Banking News

Goldman Sachs dustup hits nerve as pandemic blurs work-life line

By AFP

New York - A revolt by junior Goldman Sachs' bankers over work weeks that can stretch to as long as 105 hours has inspired both schadenfreude over discontent at the storied investment bank and wider debate about the future of work after the Covid-19 pandemic.

Bank strike cripples Indian state lenders

By AFP

Mumbai - Operations of Indian state-owned banks were hugely disrupted on Monday after hundreds of thousands of workers went on a strike to protest the privatisation plans for two public banks, unions said.

Top Japanese banker sounds alarm over Hong Kong freedoms

By AFP

Fpo - China's crackdown in Hong Kong has left Japanese finance firms "very much afraid" and reconsidering whether to remain in the city, a senior banker said Monday in a rare public declaration of concern from within the industry.

Markets look to ECB for reassurance on cheap money

By AFP

Frankfurt Am Main - The European Central Bank is on Thursday expected to stress its commitment to keeping borrowing costs low, as inflation concerns and a slow vaccination drive weigh on the eurozone economy.

A look at three women in finance

By AFP

New York - Women in the US finance industry applaud signs of progress at financial giants like Citigroup, which became the first big Wall Street bank to name a female chief executive.

Women fight for funding in man's world of tech startups

By AFP

San Francisco - Lauren Foundos has excelled at just about everything she has put her mind to, from college sports and Wall Street trading to her Forte startup that takes workouts online.

Women making inroads on Wall Street, but still a long way to go

By AFP

New York - Pin-up photos and smutty jokes have long been commonplace on trading floors, but the finance world is gradually opening up to women -- underlined by the arrival on Monday of Jane Fraser at the head of Wall Street banking flagship Citigroup.

Myanmar's military coup creates banking woes

By AFP

Yangon - Early bird customers of a military-owned bank queued anxiously as dawn light crept over Yangon, after a strict new limit on daily cash withdrawals fuelled rumours of a money shortage in post-coup Myanmar.

Fighting patriarchy at top of Austrian banking

By AFP

Vienna - Gerda Holzinger-Burgstaller is out to shake up the banking sector: in a world still dominated by men in dark suits, the Austrian wants to break the region's glass ceiling once and for all.

US charges N.Korean hackers in $1.3 bn theft scheme

By AFP

Washington - The US Justice Department charged three North Korean military intelligence officials Wednesday in a campaign of cyberattacks to steal $1.3 billion in crypto and traditional currencies from banks and other targets.

'Turning the tide': Frankfurt attracts London banks

By AFP

Frankfurt Am Main - Hubertus Vaeth was considered crazy when he launched a Frankfurt initiative to lure banks there after Brexit."Are you nuts? What did you smoke?

Cash and Carrie: US sanctioned Hong Kong leader has no bank account

By AFP

Fpo - Hong Kong leader Carrie Lam said she has "piles of cash" at home as she has no bank account after the United States slapped sanctions on her in response to a draconian security law China imposed on the city.

UK expats count Brexit impact as banks shut accounts

By AFP

London - For Roger Morton and his wife living in France -- and many other UK expats across the European Union -- Brexit is causing the closure of their British banking services.

Commerzbank names Deutsche Bank's Manfred Knof as new CEO

By AFP

Berlin - Commerzbank, Germany's second largest bank which has been hit by the coronavirus pandemic and the Wirecard scandal, on Saturday named Manfred Knof from rival lender Deutsche Bank as its new chairman.

Regulators must impose more stiff sanctions in dirty money fightback: analysts

By AFP

London - Financial regulators must impose more heavy penalties to combat money laundering, experts argue, after an international journalism investigation alleged that astronomical amounts of dirty cash has been flowing for years through some top global banks.

Australia's Westpac bank agrees record fine for money-laundering

By AFP

Sydney - Australia's Westpac bank has agreed to pay a record AU$1.3 billion (US$923 million) fine for more than 23 million breaches of money-laundering laws, the bank and regulators announced Thursday.

HSBC shares hit 25-year low on report of China 'unreliable list'

By AFP

Fpo - Shares in banking giant HSBC plunged to a 25-year low Monday on fears it could be added to a Chinese list of firms deemed a threat to national security and following news it had been accused of allowing fraudulent activity to go unpunished.

Major banks moved vast sums of illicit money: ICIJ

By AFP

Washington - Massive sums of allegedly dirty money have flowed for years through some of the world's largest banking institutions, said an international journalism investigation published Sunday, which denounced shortcomings in sector regulations.

S.Africa's Ramaphosa rebukes minister for attacking Zambian leader

By AFP

Johanesburg - South African President Cyril Ramaphosa has "strongly reprimanded" his finance minister for challenging the Zambian leader to explain his decision to sack that country's central bank governor, the presidency said Monday.

In the cyber-vulnerable world how much do we trust the banks?

By Tim Sandle

Digital banking is increasingly becoming the standard way for businesses and consumers to complete transactions and to manage money. As the check withers, does digital finance have our full support and trust?

Banks snared by Hong Kong sanctions laws as US-China spat spirals

By AFP

Fpo - International banks in Hong Kong are caught in the crossfire of competing laws enacted by the United States and China as the superpowers clash over the city's future, with analysts warning businesses are being forced to pick a side.

Big six banks are using Confirmation of Payee to reduce APP scams Special

By Tim Sandle

The Payment Systems Regulator has said all members of the UK’s six largest banking groups are now using the new fraud prevention tool, Confirmation of Payee, helping to reduce Authorised Push Payment (APP) scams. What does this mean for consumers?

UK court sides with Guaido in Venezuela gold dispute

By AFP

London - Venezuela's opposition cried victory on Thursday after a London judge ruled that the British government had "unequivocally recognised" opposition leader Juan Guaido as the troubled Latin American country's president.

South African bank must replace 12M customer cards Special

By Tim Sandle

The banking division of South Africa's Post Office called Postbank lost over $3.2 million will have to replace more than 12 million customer cards. This followed a cybersecurity incident.

Challenger insurers are doing better than banks during COVID-19 Special

By Tim Sandle

In recent weeks, the coronavirus pandemic has become a catalyst for digital solutions. One area where growth has been strongest is with challenger insurance startups, who are disrupting the traditional insurance market.

ECB eases bank funding rules in 'unprecedented' step

By AFP

Frankfurt Am Main - The European Central Bank on Tuesday announced an "unprecedented" easing of collateral requirements in a bid to boost bank lending during the coronavirus crisis.

Coronavirus gives US banks a shot at redemption

By AFP

New York - The economic wallop from the coronavirus offers an opening for large US banks to win back points from the public after the industry was pilloried over the 2008 financial crisis.

Football Leaks hacker Rui Pinto files complaint against Portgual

By AFP

Lisbon - Portuguese hacker Rui Pinto, the originator of Football Leaks and Luanda Leaks, has filed a complaint with the EU against Portugal, accusing it of non-compliance with European rules on extradition, his lawyers told AFP on Monday.

Computer Facilities network addresses data vulnerability Special

By Tim Sandle

One of the largest banks in South Africa, Nedbank, recently disclosed a breach that affected the personal details of 1.7 million users due to an issue with Computer Facilities network. Anurag Kahol, Bitglass looks into the vulnerability.

For Safer Internet Day, businesses can do more for consumers Special

By Tim Sandle

Safer Internet Day happens on February 11 each year. For the 2020 event there is a focus on what businesses can do to help keep customers safe. Cindy Provin of nCipher Security provides some advice for enterprises.