Bank

Libor rigging chancellor urged to call inquiry into Bank of England allegations

John McDonnell, the shadow chancellor, is calling on Philip Hammond to hold an urgent public inquiry into whether Bank of England officials colluded in the rigging of the Libor rate. The senior Labour politician said Hammond’s silence on the issue was unacceptable after a BBC Panorama programme said it had evidence of pressure exerted by Threadneedle Street on the setting ... Read More »

US government ‘hacked global bank system’

The NSA is facing criticism for not sharing details of the security flaws with Microsoft A huge range of security exploits, said to be worth over $2m if sold on the black market, have been leaked online. The tools are said to have been created by the US National Security Agency (NSA), and accompanying documents appear to indicate a possible ... Read More »

Smita Sandhane takes charge as MD, Saraswat Co-operative Bank

MUMBAI, APRIL 7:   Saraswat Co-operative Bank on Saturday said Smita Sandhane has taken charge as Managing Director of the bank with effect from April 1. She is the first woman chief of India’s largest urban co-operative bank. Prior to her elevation, Sandhane was the Joint Managing Director of the bank. She has been with the bank since 1982. Sandhane has ... Read More »

Bank Reform Architect Puzzled by Effort to Undo It

Former Representative Barney Frank in his driveway in Ogunquit, Me. CreditGreg Miller for The New York Times Barney Frank is puzzled. The former Massachusetts congressman says that President Trump is vowing to roll back financial regulations that even some of the biggest players in the banking industry have quietly come to tolerate. Many Americans — outside the financial industry — ... Read More »

New Firms Catching Up to Banks in Foreclosure Rankings

A foreclosed home in Las Vegas in 2016. The number of home foreclosures is down sharply from the depths of the financial crisis. CreditMax Whittaker for The New York Times The number of home foreclosures is down sharply from the depths of the financial crisis, even as many of the mortgage firms involved remain the same, including Fannie Mae, Wells ... Read More »

Episode 761: The Bank War

A note from the Second Bank of the United States. Museum of American Finance, NYC Banks and governments have been fighting each other for hundreds of years, but never more dramatically than during the showdown between President Andrew Jackson and Nicholas Biddle, the president of the Second Bank of the United States. Jackson was a populist, who rode to victory ... Read More »

How ‘Consumer Relief’ After Mortgage Crisis Can Enrich Big Banks

A home in Henderson, Nev., that was foreclosed. Some deals by big banks to provide mortgage relief for borrowers have a built-in profit incentive. CreditMax Whittaker for The New York Times In every multibillion dollar settlement with a big bank that peddled faulty mortgage securities, a major provision has been a requirement that the bank provide “consumer relief.” In the ... Read More »

TD Bank under pressure over sales tactics claims

TD Bank Group, Canada’s biggest bank by deposits, is battling to contain damage from a potential sales scandal after a TV show claimed employees regularly broke laws for fear of being fired. Shares in the bank dropped more than 5 per cent on Friday — the most in more than eight years — after reports by the Canadian Broadcasting Corporation accused TD ... Read More »

Banks are about to get a huge cash windfall thanks to Trump

Changes in banking regulations could result in a big windfall for the industry, much of which would make its way into investors’ pockets, according to a Goldman Sachs analysis. In a best-case scenario, slashed regulations would result in as much as $218 billion in excess capital which “could either be returned to shareholders or reinvested in the business,” Goldman said ... Read More »

Expectations of Donald Trump dismantling Dodd-Frank send banking shares higher

Shares in banks and insurance groups are rallying in London, following the reports that President Donald Trump will take steps to dismantle regulations brought in to prevent another financial crisis. Mr Trump is expected to order a review of the Dodd-Frank Act on Friday, which was implemented in the aftermath of the 2008 financial crisis to prevent a repeat of ... Read More »