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The Latest Breaking News on Financial Services

Banks’ performance in dealing with APP scam victims revealed by regulator

The Payment Systems Regulator said there are inconsistent outcomes for customers who report an APP scam to their bank or building society.

The Independent UK

Massive $100B Deposit Exodus From US Banks Sparks Worries

Deposits flee US banks, raising concerns about financial stability.

Zenger

JPMorgan CEO Dimon Sells Shares, Fuels Retirement Speculation

Jamie Dimon's sale of 1 million JPMorgan shares raises questions about his future plans as CEO.

Zenger

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Higher interest rates help HSBC to more than double profits

Bank criticised by MPs for being too slow to reward savers as it announces 15% rise in net interest income and $3bn share buyback

The Guardian - UK

HSBC gives $3bn boost to investors as profits double

HSBC saw profits in the third quarter more than double to $7.7 billion thanks to higher interest rates, figures likely to lead to fresh calls for banks to boost savings rates.

Evening Standard

Jamie Dimon is selling JPMorgan shares next year

Dimon will be taking some money off of the table in 2024, according to an SEC filing Friday.

The Street

Another first for JPMorgan CEO Jamie Dimon, selling shares of the bank he's run for nearly 2 decades

JPMorgan Chairman and CEO Jamie Dimon and his family are planning to sell 1 million shares of the bank starting next year, according to a regulatory filing

The Independent UK

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KSOU officials failed to disclose transactions of bank account for 2021-22, says State Audit

While a CBI probe is under way into the alleged misappropriation of funds to the tune of ₹300 crore during 2009-10 to 2015-16 in Karnataka State Open University (KSOU), the State Audit and Accounts Department has alleged that the varsity officials had failed to share the details of its transactions…

The Hindu

NatWest shares plunge after bank downgrades profit outlook

Competition for savers’ cash is putting pressure on its finances, says group

The Guardian - UK

Probe finds 'serious failings' in way British politician Nigel Farage had his bank account closed

An independent probe has found “serious failings” in how NatWest Group’s private and exclusive Coutts Bank shut down the account of the right-wing British politician Nigel Farage

The Independent UK

Client of crooked Bridgeport bank got out of $4 million owed by going bankrupt, then got millions more in loans

A month after Edward H. Gobbo got out of bankruptcy, Washington Federal Bank for Savings CEO John F. Gembara starting giving him loans of millions, records show. When the bank went bust, Gobbo or his immediate family owed more than $3.8 million on 27 residential loans, some of them years…

Chicago Sun-Times

Bank of Russia raises interest rates to 15% to fight inflation; US consumer confidence dips – as it happened

Russian central bank says current inflationary pressures have significantly increased to a level above its expectations

The Guardian - UK

City watchdog: NatWest may have breached rules in Farage account controversy

The bank published a report today showing "serious failings"

Evening Standard

NatWest decision to close Nigel Farage’s bank accounts was lawful, says report

Investigation for bank finds however that there were ‘serious failings’ in handling of Coutts move and treatment of ex-Ukip leader

The Guardian - UK

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The Hindu

HC stays summons issued by ED to Cooperative Society Registrar

Kochi HC stays ED summons to Registrar of Co-op Societies for passport, Aadhar & PAN card details of family members in Karuvannur Co-op Bank case. Court observes summons not issued in accordance with PMLA Act & ED free to file counter affidavit. Petitioner claims ED's action an infringement of right…

Evening Standard

Lloyds Bank: UK economy to grow but house prices to keep falling

LLOYDS BANK doubled its forecast for UK economic growth this year and insisted that consumers remain resilient in the face of gloomy predictions for the jobs market and global political strife.

Evening Standard

Lloyds Bank says UK economy improving slightly - on course to avoid recession

Lloyds Bank, Britain’s biggest high street bank, thinks the UK’s economic position is modestly improving and that the nation remains on track to avoid a recession.

The Guardian - UK

Lloyds bank closure made cancelling housebound husband’s standing order a real trial

Our town’s branch has shut but when I went to the nearest one 10 miles away they said they couldn’t stop the payment

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The Guardian - UK

UK financial regulators scrap cap on bankers’ bonuses

Bonus cap to end on 31 October, a move condemned by unions as an ‘insult to working people’

Evening Standard

Barclays raises fears for jobs after investment banking slowdown

The high-street lender suffered a slowdown at its investment bank and a rise in bad debts — profits fell 4% in the third quarter to £1.9 billion

The Independent UK

Barclays profit falls as banking giant considers cutting costs

Shares in the company tumbled by more than 8% on Tuesday morning after it gave an update on its financial performance for the third quarter.

The Guardian - UK

UK decision to scrap caps on bankers’ bonuses condemned as ‘obscene decision’ by union – as it happened

The number of unemployed grew by 82,000 in the three months to August and Barclays seeks to cut costs after profits dip

The Guardian - UK

Barclays bankers fear cost-cutting job losses after profits fall

Third-quarter profits down 4% on a year ago as growth in net interest income from UK retail business stalls

The Guardian - US

The grey moral ground of lying on expense travel reports

A Citibank employee was recently fired for fudging receipts, but companies are striving to follow the rules laid down by the IRS

The Guardian - UK

Mortgage debts and bust firms put UK banks’ profits under pressure

With the big lenders reporting their results this week, investors are trying to stay optimistic and hoping there will be no more crises

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