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The Latest Breaking News on Financial Services

US candidate Ajay Banga sole nominee to lead World Bank

Washington (AFP) - Ajay Banga, the American pick to lead the World Bank, was the only candidate nominated for the position, the bank confirmed Thursday, paving the way for his likely appointment in the coming months.

AFP

ICJ orders US to pay compensation for freezing Iranian assets

In a blow for Iran, however, the UN court said it didn’t have jurisdiction over frozen assets from Iran’s central bank.

Al Jazeera

Yellen seeking more regulation in aftermath of bank collapse

Weeks after the failure of two banks, Treasury Secretary Janet Yellen is planning to call Thursday for tighter financial regulations

The Independent UK

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Glasgow bank branches 'condemned' by closure including Bank of Scotland and Barclays

Multiple bank branches in and around Glasgow are set to shut down as the number of physical banks continues to fall. This include branches for Bank of Scotland, Royal Bank of Scotland and Barclays.

Glasgow Live

NatWest and Lloyds to axe a further 81 bank branches

Banks say customers are rejecting traditional counter services in favour of online banking

The Guardian - UK

Biden Eyes New Regulations As Congress Dives Into Silicon Valley, Signature Bank Failures

President Joe Biden is expected to tighten regulations on banks, prompted by the biggest banking collapse since the 2008 crisis

Zenger

Credit Suisse helped rich dodge taxes

"Republican budget cuts have decimated the IRS's ability to root out this kind of offshore tax evasion scheme"

Salon

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Top UN court rejects Iranian bid to free assets frozen by US

The United Nations’ top court has rejected Tehran’s legal bid to free up some $2 billion in Iranian central bank assets frozen by U.S. authorities to be paid in compensation to victims of a 1983 bombing in Lebanon and other attacks linked to Iran

The Independent UK

Stock markets climb as traders weigh interest rates outlook

New York (AFP) - Stock markets mostly moved higher on Thursday as banking sector worries eased and traders weighed central banks' interest rate plans in the wake of recent turmoil.

AFP

US bank deregulation 'may have gone too far': Treasury Secretary

Washington (AFP) - Recent banking sector turmoil is a reminder that work on reforms remains unfinished, and there is a need to "consider whether deregulation may have gone too far," US Treasury Secretary Janet Yellen said Thursday.

AFP

Full list of banks closing in Scotland in 2023 - check for your local branch

There are a number of bank branch and building society closures scheduled throughout 2023, so it is important to check your branch and any alternatives that may be available.

Daily Record

Porthcawl to get its own banking hub

The investment by LINK follows announcements to closure the town's two remaining bank branches

Birmingham Post

Lloyds, Halifax, NatWest and two other banks to shut another 80 branches - see full list

Bank closures have become the norm over the last few years as more people choose to do their banking online rather than in a branch

Daily Mirror

Plans to turn bank into bedsits compared to 'sardines' - but it's still going ahead

Proposals for the old Barclays branch, in Edgeley, have been approved by Stockport council’s planning committee.

Manchester Evening News

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The Street

Stocks Higher, FDIC Fees, H&M Profits, Electronic Arts Job Cuts, MLB Opening Day - Five Things To Know

Stock futures extend gains on fading bank crisis concerns; FDIC looking at higher fees for big banks; H&M shares surge after strong quarterly profits; Electronic Arts shedding 6% of staff as tech job cuts accelerate and Major League Baseball's opening day brings historic changes to national pastime.

Daily Record

Kilwinning to receive new banking hub thanks to locals’ requests

The banking hub in Kilwinning will offer basic counter services, allowing people to withdraw cash, collect change, deposit cheques, pay bills and make balance enquiries.

Chicago Sun-Times

Credit Suisse violates deal on rich clients’ tax evasion

The Senate Finance Committee finds that troubled Credit Suisse failed to report secret accounts held by U.S. citizens trying to avoid paying taxes.

Tribune News Service

Bipartisan group of senators offer clawback bill for bank failures

WASHINGTON — A bipartisan group of senators released draft legislation Wednesday that would claw back executive pay in the five years leading up to a bank’s failure, following President Joe Biden’s call on Congress to take action.

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Wales Online

The large Welsh town which is losing its very last bank as Lloyds confirms it's pulling out

The decision has been described as 'disappointing and short-sighted'

ABC News

The Reserve Bank doesn't need an overhaul, Australia needs fairer policies, says former governor

Former governor Bernie Fraser says the Reserve Bank of Australia's attempt to improve the welfare of all Australians has been undermined by decades of neoliberalism.

The Conversation

Federal budget 2023: Long-term investments are needed to fix Canada’s infrastructure gap

The federal government’s 2023 budget unveiled investments in infrastructure, with a narrative highlighting resilient and sustainable communities, and pointing to Ottawa’s progress and investments to date.

Tribune News Service

Fed’s Barr acknowledges oversight lapses before SVB failure

The Federal Reserve’s top bank regulator on Wednesday said that supervisors could have done more to keep tabs on Silicon Valley Bank before it collapsed earlier this month.

The Street

JPMorgan Stock Has Been Toughing Out the Volatility. Check the Chart.

Here are the must-know chart levels for those looking to take a position in JPMorgan stock.

AFP

UBS former CEO returns to handle 'huge' Credit Suisse takeover risks

Zurich (AFP) - UBS announced Wednesday it will bring back former chief executive Sergio Ermotti to handle the huge risks involved in the Swiss banking giant's controversial absorption of troubled rival Credit Suisse.

AFP

Credit Suisse concealed more than $700 mn from US govt: Senate

Washington (AFP) - Embattled Swiss banking giant Credit Suisse has failed to disclose more than $700 million in previously undeclared accounts since 2014, in violation of a plea deal with the US Department of Justice, a Senate committee said Wednesday.

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