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Banking News

Malaysia PM names new bank chief amid funding scandal

Kuala Lumpur - Malaysia's scandal-plagued prime minister on Wednesday appointed a new central bank governor, who will take over from respected longtime chief Zeti Akhtar Aziz amid a contentious financial scandal.

U.S. rejects 'living will' plans of most large US banks

New York - US regulators rejected Wednesday the bankruptcy contingency plans of five giant US banks that aim to avoid taxpayer bailouts if they fail.

Sweden military servers hacked, used in 2013 attack on U.S. banks

Stockholm - Swedish military computers were hacked and used in an attack targeting major US banks in 2013, the armed forces said on Monday.The attack knocked out the web pages of as many as 20 major US banks and financial institutions, sometimes for several days.

Decision due on retrial for French rogue trader Kerviel

Paris - Investigators will decide Monday on whether French rogue trader Jerome Kerviel has the right to a retrial over his conviction for gambling away 4.9 billion euros ($5.5 billion) and almost bankrupting one of Europe's biggest banks.

HSBC to launch biometric banking in UK market

New York - UK’s proactive government has been pushing for an impossible-to-fake personal identification system to help deter financial fraud and terrorist funding schemes. HSBC’s UK headquarters thinks it has found the solution in biometric banking.

Would eliminating $100, 500 euro banknotes beat crime?

Washington - Drug czars and terrorists could find their operations tougher -- or at least their gym bags heftier -- if proposals to eliminate high-value US and European banknotes gain traction.

French ex-budget minister's tax fraud trial delayed

Paris - The tax fraud trial of France's disgraced former budget minister Jerome Cahuzac was adjourned Wednesday to September 5 after his defence challenged the constitutionality of the case.

French ex-budget minister goes on trial for tax fraud

Paris - France's former budget minister Jerome Cahuzac, who stashed millions abroad while cracking down on tax cheats at home, went on trial Monday for tax fraud.

French ex-budget minister on trial for tax fraud

Paris - Former French budget minister Jerome Cahuzac, who resigned in disgrace in 2013 after admitting to having a secret Swiss bank account, goes on trial Monday for tax fraud.The 63-year-old faces up to seven years in jail and two million euros ($2.

Rogue trader Kerviel launches retrial bid in fraud case

Paris - Convicted rogue trader Jerome Kerviel appeared in a Paris court Monday seeking a retrial over his fraud conviction stemming from risky bets that nearly brought down Societe Generale, one of Europe's biggest banks.

Sceptics of Iran nuclear deal 'all proven wrong': Rouhani

Tehran - President Hassan Rouhani said Sunday that sceptics who had warned a nuclear deal with world powers would not bring benefits to Iran "were all proven wrong".

IMF chief Lagarde facing French trial over payout to tycoon

Paris - International Monetary Fund (IMF) chief Christine Lagarde was ordered Thursday to stand trial over her handling of a massive state payout to French tycoon Bernard Tapie when she was finance minister.

After rescuing banks, Italy moves to bail out savers

Milan - Italy was working Friday to set up a solidarity fund to help small investors who lost money in the rescue last month of four regional banks, following the suicide of a man whose life savings were wiped out.

Eurozone bailout rescues Greece's top bank

Luxembourg - The eurozone's bailout fund rescued Greece's largest bank on Tuesday, launching a recapitalisation process that is a crucial part of the country's third loan programme in five years.The European Stability Mechanism unlocked 2.72 billion euros ($2.

Greek banks must find up to 14.4 bn euros after ECB stress test

Frankfurt - Four major Greek banks must find up to 14.4 billion euros ($15.8 billion) to survive potential economic shocks, the European Central Bank said, releasing the results of an in-depth financial health check.

Deutsche Bank to slash 15,000 jobs, exit 10 countries after losses

Frankfurt - Deutsche Bank, Germany's biggest lender, unveiled Thursday a massive new cost-cutting drive, saying it would axe thousands of jobs and close down operations in 10 countries after it clocked up record losses in the third quarter.

Swissleaks leaker says not planning to attend Swiss trial

Divonne-les-bains - A former HSBC employee who leaked documents alleging the bank helped clients evade millions of dollars in taxes said Wednesday he would not attend his trial in Switzerland because he would not get a fair hearing.

Farmers lose debt gamble in typhoon-plagued Philippines

Cabanatuan - Philippine rice farmer Francisco Santo Domingo's life is in ruins after losing yet another gamble with nature, but the typhoon that destroyed his crops means gleeful loan sharks have again hit the jackpot.

Kasparov urges France to cancel extradition of Kazakh opponent

Paris - Chess legend Garry Kasparov on Tuesday appealed to French President Francois Hollande to annul a decree to extradite exiled Kazakh oligarch Mukhtar Ablyazov to Russia, where he says he faces torture and rights abuses.

Credit Agricole to pay $800 mn in sanctions case: Source

New York - French bank Credit Agricole has agreed to pay $800 million to settle charges it flouted US sanctions in Iran and other countries, a person familiar with the matter said Monday.

France to extradite Kazakh opposition figure to Russia

Paris - The French government has given the green light for the extradition of Kazakh tycoon and opposition figure Mukhtar Ablyazov to Russia, where he is accused of embezzling billions of dollars, his lawyer told AFP Monday.

Sri Lanka promises 'no questions' if Swiss bank cash brought back

Colombo - Sri Lanka Friday asked citizens holding Swiss bank accounts to redeposit the cash in their home country and promised there would be "no questions asked" if they do.

French prosecutor wants dismissal of IMF chief negligence probe

Paris - The French public prosecutor's office requested the dismissal of a negligence case against IMF chief Christine Lagarde linked to her role in an arbitration case while she was finance minister.

Greeks wants government, and hope to shake off capital controls

Atenas - Greek elections Sunday may cause little change to its broad economic policy, dictated by the terms of its latest international bailout. But for thousands of businesses, a return to political stability and cash liquidity would be enough to start with.

Catalan breakaway 'would threaten financial stability'

Madrid - Major Spanish and European banks warned Friday that Catalonia would put "financial stability" at risk if it separated from Spain and the EU, potentially driving them to abandon the region.

Op-Ed: Leeching kids, sapped parents & the parable of the financial cave

The latest ‘poll’ feasted upon by Canadian media has to do with young adults who remain partially dependent on their parents after high school and in many cases after post-secondary education.

China cuts interest rates by 0.25 percentage points

Bejing - China's central bank on Tuesday cut its benchmark interest rates and the amount of cash banks must keep on hand, the latest stimulus aimed at boosting the world's second-largest economy as it battles a collapse in share prices.

'Thousands' of political heavyweights hold Swiss accounts: official

Bern - Thousands of so-called "politically exposed persons", or PEPs -- a category that includes heads of state and other top officials -- hold Swiss bank accounts, a Swiss foreign ministry official said Monday.

Heists go Hollywood with DefCon hacks

Las Vegas - Hollywood-style heists took on real-world potential as hackers at a Def Con gathering showed how to crack safes in full view of security cameras without ever being seen.

Greece's headache: How to lift the capital controls?

Atenas - It is just the headache Greece's government does not need right now: how can it loosen the capital controls that are shielding its banks, but strangling the rest of the economy?
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A Barclays bank in Birmingham  UK
A Barclays bank in Birmingham, UK
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Bank of America
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UBS logo
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The Credit Lyonnais (now LCL) bank headquarters in Paris France
The Credit Lyonnais (now LCL) bank headquarters in Paris France
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Members of the organization have called on their supporters to boycott HSBC and see it as a test of ...
Members of the organization have called on their supporters to boycott HSBC and see it as a test of their faith.
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The Euro sign outside the European Central Bank in Frankfurt, Germany
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GIANT: Credit Suisse headquarters at Paradeplatz in Zurich, Switzerland.
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