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Banking News

German supervisor raps Deutsche Bank over money laundering

Berlin - Germany's financial supervisor urged Deutsche Bank Monday to beef up its fight against money laundering, and for the first time used its power to embed an auditor at the country's biggest lender.

BIS warns global economy risks crisis 'relapse'

Zurich - The Bank of International Settlements said Sunday the global economy risked a "relapse" of the crisis that rocked it a decade ago, warning there was little "medicine" left to treat the patient a second time.

Danske Bank CEO resigns over money laundering scandal

Copenhagen - The chief executive of Denmark's largest lender, Danske Bank, resigned on Wednesday as the institution said it was unable to determine how much money was laundered through its Estonian branch.

Danske Bank CEO resigns over money laundering scandal

Copenhagen - The chief executive of Denmark's largest lender Danske Bank announced his resignation Wednesday as the institution said it was unable to determine how much money was laundered through its Estonian branch.

'Lehman Weekend': the biggest bankruptcy in American history

Washington - It was "Lehman Weekend." The moment in September 2008 when the 150-year-old investment bank Lehman Brothers collapsed, precipitating the worst global economic crisis since the 1930s.

10 years ago, Iceland's massive financial crisis erupted

Reykjav - Banks in ruins, a currency in free fall and the IMF called to the rescue: A decade ago Iceland's worst financial crisis erupted, a traumatic experience the nation still struggles to forget.

'Our mortgage doubled': The Iceland families bearing cost of crash

Reykjav - It's been 10 years since Iceland's economy crashed, but Asthildur Thorsdottir and her husband Hafthor Olafsson are still struggling with crippling debt and an uphill legal battle to save their family home.

Failure of justice in 2008 crash eroded public trust: inquiry chief

Washington - Phil Angelides pointed the finger at some of the world's most powerful men -- leaders of an industry that crashed the global economy and drove untold millions into despair, unleashing the raw emotions now dominating American politics.

German fintech pushes Commerzbank out of DAX 30

Frankfurt Am Main - Wirecard, a Bavarian start-up specialised in online payments, has nudged German giant Commerzbank out of the blue-chip DAX index, in the latest sign of plucky fintechs outshining traditional lenders.

Times are a-changin' in London where contactless is king

For centuries, London has sustained a street-level economy where performers and vendors make a living from the spare change of strangers -- but they are being forced to adapt as cash falls out of fashion.

Global finance 'as vulnerable' as in 2008: ex-ECB chief

Paris - Too much debt has made the world's financial system as vulnerable as it was 10 years ago, Europe's top central banker during the 2008 global meltdown has warned as he looks back on the crisis.

Ghana backpedalling out of banking crisis

Accra - Ghana is backpedalling out of a banking crisis as the government takes on debt to save a troubled sector and vows to punish the executives responsible.

Danske Bank says to comply with money laundering probe

Stockholm - Denmark's largest lender Danske Bank on Tuesday said it was complying with Danish prosecutors' investigation into long-standing allegations that it was involved in laundering $8.3 billion through its Estonian branch.

Wells Fargo to pay $2.1 bn fine to settle US mortgage probe: DOJ

New York - Wells Fargo will pay $2.1 billion to settle US charges it misrepresented the quality of home loans used in securities that led to 2008 financial crisis, the Justice Department announced Wednesday.

No extra ECB help for Greece after bailout ends: Draghi

Frankfurt Am Main - European Central Bank chief Mario Draghi on Thursday said Greece was "not eligible" to benefit from the bank's massive monthly bond purchases after the debt-laden country exits its bailout programme in August.

Cryptocurrency trading doesn't have to be hard Special

A new Canadian-borne cryptocurrency exchange launched earlier this week with the aim of making it easier for everyone to get involved in cryptocurrency trading. CEO Justin Hartzman sat down with Digital Journal to explain what this looks like.

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.
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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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An automated teller machine (ATM).
An automated teller machine (ATM).
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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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London s financial district  taken from a helicopter trip.
London's financial district, taken from a helicopter trip.
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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GIANT: Credit Suisse headquarters at Paradeplatz in Zurich, Switzerland.
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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
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The Euro sign outside the European Central Bank in Frankfurt, Germany

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