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The Latest Breaking News on Financial Services

Is A Recession Looming? Two Big Bank CEOs See It That Way

Recession is likely, Citi's CEO told a Senate panel today, a sentiment echoed by JP Morgan's chief executive last week.

Kiplinger

American Express Doubles Down for Majority Stake in China Bank Card Clearing Business

U.S. credit card giant increases investment in Chinese clearing house joint venture to tap into trillions of dollars card transactions

Caixin Global

Big bank CEOs warn that new regulations may severely impact economy

The heads of the nation’s biggest banks say there are reasons to be concerned about the health of U.S. consumers _ particularly poor and low-income borrowers _ in their annual appearance in front of Congress on Wednesday

The Independent UK

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Shareholders slug Bank of Queensland with first strike

Bank of Queensland is the latest Australian company to suffer a first strike to its remuneration report after a year of falling profits and regulatory strife.

AAP

Morning Mail: Coalition flies to Cop28, Westpac suffers major outage, UK nuclear site hacked

Customers lose access to accounts and cards after system update failure; conservative lobby groups fund trips by frontbenchers to Cop28

The Guardian - AU

Charities and churches left in financial disarray after Barclays shuts accounts

A number of community organisations say they were left struggling after bank closed or froze accounts ‘without warning’

The Guardian - UK

Barclay family regains control of Telegraph after Abu Dhabi helps pay debt

Planned takeover still requires government approval despite Lloyds receiving funds owed

The Guardian - UK

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Westpac suffers online banking outage with customers shut out of accounts

People unable to view statements, pay bills or use credit cards after a problem during what the bank called a ‘technology update’

The Guardian - AU

'It's the last straw': Community supports petition against Bank of Scotland closure

A PETITION concerning the imminent closure of a Bank of Scotland branch in Argyll with more than 1700 signatures has been delivered to bank staff.

The National (Scotland)

World Bank accused of ‘turning blind eye’ to sexual abuse in Kenyan schools it funded

Calls grow for independent inquiry after the bank’s internal watchdog found 21 cases of child sexual abuse by teaching staff

The Guardian - UK

Finding funds: On COP28 and the ‘loss and damage’ fund

In ensuring climate justice, the loss and damage fund’s contents need to be easily accessible to those who need it most without bureaucratic hurdles, and in sufficient quantities

The Hindu

Lord Darling of Roulanish obituary

Labour chancellor of the exchequer who in 2008 found himself in the eye of an unparalleled economic storm

The Guardian - UK

Banking 'bullies' leave vulnerable people open to scams

Post offices are increasingly filling the void when rural banks shut down, but they're not always paid for their services, a Senate inquiry has been told.

AAP

How underrated chancellor Alistair Darling helped weather financial crisis

Labour politician, who has died aged 70, faced toughest challenge of his career when economy crashed in 2008

The Guardian - UK

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Evening Standard

Barclays offers 90% mortgage with sub-5% interest rate after slashing prices twice in four days

Other lenders to announce cuts today include TSB and Accord

The Guardian - UK

Metro Bank to cut about 800 jobs and review opening hours

Lender to ramp up cost-cutting plans after rescue deal and assess seven-days-a-week branch model

The Independent UK

Metro Bank axing fifth of workers and reviewing seven-day opening

The troubled high street lender said the moves are part of plans to ramp up cost savings to £50m a year.

The Independent UK

Lloyds, Halifax and Bank of Scotland to shut another 45 branches

The Lloyds Banking Group-owned brands will close the branches next year, starting in March and April.

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The Hindu

ED carries out raids in ₹250-crore money laundering case in J&K

ED searches 6 places in J&K in ₹250-cr money laundering case. Searches include premises of former J&K State Co-operative Bank Ltd chairman. Fraud in name of fictitious River Jhelum Co-operative Housing Building Society. ED conducted raids under PMLA. ACB filed charge sheet against Hilal A Mir, Mohd Shafi Dar &…

Kiplinger

Bank of America Fined $12M for Reporting False Mortgage Data

Bank of America fined over routinely filing false mortgage lending data to the government, the CFPB says.

Evening Standard

A tense few days for The Telegraph, but RedBirdIMI looks the way to bet

A crunch few days for the Telegraph Group, which could have new, controversial, owners by Monday.

Evening Standard

Barclays axing 900 staff in ‘disgraceful’ pre-Christmas move, says Unite

The banking giant confirmed it was ‘making changes to its headcount’

The Hindu

Ernakulam consumer rights panel asks bank to refund amount withdrawn beyond credit card holder’s remaining balance limit

Ernakulam District Consumer Disputes Redressal Commission orders nationalised bank to refund ₹39,507 to credit card holder and pay ₹35,000 compensation for unauthorised withdrawal. Commission cites Kerala High Court ruling that bank cannot deny liability despite RBI's limited liability circular. Bank should not have approved transaction exceeding established limit, highlighting flaw…

The Guardian - UK

Lloyds chief urges UK policymakers to keep their hands off banks’ profits

CEO Charlie Nunn calls for measures such a windfall tax to be ruled out before next general election

The Guardian - UK

Metro Bank rescue deal can go ahead after shareholders back it

Jaime Gilinski Bacal to increase stake to 53% as lender secures £325m in new capital and £600m of debt

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