Tag Archives: bank

New £5 note: Bank to keep note despite animal fat content

The new £5 note will not be withdrawn, despite concerns that it contains traces of animal fat, the Bank of England says. The Bank said it had concluded it would be “appropriate” to keep the £5 polymer note in circulation. It will also issue the £10 polymer note as planned in September, it added. Vegans and some religious groups had ... Read More »

Britain’s struggling Co-operative Bank puts itself up for sale

Britain’s Co-operative Bank, rescued from the brink of collapse by a group of hedge funds in 2013, has put itself up for sale after struggling to meet regulatory capital requirements. The bank said on Monday that it had made considerable progress implementing a turnaround plan, cutting its cost base by a fifth since 2014, but it still expects to make ... Read More »

HSBC shutting four bank branches a week

HSBC has revealed that it is shutting more than four branches a week and that at least 57 more will be axed in the first few weeks of 2017. High-street banks have closed more than 1,000 branches in the UK during the past two years, according to consumer body Which?. It has called on banks to consult with communities before ... Read More »

Venezuela postpones bank note ban after chaos and cash shortages

Sudden pulling of 100-bolivar note from circulation leads to vast lines at banks, looting, protests and at least one death Venezuelan president Nicolas Maduro on Saturday suspended the elimination of the country’s largest denomination bill, which had sparked cash shortages and nationwide unrest, saying the measure would be postponed until early January. The surprise pulling of the 100-bolivar note from ... Read More »

Millions of bank customers on raw deals, figures suggest

Millions of people who have basic bank accounts may be paying higher fees than necessary, government figures indicate. Basic bank accounts are designed for people who do not already have a bank account and are ineligible for a standard current account. While eight million people have basic accounts, around half of them are still liable to pay fees for failed ... Read More »

Fed’s Tarullo warns against ‘backsliding’ on bank regulations

U.S. banking regulators must defend tough rules governing Wall Street and resist efforts to dilute regulations that might prevent a future financial crisis, Federal Reserve Governor Daniel Tarullo said on Friday. “It is critical that we not forget our still quite recent history,” Tarullo told a meeting of financial market researchers in Washington, referring to the 2008 housing bust that ... Read More »

Deutsche Bank to pay $60 million to settle U.S. gold price-fixing case

Deutsche Bank AG has agreed to pay $60 million to settle private U.S. antitrust litigation by traders and other investors who accused the German bank of conspiring to manipulate gold prices at their expense. The preliminary settlement was filed on Friday with the U.S. District Court in Manhattan, and requires a judge’s approval. Deutsche Bank denied wrongdoing. The bank in ... Read More »

Deutsche Bank cuts ties with 3,400 clients in trading business

Deutsche Bank’s Global Markets division will cut ties with about 3,400 clients in its debt and equities sales activities, the bank said on Friday. Deutsche Bank will immediately cease debt sales services to some financial institutions and hedge funds as well as equity sales activities, the execution of equities trading orders and equity structuring activities for some clients, a spokesman ... Read More »

US asks Deutsche Bank for $14bn to settle mortgage investigation

The US Department of Justice is asking Deutsche Bank to pay $14bn (£10.6bn) to settle an investigation into mortgage-backed securities, the bank has said. Deutsche Bank said it “has no intention to settle these potential civil claims anywhere near the figure cited”. The claim against Deutsche, which is likely to be the subject of negotiations for several months, was much ... Read More »

Bank of England to hold fire after August’s Brexit bazooka

The Bank of England holds a monetary policy meeting on Thursday as more hard economic numbers trickle in following June’s Brexit shock, while U.S. data and a speech by policymaker Lael Brainard will give Fed-watchers food for thought. Data and surveys in the coming week will also give a steer on price and industry trends in the euro zone after ... Read More »