multilateral financial institutions designed to erode the dominance of the World Bank and International Monetary Fund as arbiters of the global economic system.

U.S. Scrutiny for Banks Shifts to Commerzbank and Germany

A trail of illicit money led the American government on a hunt through the European financial system, generating criminal cases against banks in Britain, Switzerland and most recently, France.

NatWest apologises after manager didn't hang up phone properly and left three-minute voicemail mocking customer

NatWest has apologised after a business manager accidentally left a three-minute message on a customer's answerphone, mocking his financial situation and calling him a 'k**b'.

Spanish bank manager robs blind man of €27,000

A bank manager in eastern Spain has been charged with cheating a partially blind 93-year-old out of €27,000 by fooling him into signing a document which granted her access to his savings.

Spanish EU bank boss quits amid scandal

The vice president of the European Investment Bank, Magdalena Alvarez, announced her resignation from the post Wednesday even as she protested her innocence of suspected corruption in Spain.

Ireland's banking inquiry cannot investigate government cabinet meetings that led to bank guarantee

The committee has been told that Cabinet confidentiality protects any discussions leading to the ill-fated guarantee.

Buying Up the Planet: Out-of-control Central Banks on a Corporate Buying Spree

Whatever power plays are going on behind the scenes, it is increasingly clear that they are not serving we-the-people. The global central banking scheme is systemically flawed and needs to be radically overhauled.

French bank 'ignored US warnings' over embargo

The bank is accused of breaking sanctions against Iran, Sudan and Cuba between 2002 and 2009 by carrying out dollar transactions with them.

RBS could fail due to ‘£100bn black hole’ - with British taxpayers in line to lose their entire £45bn stake

British taxpayers risk losing their entire £45bn stake in Royal Bank of Scotland (RBS) which is in grave danger of failing within 10 years, according to an explosive new book.

US demands billions in fines from BNP Paribas

American regulators want French bank BNP Paribas to pay over €7 billion in fines on charges it violated economic sanctions against countries like Iran and Cuba. A settlement is reportedly "weeks away."

Iranian businessman hanged over biggest bank fraud

A businessman involved in embezzling billions of dollars in Iran's biggest bank fraud case has been executed, state media say.

'Never Trust the Govt!' - Vivienne Westwood on Fracking, Banks, Austerity

Afshin Rattansi talks fracking, debt-based money and austerity with punk pioneer and activist Vivienne Westwood. 

'Never Trust the Govt!' - Vivienne Westwood on Fracking, Banks, Austerity

Credit Suisse to set up US 'bad bank'

Credit Suisse, facing potential criminal charges for helping Americans dodge taxes, has created a "bad bank" unit for US clients, Swiss media reported on Tuesday.

Italy's biggest banks sign loan deal with US firm

Italy's two biggest banks, Intesa Sanpaolo and UniCredit, have signed a deal with US private equity firm KKR and restructuring adviser Alvarez & Marsal to create a vehicle for restructured loans, a statement said on Tuesday.

Man takes hostages at bank in central Russian city

Reports say the man wants his money back after learning that the bank’s license has been revoked.

French bank bosses to explain 'indecent' pay

France’s economy minister, outraged by huge pay hikes the bosses of the country’s biggest banks have awarded themselves in the past year, called the chiefs to a meeting to “explain” their “indecent” pay.

Royal Bank of Scotland 'Cleared' Of Ill-Treating Small Firms

A review ordered by the Royal Bank of Scotland has cleared the lender of fraud against small and medium-sized business customers.

Anglo Irish Bank accused could each face five years in prison for each offence

After being found guilty of 10 counts of providing unlawful financial assistance to ten developers, former Anglo Irish Bank executives Pat Whelan and Willie McAteer will return for sentencing on 28 April.

Société Générale faces €1 billion lawsuit over Gaddafi ties

French bank Societe Generale has been hit Monday with a €1 billion lawsuit in British court for allegedly channelling bribes to allies of the son of deposed Libyan dictator Moamer Gaddafi.

Real crisis in Irish economy may be yet to come, warns economist

Morgan Kelly, the first economist to predict the likely scale of the Irish banking collapse, has said the “real crisis” for the Irish economy has not yet happened.

Allied Irish Banks seeking to 'write off' €3.5bn of money owed back to the taxpayer

Allied Irish Banks is in talks with the Government that could see a €3.5bn portion of the bank's bailout loans effectively written off this year.

'No bank should be promised eternal life'

The governor of the Central Bank of Norway (Norges Bank) has called for his country to intensify reforms so that the country's taxpayer will not have to bail out its banks in a future financial crisis.

RBS's Ulster Bank faces crunch month

Workforce is bracing for the axe to fall as bank's parent company RBS gets ready to publish a review of its global operations.

Barclays Bank customer data stolen and sold on

Investigations are underway following reports that confidential files relating to customers of Britain’s second-largest bank, Barclays, have been stolen and sold to brokers.

Immature banks jeopardize Sweden - Finance Minister

Swedish Finance Minister Anders Borg has said the country's banks have turned a deaf ear to repeated pleas for steeper capital requirements, with the government now ready to legislate to get them to comply.

Brazilian corruption case banker arrested in Italy

The former marketing head of the Banco do Brasil, Henrique Pizzolato, ensnared in a huge corruption scandal, has been arrested in Italy, Brazilian police said on Wednesday.

JPMorgan, Morgan Stanley fined $1.8 bn for concealing pre-crisis mortgage risk

Morgan Stanley has agreed to pay $1.25 billion to the US government, and JPMorgan has been fined $614 million as a penalty for concealing the full risk associated with mortgage securities.

Brawl in Italian parliament as controversial law railroaded through

In a move that drew the ire of legislators from Beppe Grillo's Movimento Cinque Stelle party, a law to create a new ownership structure for the Bank of Italy was coupled together with a provision that freed householders from having to pay the second installment of the household tax and railroaded through parliament. Opposition politicians have claimed that the change to the ownership structure is tantamount to a €7bn bailout of the shareholding banks, all of it taxpayer funded.

HSBC Bank Refuses To Let Customers Withdraw Large Sums

HSBC have been accused of quizzing customers withdrawing large sums on cash on what they want to spend it on - and demanding proof of what they will purchase.

Pages

Theme by Danetsoft and Danang Probo Sayekti inspired by Maksimer