Banking

Barclays PLC to Name Former JPMorgan Chase Banker Jes Staley as Chief Executive

Barclays PLC, a British bank, very soon will be announcing name of its new chief executive officer (CEO). The bank said former JPMorgan Chase banker Jes Staley will be its new chief executive.

A person familiar with the situation told Reuters on Monday that Staley, who is presently the... read more

Defective Mortgage Loans Cost Nomura and RBS US$806 million

As the US District Judge, Denise Cote pronounced, “The magnitude of falsity, conservatively measured, is enormous”, the Nomura Holdings Inc and Royal Bank of Scotland Group Plc were ordered to jointly pay US$806m to Fannie Mae and Freddie Mac, for sale of defective residential mortgage-backed... read more

Deutsche Bank reports better-than-expected quarterly profit

Deutsche Bank has reported record revenue due to increased debt and equity trading during the first quarter. Deutsche Bank reported 544 million Euros in net profit compared to 1.1 billion Euros reported during the same quarter last year. The financial services major booked 1.5 billion Euros in... read more

JPMorgan registers better than expected net profit, stock jumps

JPMorgan Chase and Co has reported 12 percent rise in net profit for the first quarter. The biggest bank in the United States by assets has managed to increase the revenue from stock and bond trading for the first time since 2010. JPMorgan Chase reported $5.91 billion profit ($1.45 per share)... read more

Economists expect Federal Reserve to hike interest rates in second half

In a recent survey of 293 economists, 71 percent has said that they expect the Federal Reserve to increase the interest rates in the second half of current year. Economists also expressed confidence in the economic recovery across various sectors in the United States and said that the... read more

Cybercriminal Crew Anunak or Carbanak Might Have Made Nearly $1 Billion from Hacking

Russian security solutions firm Kaspersky reported that the hackers crew that breached Staples data last year appears to have robbed far more banks than initially thought.

The report estimates that the crew last year stole data of nearly 1.16 million payment cards and some other private... read more

Trustees Overseeing NECC Bankruptcy Plans To Compensate For 2012 Meningitis Outbreak

It has been found that the trustees overseeing the bankruptcy of a Massachusetts pharmacy filed a plan that would set aside at least $135 million in order to compensate victims and their families.

The bankruptcy of a Massachusetts pharmacy, New England Compounding Center (NECC), is linked... read more

Swiss Banker indicted over Charges of Tax Evasion Conspiracy

A former vice president at Swiss private bank Rahn & Bodmer was charged with one count of conspiracy in an indictment filed in New York federal court.

Martin Dunki, who retired from the bank in 2012, was indicted on Thursday on the charges of helping US taxpayers hide millions of... read more

Obama Announces Plan to Tighten Debit Card Security

On Friday, President Barack Obama revealed a government plan to tighten security for the debit cards that transmit federal benefits such as Social Security to millions of Americans.

Cards issued by the federal government now will contain an internal chip replacing magnetic strips to... read more

Groupe BPCE Customers could soon transfer Money via Tweets

Groupe BPCE, France's second-largest bank, is teaming up with social networking site Twitter, to allow its customers to transfer money via tweets. Groupe BPCE has more than 8,200 branches nationwide under their respective brand names, serving nearly 40 million customers.

Back in September... read more

Detroit’s bankruptcy trial adjourned for a week

Judge Steven Rhodes of the U.S. Bankruptcy Court for the Eastern District of Michigan decided to adjourn Detroit's bankruptcy trial case for a week in order to provide the last major objector to the motor city's restructuring plan with time to redraft its case.

Rhodes ruled that the... read more

Goldman Sachs Agrees to Settlement worth $1.2 billion

In order to resolve claims of misleading U. S. mortgage giants Fannie Mae and Freddie Mac, Goldman Sachs has agreed to a settlement of $1.2 billion.

Goldman Sachs sold high-risk involved securities to the U. S. mortgage giants before the housing market crisis of 2007. The settlement was... read more

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