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Banking News

BNP, U.S. prosecutors 'near settlement for $9 billion'

New York - BNP Paribas has neared a deal with U.S. prosecutors that would see the French bank pay $8 billion to $9 billion and accept other punitive measures for violating American sanctions, The Wall Street Journal reports.
In the Media by AFP

Majority do not understand differences between credit cards

A large number of credit card users do not fully understand their card's terms, benefits and rewards program, and have trouble selecting between different types of cards. This is according to an annual survey of credit card users.
In the Media by Tim Sandle - 3 comments

Pope tells super rich, bankers to find some ethics

Rome - Pope Francis on Monday denounced those getting rich through speculation in financial markets, calling on them to use their investments for the good of humanity.
In the Media by AFP - 4 comments

Bitcoin exchange MtGox placed in administration: CEO

Tokyo - Failed Bitcoin exchange MtGox was Wednesday placed in administration by a Japanese court, with an order for bankruptcy expected to be issued soon, its administrator and chief executive said.
In the Media by AFP

Rogue trader Kerviel behind bars after two-month walk

Nice - Six years after his first arrest, French rogue trader Jerome Kerviel was Monday beginning a three-year prison term for his role in the near collapse of Societe Generale bank.
In the Media by Catherine Marciano (AFP)

Rogue trader heads to France on foot as prison deadline looms

Ventimiglia - Rogue trader Jerome Kerviel, who has spent two months walking from Rome to protest his treatment by the courts, resumed his march toward France where he is due to start a three-year prison term on Sunday.
In the Media by AFP

Bitcoin exchange MtGox placed in administration: CEO

Tokyo - Failed Bitcoin exchange MtGox was Wednesday placed in administration by a Japanese court, with an order for bankruptcy expected to be issued soon, its administrator and chief executive said.
In the Media by AFP

'Credit Suisse subpoened in tax-evasion probe'

New York - A New York regulator probing Credit Suisse's role in enabling tax evasion has demanded a trove of additional documents from the bank, a person familiar with the situation said Tuesday.
In the Media by AFP

European parliament adopts financial markets rules

Strasbourg - The European Parliament adopted new rules Tuesday to tighten the regulation of financial markets in order to stop rampant speculation, including on foodstuffs.
In the Media by AFP

European Parliament approves 'banking union' reforms

Strasbourg - The European Parliament approved on Tuesday the last elements of a new set of rules to prevent failing banks from ever again driving EU member states into bankruptcy.
In the Media by AFP

Citi profits up 3.5% on lower costs, improved credit

New York - Citigroup reported slightly higher quarterly earnings on Monday, as lower expenses and credit losses helped offset revenue declines in mortgage finance and trading.
In the Media by AFP

Citigroup cuts 200-300 jobs: report

New York - US bank Citigroup has cut between 200 and 300 additional jobs, most in the global markets business, The Wall Street Journal reports.Some of the employees were fired, while others left voluntarily.
In the Media by AFP

Greece's Eurobank to seek 2.86-bn euro capital hike

Athens - Greece's Eurobank on Saturday said its board had approved a 2.86-billion-euro ($4-billion) capital increase, in the latest move by one of the country's biggest lenders to bolster its reserves."The general meeting approved...
In the Media by AFP

Op-Ed: UK banking cyber-attack test draws attention

During the last few years, there has been increase in security issues affecting stock markets and investors. Cyber criminals now pose a larger threat to corporate and personal information.
In the Media by Simon Crompton

US charges nine in million-dollar bank hacking case

Washington - US officials said Friday that nine people, including three Ukrainians and a Russian, were charged in a scheme that stole millions of dollars by hacking into online bank accounts.
In the Media by AFP

Wells Fargo earnings rise as credit quality improves

New York - Wells Fargo Friday reported higher earnings on better credit quality as increases in industrial and commercial loans offset declines in many home-lending categories.Wells Fargo, the nation's largest mortgage lender, said first-quarter earnings were $5....
In the Media by AFP

JPMorgan earnings fall 19% on lower mortgage income

New York - JPMorgan Chase Friday reported lower earnings due to a drop in its mortgage business as the US banking giant seeks to turn the corner after costly legal settlements.
In the Media by AFP

Spain's rescued Bankia sells Iberdrola stake

Madrid - Spain's Bankia, rescued by the state from near financial collapse in 2012, announced Thursday it had raised 1.53 billion euros ($2.1 billion) by selling its stake in energy giant Iberdrola.
In the Media by AFP

Deutsche Bank manager suspended in forex probe

Frankfurt - Deutsche Bank, Germany's biggest lender, has suspended a top saleswoman in an investigation into suspected foreign exchange rate manipulation, the Wall Street Journal reported on Thursday.
In the Media by AFP

Royal Bank of Scotland to pay government £1.5bn

London - Britain's state-rescued Royal Bank of Scotland will pay the government £1.5 billion in a complex deal paving the way for the return of shareholder dividends.The bank has agreed to pay the Treasury the equivalent of $2.5 billion or 1.
In the Media by AFP

Australia's NAB cuts ties with virtual currencies

Sydney - One of Australia's biggest banks confirmed Thursday it was distancing itself from digital currencies after reviewing its risk profile.
In the Media by AFP

US Treasury sets IPO for Ally Financial

Washington - The US Treasury Department announced plans Wednesday for Ally Financial to raise $2.375 billion in a market debut as it winds down its rescue of the big bank.
In the Media by AFP

Spain's Bankia says will sell Iberdrola stake

Madrid - Spain's state-owned bank Bankia, which was nationalised in 2012 to save it from collapse, said Wednesday it would sell its stake of 4.94 percent in Spanish utility Iberdrola.
In the Media by AFP

IMF still worried about global fiscal, financial risks

Washington - Six years after a wave of financial destruction crashed through the United States and then Europe, risks, some old and some new, still challenge the global economy, the IMF says.
In the Media by Paul Handley (AFP)

Activists block entrances to branches of Spanish bank

Barcelona - Anti-eviction activists blocked Wednesday the entrance to 12 branches of Spain's Banco Popular bank, which they accuse of not doing enough to prevent struggling mortgage holders from losing their homes.
In the Media by AFP

Bank of America to pay for illegal credit-card actions

Washington - Bank of America will pay $772 million over illegal credit-card practices that lured consumers into signing up for added products and services, US regulators said Wednesday.
In the Media by AFP

French court blocks Kazakh tycoon's extradition to Russia

Paris - A French court on Wednesday blocked the extradition of exiled Kazakh oligarch Mukhtar Ablyazov, an opposition figure wanted on embezzlement charges by Russia and Ukraine.
In the Media by AFP

Bank of America shuts down in Costa Rica, lays off 1,400

San Jos - Bank of America announced Tuesday it was shutting down its operations in Costa Rica, where it employed 1,400 people in a technological unit.
In the Media by AFP

Largest US banks ordered to raise capital buffers

Washington - US banking regulators on Tuesday ordered the eight largest "too big to fail" banks to raise capital levels in a bid to address weaknesses seen in the 2008 financial crisis.
In the Media by Veronica Smith (AFP)

Citi agrees to pay $1.1 bn in mortgage settlement

New York - Citigroup Monday said it reached an agreement with a group of 18 institutional investors to pay $1.125 billion to settle claims on some mortgage-backed securities sold ahead of the financial crisis.
In the Media by AFP
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The Euro sign outside the European Central Bank in Frankfurt, Germany
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A Barclays bank in Birmingham, UK
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The Credit Lyonnais (now LCL) bank headquarters in Paris France
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