Banking News

Le Monde under fire from its businessmen owners over Swissleaks

Paris - Journalists at French newspaper Le Monde reacted angrily Wednesday to criticism from two of the paper's businessmen owners over its decision to publish the names of wealthy HSBC clients who dodged tax by opening Swiss accounts.

SwissLeaks whistleblower's tale worthy of a spy novel

Paris - Herve Falciani was once just an IT worker at a big bank, but since running off with hundreds of thousands of damaging documents from banking giant HSBC he has been alternately called a hero and a thief."He is brave. We have the highest opinion of Mr.

HSBC 'SwissLeaks' leaker urges more support for whistleblowers

Geneva - The man who stole the trove of secret files that sparked a global scandal over banking giant HSBC's alleged assistance to wealthy tax dodgers called Monday for more protections for whistleblowers.

HSBC 'tax dodge' revelations are just tip of iceberg, says leaker

Geneva - The former HSBC employee who leaked sensational secret documents alleging the bank helped wealthy customers dodge millions of dollars in taxes warned Tuesday that the revelations are just the "tip of the iceberg".

Turkey seizes bank linked to Erdogan foe, opposition cries foul

Istanbul - Turkey's opposition on Wednesday denounced as a scandal the seizure of an Islamic bank allied to US-based preacher Fethullah Gulen, the latest move in an intensifying crackdown against the interests of President Recep Tayyip Erdogan's arch foe.

Iran arrests 12 for embezzling billions of dollars

Tehran - Iranian authorities have arrested 12 people for syphoning off more than $4.5 billion (3.6 billion euros) from one of the country's main banks over several years, media reported Thursday.

Swiss ex-banker faints as trial over WikiLeaks leak opens

Geneva - A former Swiss banker fainted Wednesday at the opening of his trial for breaking Swiss bank secrecy laws for allegedly giving confidential data to WikiLeaks and German authorities, media reported.

Ex Vatican bank heads accused of embezzlement, accounts seized

- Two former Vatican bank managers and a lawyer have had their accounts seized as part of an investigation into allegations of embezzlement, the Vatican said Saturday.

Vatican discovers hundreds of millions of euros 'tucked away'

- The Vatican's economy czar said Friday he had stumbled across hundred of millions of euros "tucked away" in various accounts, describing the windfall as a relic of the papacy's medieval but soon-to-be reformed financial set-up.

Banking system shut down in rebel-held east Ukraine

Donetsk - Cash machines stopped working in rebel-held east Ukraine on Wednesday and businesses no longer accepted credit cards after the authorities in Kiev moved to shut down the banking system.

Wall Street culture breeds dishonesty among bankers, study finds

A new scientific study conducted by Swiss researchers reveals that the banking industry fosters cheating and dishonest behavior among bankers.

Pressure grows on Spanish PM to tackle corruption

Madrid - Spanish Prime Minister Mariano Rajoy scrambled Wednesday to contain the fallout of a new graft scandal involving members of his conservative Popular Party which has outraged voters ahead of next year's general election.

French court authorises extradition of Kazakh tycoon Ablyazov

Lyon - A French court on Friday authorised the extradition of exiled Kazakh oligarch Mukhtar Ablyazov to Russia and Ukraine, despite concerns over his safety if the move goes ahead.

Judge sets 3-mn-euro bail for ex-IMF head in credit card scandal

Madrid - A Spanish judge on Thursday ordered ex-IMF head Rodrigo Rato to pay a three-million-euro bond as a court probes allegations that former bank bosses spent millions on nightclubs, safaris and other treats using company credit cards.

JP Morgan the victim of an 8-week long cyber attack

New York - This summer's hackers discovered a way into the servers of mega-bank JP Morgan Chase, exposing the backdoor vulnerability to access copious amounts of customer and company data.

French rogue trader Jerome Kerviel wins conditional release

Fleury-m - Jerome Kerviel, the French rogue trader who brought one of Europe's biggest banks to the verge of ruin with nearly five billion euros in losses, left prison Monday after winning conditional release."I am super happy to leave today ...

Cyprus parliament adopts crucial foreclosure bill

Nicosia - The Cypriot parliament adopted Saturday a controversial bill to streamline bank foreclosures of bad debts, clearing the way for international lenders to release the next tranche of a 10 billion euro loan.

French 'rogue trader' Kerviel to be freed from prison

Paris - Jerome Kerviel, the rogue trader imprisoned after losing nearly five billion euros through risky bets at French bank Societe Generale, will be freed next week, his lawyer said Thursday.

World financial teen literacy assessed: U.S. ranks only average Special

Paul Golden, of the National Endowment for Financial Education, speaks with Carol Ruth Weber about the importance of teaching teens to be financially literate. Read the full interview for Golden's tips on how to educate children to be money-wise.

Standard Chartered fined $300 mn over laundering controls

New York - New York state's banking regulator Tuesday hit Standard Chartered Bank with a $300 million fine and restrictions on its dollar-clearing business for failing to detect possible money-laundering.

Body of Liechtenstein 'Robin Hood' murder suspect believed found

Geneva - Liechtenstein police said Thursday that their German counterparts had found what was believed to be the body of a self-styled "Robin Hood" suspected of killing a banker in the Alpine statelet.

Bank provokes outrage from Muslims after shutting down accounts

City Of London - Authorities with HSBC Holdings have shut down multiple bank accounts citing that they were "outside of our risk appetite". Activists are responding by calling the practice "Islamaphobic" and demanding an explanation.

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.

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.

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.

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.

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.

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.

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.

'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.