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Banking News

Danske Bank's money laundering scandal spinning faster

Stockholm - Denmark, a Nordic kingdom not often associated with financial shenanigans, is facing a massive scandal with banking champion Danske Bank accused of helping to launder $8.3 billion through an Estonian subsidiary.

Indian banks turning to artificial intelligence

Several Indian banks, including state-owned SBI and Bank of BarodaNSE, have begun deploying artificial intelligence in order to improve efficiency and predict customer behavior.

Indian billionaire jeweller seeks asylum in Britain: report

Mumbai - Indian billionaire jeweller Nirav Modi, wanted over an alleged massive bank fraud, has fled to Britain where he is seeking asylum, according to a report Monday.

Treasury official in Latvia to discuss banking reform

Riga - A senior US Treasury official met Wednesday in Latvia with Prime Minister Maris Kucinskis to discuss the Baltic eurozone member's bid to reform its banking sector after money laundering allegations felled a top lender.

Australia's Commonwealth Bank agrees to US$530 mln fine over money-laundering breaches

Sydney - The Commonwealth Bank Monday agreed to the largest civil penalty in Australian corporate history to settle claims it breached anti-money laundering and counter-terrorism financing laws.

Visa outage over after transaction chaos across Europe

London - Payment systems giant Visa recovered on Saturday from a hardware issue that had left it struggling to process transactions at bars, shops and cash machines across Europe.

Visa close to 'normal' after outage blocks transactions across Europe

London - Payment systems giant Visa said late Friday it was "operating at close to normal levels" after a hardware failure left it struggling to process transactions in Europe.

Visa outage blocks transactions across Europe

London - Payment systems giant Visa was struggling to process transactions in Europe on Friday and said it was rapidly trying to fix the issue.The blockage has left some customers stuck at the tills in stores across the continent and queueing at cash machines.

Vietnam banker gets 30 years for embezzling millions

Hanoi - A Vietnamese banker has been jailed for 30 years and fined $700 million for embezzlement and wrongdoing, reports said Friday as the government forges ahead with its massive anti-graft sweep.

Deutsche Bank slashes over 7,000 jobs in major shake-up

Frankfurt Am Main - Germany's largest lender Deutsche Bank said Thursday it will slash over 7,000 jobs globally and dramatically scale back its investment banking activities as it seeks to turn the page on years of losses.

Iran says central bank sanctions only make it 'more determined'

Tehran - Iran said Wednesday that new US sanctions on its central bank governor would only make Iranians "more determined, patient and resistant than ever".

RBS agrees to $4.9 bn fine in US: report

New York - The Royal Bank of Scotland has agreed to pay US regulators $4.9 billion in fines to settle litigation over subprime mortgage products it sold before the 2008 financial meltown, the Financial Times reported Thursday.

Syria NGOs say bank anti-terror rules hindering aid

Paris - A coalition of Franco-Syrian NGOs on Thursday warned that their aid operations for the war-scarred country were being stymied by stepped up moves by governments and banks to curb the financing of terror groups.

Australia's biggest bank loses 20 million customer records

Sydney - Australia's troubled Commonwealth Bank admitted Thursday it had lost financial records for almost 20 million customers in a major security blunder -- but insisted there was no need to worry.

Iran bans banks from using cryptocurrencies

Tehran - Iran banned the use of bitcoin and other cryptocurrencies by banks and financial institutions on Monday amid ongoing debate over how best to regulate the technology.

Finally home, Bundesbank's gold goes on show

Frankfurt Am Main - All that glitters is definitely gold in a new exhibition at Germany's central bank that lifts the veil on the nation's massive reserves of the precious metal, partly to reassure sceptics that the prized ingots are really there.

Bankers says AI will be your newest coworker

A new report looking at trends in banking has found that 84 percent of respondents stated they are increasingly using data for automated decision-making. However, a sizable number recognize that this expansion comes with risks.

How blockchain is transforming banking

Blockchain is transforming a number of sectors, and this includes financial intuitions like banks. What major banks need to weigh is the extent to which they embrace blockchain and the threats that the technology poses to the industry.

New savings account aimed at millennials

The company Wealthsimple has launched a new savings account. This is the product from the company outside of its core business of investing. The account is aimed at the tech savvy consumer.

Deutsche Bank stock surges as new boss takes reins

Frankfurt Am Main - Investors welcomed the arrival of a new CEO at the head of troubled German lender Deutsche Bank Monday, lifting its stock price sharply as the market opened.Shares in Deutsche Bank added 3.0 percent to trade at 11.70 euros ($14.

Most financial institutions report digital will change banking

Four out of five financial institutions believe that digital will fundamentally change banking yet around half state they do not have digital strategy, according to a new report.

HSBC leaker Falciani detained in Spain at demand of Switzerland

Madrid - Spanish police on Wednesday detained Herve Falciani, a former computer analyst at the Swiss branch of HSBC who leaked documents alleging the bank helped clients evade millions of dollars in taxes, a police source said.

HSBC leaker Herve Falciani detained in Spain: police

Madrid - Spanish police on Wednesday detained Herve Falciani, a former computer analyst at the Swiss branch of HSBC who leaked documents alleging the bank helped clients evade millions of dollars in taxes, a police source said.

French gangster cleared over 'heist of the century'

Marseille - An organised crime boss in southern France was cleared on Wednesday of having a role in the "heist of the century" at a Riviera bank after being accused of writing about the robbery in a book.

Women face uphill wage battle in British finance sector

London - There had never been much doubt that in London's testosterone-fuelled financial sector female workers' salaries lagged far behind those of their mostly male colleagues.

Goldman Sachs banker to join German finance ministry

Berlin - A top Goldman Sachs executive is set to join Chancellor Angela Merkel's new government as a deputy finance minister, a spokesman said, an appointment that drew immediate scorn from the opposition.

Interview: Mobile technology to make banking easier Special

Many people struggle with their savings or with their finances overall. To make it easier to save, mobile banking technology offers solutions. One example is with Mobile banking startup Varo Money, Inc., who have introduced SMS alerts to encourage saving.

EU watchdog calls for reopening ethics case against Goldman's Barroso

Apo - An EU watchdog called Thursday for reopening the ethics case against former European Commission chief Jose Manuel Barroso who was previously cleared of breaking bloc rules by taking a top job with Goldman Sachs.

Bank of France urges end to euro reform 'trench warfare'

Frankfurt Am Main - Eurozone leaders must end "trench warfare" between creditor and debtor countries and tackle tricky reforms, the governor of the Bank of France said Wednesday, offering ways to shake up long-paralysed debates.

ING drops big pay hike plan for CEO after protests

Den Haag - Dutch top bank ING said Tuesday it has dropped a plan to massively hike its chief executive's pay package after protests from shareholders, the public and even the prime minister.
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A Barclays bank in Birmingham  UK
A Barclays bank in Birmingham, UK
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GIANT: Credit Suisse headquarters at Paradeplatz in Zurich  Switzerland.
GIANT: Credit Suisse headquarters at Paradeplatz in Zurich, Switzerland.
Roland zh / Wikimedia Commons
Five models and three different generations of security token devices for online banking. The newer ...
Five models and three different generations of security token devices for online banking. The newer models are in the foreground.
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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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UBS logo
UBS logo
Fabrice Coffrini
The Euro sign outside the European Central Bank in Frankfurt  Germany
The Euro sign outside the European Central Bank in Frankfurt, Germany
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An automated teller machine (ATM).
An automated teller machine (ATM).
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London s financial district  taken from a helicopter trip.
London's financial district, taken from a helicopter trip.
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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Bank of America ATM
Bank of America
Brian Katt