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Banking News

Warren Buffett becomes top shareholder in Bank of America

New York - American billionaire Warren Buffett's Berkshire Hathaway group has officially become the top shareholder in Bank of America after exercising its right to buy 700 million shares at a discount.

Bank boycott snuffs Uruguay's legal marijuana sales

Montevideo - Uruguay's unique new marijuana industry has run into a hurdle as international anti-money laundering rules are forcing banks to close the accounts of pharmacies legally selling the drug.

Commonwealth Bank boss to retire amid laundering claims

Sydney - The chief executive of Australia's biggest bank, the Commonwealth, will retire, the company said Monday, amid pressure from regulators over alleged breaches of money laundering and terrorism financing laws.

Credit Suisse bars trades on some Venezuelan bonds

New York - Credit Suisse barred its traders from transacting some Venezuelan government bonds and required other Venezuela-connected transactions to undergo a special review for reputational risk, a bank spokesman said Thursday.

Bank of Cyprus set to go digital

Nicosia - Banking, like other sectors, is embracing digital transformation. What does this mean from the financial perspective and how should a bank go about the process? The Bank of Cyprus provides the answers as it embarks down the digital path.

Artificial intelligence will say whether you get a bank loan

Next time you ask your bank for a loan in may not be the domineering bank manager who decides. Instead the decision could be made by artificial intelligence; a sign of another step in the digital transformation of the finance sector.

23 cities bid for London-based EU agencies after Brexit

Brussels - Twenty-three European cities have put themselves forward as candidates to host two London-based EU agencies after they are forced to leave the British capital because of Brexit, the EU said Tuesday.

Autopsy confirms convicted Spanish banker committed suicide

Madrid - An autopsy on the body of the former head of Spanish bank Caja Madrid, who was sentenced to six years in prison for graft, confirms he committed suicide, officials said Thursday.

Draghi to calm waters ahead of easy-money exit

Frankfurt Am Main - European Central Bank chief Mario Draghi will carefully prepare markets for a long-awaited end to the institution's easy-money policy Thursday, analysts expect, but stop short of calling time immediately.

Top Spain banker sentenced for graft found dead

Madrid - The former head of Spanish bank Caja Madrid, who was convicted of graft along with ex-IMF chief Rodrigo Rato, was found dead Wednesday with a gunshot wound to the chest, police said.

Top Spain banker sentenced for graft found dead

Madrid - The former head of Spanish bank Caja Madrid, who was convicted of graft along with ex-IMF chief Rodrigo Rato, was found dead Wednesday with a gunshot wound to the chest, police said.

Citigroup staffing up for new center to unleash robotics

Citigroup is staffing up for the robotic revolution. The New York-based financial services giant has plastered online jobs boards advertising roles at a new automation center that will deploy new robotic technology throughout the bank.

Dutch bank ABN Amro stubs out tobacco industry

Den Haag - The Netherlands' third-largest bank ABN Amro said Wednesday that it is ratcheting up its battle against smoking and will no longer extend credit to clients in the tobacco industry.

Ex-Barclays CEO appears in court over fraud charges

London - Former Barclays chief executive John Varley appeared in a London court on Monday over fraud accusations, the first time a boss of a global bank has faced charges arising from the 2008 financial crisis.

Crowdfunding is growing beyond tech, but is it really the future?

Crowdfunding sites are all the rage right now. Kickstarter and Indiegogo have given start-ups a new way to gain exposure and lift their brand off the ground. The approach is also revolutionising established industries though, from real estate to banking.

Paris steps up efforts to attract US banks after Brexit

New York - The French government will open a tribunal in Paris to handle financial cases in English in an effort to attract more American banks after Brexit, a top official said Thursday.

NGOs file Rwanda genocide lawsuit against French bank BNP

Paris - Three non-governmental associations said Thursday that they had filed a lawsuit against BNP Paribas accusing the bank of "complicity" in the 1994 genocide of the Tutsi minority in Rwanda.

Golden cash machine marks ATM's 50th birthday

London - The automated teller machine (ATM) marked its 50th anniversary on Tuesday, with a British bank decorating the site of the world's first cashpoint in gold to mark the occasion.

Russian oil giant Rosneft says hit by 'powerful' cyberattack

Moscow - Russian state oil giant Rosneft said Tuesday that its servers had suffered a "powerful" cyberattack, but insisted that production had not been hit."A powerful hacking attack has been carried out against the company's servers," Rosneft said on Twitter.

Italy to pay up to 17 bln euros to deal with two troubled banks: govt

Rome - Italy will pay up to 17 billion euros ($19 billion) to break up two insolvent Venetian banks, which have posed a threat to country's banking system, the government announced Sunday.

Rome out to rescue two troubled banks

Rome - At the 11th hour, the Italian government has vowed to rescue two troubled Venetian banks with the aid of a retail bank, plus billions of taxpayer's cash.

Spain may recover only 28% of aid to banks: report

Madrid - The Spanish state may only retrieve 28 percent of the multi-billion-euro aid granted to banks during the crisis, the central bank said Friday, despite past government pledges that it wouldn't cost "one euro" to the taxpayer.

Spain prosecutors seek five years jail for ex-IMF head Rato

Madrid - Spanish prosecutors have asked for former IMF chief Rodrigo Rato to be jailed for five years over the failed 2011 listing of Bankia, a bank he led which later had to be rescued by the state.

Philippine bank chaos as money goes missing from accounts

Manila - A major Philippine bank shut down online transactions and cash machines on Wednesday after money went missing from accounts, triggering fears it had been hacked even as company officials said it was an internal computer error.

Bank's voice recognition system fooled by user's twin

The voice recognition security system used by a major UK bank was compromised in a test by a user's twin. The breach allows recent transactions to be displayed and money to be transferred between accounts. Withdrawals are not permitted.

France's Tapie must repay 404 mn euros over Adidas sale: court

Paris - French tycoon Bernard Tapie must repay the 404 million euros ($449 million) he received to settle his long-running dispute with the state over the sale of sports equipment maker Adidas, an appeals court ruled Thursday.

Zcash, the virtual money making its mark

New York - Zcash, the latest virtual currency, has been a smash success since its launch seven months ago, drawing in new users with promises of unrivaled privacy protection.

JPMorgan chief sees higher risk of EU breakup

New York - The odds of a breakup of the European Union have increased after Brexit, an outcome that could have "devastating" economic and political effects, JPMorgan Chase's chief executive said Tuesday.

Freed from prison, Iceland's ex-bankers want vindication

Reykjav - Once reviled symbols of rogue capitalism, Iceland's ex-bankers now say they were scapegoats: jailed for their roles in the 2008 financial crisis, they're taking their cases to the European Court of Human Rights.

Russia's largest bank pulls out of Ukraine

Moscow - Russia's Sberbank, the largest in the country, on Tuesday announced it had sold its Ukraine division, where operations have been complicated since Moscow's annexation of Crimea.
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The Euro sign outside the European Central Bank in Frankfurt  Germany
The Euro sign outside the European Central Bank in Frankfurt, Germany
A Barclays bank in Birmingham  UK
A Barclays bank in Birmingham, UK
ell brown
Bank of America ATM
Bank of America
Brian Katt
The Credit Lyonnais (now LCL) bank headquarters in Paris France
The Credit Lyonnais (now LCL) bank headquarters in Paris France
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.
Photo by Global X via Flickr
GIANT: Credit Suisse headquarters at Paradeplatz in Zurich  Switzerland.
GIANT: Credit Suisse headquarters at Paradeplatz in Zurich, Switzerland.
Roland zh / Wikimedia Commons
UBS logo
UBS logo
Fabrice Coffrini

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