Banking News
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By AFP
New York -
American billionaire Warren Buffett's Berkshire Hathaway group has officially become the top shareholder in Bank of America after exercising its right to buy 700 million shares at a discount.
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By AFP
Montevideo -
Uruguay's unique new marijuana industry has run into a hurdle as international anti-money laundering rules are forcing banks to close the accounts of pharmacies legally selling the drug.
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By AFP
Sydney -
The chief executive of Australia's biggest bank, the Commonwealth, will retire, the company said Monday, amid pressure from regulators over alleged breaches of money laundering and terrorism financing laws.
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By AFP
New York -
Credit Suisse barred its traders from transacting some Venezuelan government bonds and required other Venezuela-connected transactions to undergo a special review for reputational risk, a bank spokesman said Thursday.
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Nicosia -
Banking, like other sectors, is embracing digital transformation. What does this mean from the financial perspective and how should a bank go about the process? The Bank of Cyprus provides the answers as it embarks down the digital path.
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Next time you ask your bank for a loan in may not be the domineering bank manager who decides. Instead the decision could be made by artificial intelligence; a sign of another step in the digital transformation of the finance sector.
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By AFP
Brussels -
Twenty-three European cities have put themselves forward as candidates to host two London-based EU agencies after they are forced to leave the British capital because of Brexit, the EU said Tuesday.
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By AFP
Madrid -
An autopsy on the body of the former head of Spanish bank Caja Madrid, who was sentenced to six years in prison for graft, confirms he committed suicide, officials said Thursday.
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By AFP
Frankfurt Am Main -
European Central Bank chief Mario Draghi will carefully prepare markets for a long-awaited end to the institution's easy-money policy Thursday, analysts expect, but stop short of calling time immediately.
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By AFP
Madrid -
The former head of Spanish bank Caja Madrid, who was convicted of graft along with ex-IMF chief Rodrigo Rato, was found dead Wednesday with a gunshot wound to the chest, police said.
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By AFP
Madrid -
The former head of Spanish bank Caja Madrid, who was convicted of graft along with ex-IMF chief Rodrigo Rato, was found dead Wednesday with a gunshot wound to the chest, police said.
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Citigroup is staffing up for the robotic revolution.
The New York-based financial services giant has plastered online jobs boards advertising roles at a new automation center that will deploy new robotic technology throughout the bank.
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By AFP
Den Haag -
The Netherlands' third-largest bank ABN Amro said Wednesday that it is ratcheting up its battle against smoking and will no longer extend credit to clients in the tobacco industry.
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By AFP
London -
Former Barclays chief executive John Varley appeared in a London court on Monday over fraud accusations, the first time a boss of a global bank has faced charges arising from the 2008 financial crisis.
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Crowdfunding sites are all the rage right now. Kickstarter and Indiegogo have given start-ups a new way to gain exposure and lift their brand off the ground. The approach is also revolutionising established industries though, from real estate to banking.
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By AFP
New York -
The French government will open a tribunal in Paris to handle financial cases in English in an effort to attract more American banks after Brexit, a top official said Thursday.
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By AFP
Paris -
Three non-governmental associations said Thursday that they had filed a lawsuit against BNP Paribas accusing the bank of "complicity" in the 1994 genocide of the Tutsi minority in Rwanda.
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By AFP
London -
The automated teller machine (ATM) marked its 50th anniversary on Tuesday, with a British bank decorating the site of the world's first cashpoint in gold to mark the occasion.
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By AFP
Moscow -
Russian state oil giant Rosneft said Tuesday that its servers had suffered a "powerful" cyberattack, but insisted that production had not been hit."A powerful hacking attack has been carried out against the company's servers," Rosneft said on Twitter.
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By AFP
Rome -
Italy will pay up to 17 billion euros ($19 billion) to break up two insolvent Venetian banks, which have posed a threat to country's banking system, the government announced Sunday.
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By AFP
Rome -
At the 11th hour, the Italian government has vowed to rescue two troubled Venetian banks with the aid of a retail bank, plus billions of taxpayer's cash.
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By AFP
Madrid -
The Spanish state may only retrieve 28 percent of the multi-billion-euro aid granted to banks during the crisis, the central bank said Friday, despite past government pledges that it wouldn't cost "one euro" to the taxpayer.
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By AFP
Madrid -
Spanish prosecutors have asked for former IMF chief Rodrigo Rato to be jailed for five years over the failed 2011 listing of Bankia, a bank he led which later had to be rescued by the state.
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By AFP
Manila -
A major Philippine bank shut down online transactions and cash machines on Wednesday after money went missing from accounts, triggering fears it had been hacked even as company officials said it was an internal computer error.
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The voice recognition security system used by a major UK bank was compromised in a test by a user's twin. The breach allows recent transactions to be displayed and money to be transferred between accounts. Withdrawals are not permitted.
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By AFP
Paris -
French tycoon Bernard Tapie must repay the 404 million euros ($449 million) he received to settle his long-running dispute with the state over the sale of sports equipment maker Adidas, an appeals court ruled Thursday.
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By AFP
New York -
Zcash, the latest virtual currency, has been a smash success since its launch seven months ago, drawing in new users with promises of unrivaled privacy protection.
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By AFP
New York -
The odds of a breakup of the European Union have increased after Brexit, an outcome that could have "devastating" economic and political effects, JPMorgan Chase's chief executive said Tuesday.
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By AFP
Reykjav -
Once reviled symbols of rogue capitalism, Iceland's ex-bankers now say they were scapegoats: jailed for their roles in the 2008 financial crisis, they're taking their cases to the European Court of Human Rights.
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By AFP
Moscow -
Russia's Sberbank, the largest in the country, on Tuesday announced it had sold its Ukraine division, where operations have been complicated since Moscow's annexation of Crimea.
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Banking Image
The Euro sign outside the European Central Bank in Frankfurt, Germany
A Barclays bank in Birmingham, UK ell brown
Bank of America Brian Katt
The Credit Lyonnais (now LCL) bank headquarters in Paris France Wikicommons
Members of the organization have called on their supporters to boycott HSBC and see it as a test of their faith. YouTube
Photo by Global X via Flickr
GIANT: Credit Suisse headquarters at Paradeplatz in Zurich, Switzerland. Roland zh / Wikimedia Commons
UBS logo Fabrice Coffrini
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