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The Latest Breaking News on Financial Services

OCC Orders Wells Fargo To Fix Lapses In Money Laundering Controls

U.S. regulator ordered Wells Fargo to tighten its controls on money laundering to prevent propagation of illicit transactions.

International Business Times

Battle of Kim and Goliath as bank closes amid loophole

A NSW town will lose its ANZ branch because it isn't considered regional, just months after the bank committed to keep country locations open for three years.

AAP

Investment firm caps work hours for junior staff at 80 a week after outcry over young banker’s shocking death

Leo Lukenas III, 35, died in May after working multiple 100-hour weeks

The Independent UK

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Small businesses complain of losing money after card payment outage

Retailers and wholesalers were urgently seeking support from providers as they said they were unable to accept card payments on Thursday.

The Independent UK

Bank of England waters down plans to impose tougher capital rules on UK banks

Chancellor says revision of how much lenders must set aside to cope with future crises will bolster growth

The Guardian - UK

Chemist, pub and bank closures lead to 2,300 more empty UK stores, survey finds

Worst net closures so far this year are on high streets, while retail parks and shopping centres fare better

The Guardian - UK

Bank of America Stock Falls As Warren Buffett Keeps Selling

Bank of America stock is lower Wednesday on news Warren Buffett's Berkshire Hathaway sold another chunk of its stake in the bank. Here's what you need to know.

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UniCredit Takes Stake In Commerzbank, Fueling Tie-Up Talk

Commerzbank shares soared Wednesday after Italian bank UniCredit acquired a nine-percent stake in Germany's second-biggest lender, half of it from the German state, fueling speculation about a potential takeover.

International Business Times

Bank Of America Raises Minimum Wage To $24 An Hour

Bank Of America raised its minimum hourly wage to $24 an hour.

International Business Times

US Fed Vice Chair Tones Down Proposals For Fresh Banking Regulations

A senior US Federal Reserve official proposed Tuesday a number of "broad and material" changes to new banking rules, toning down plans to tighten regulation and supervision.

International Business Times

Mandelson-backed Bank of London reveals £42m in fresh funding days after winding-up petition

Clearing bank’s future was thrown into question by HMRC action over unpaid taxes last Thursday

The Guardian - UK

Disruption looms for Sydney commuters as union plans action – as it happened

All the day’s news as it unfolded

The Guardian - AU

Santander to insist UK workers are in office three days a week

About 1,000 of those affected work in London and 4,500 at the bank’s new Milton Keynes headquarters

The Guardian - UK

HSBC on hiring spree to drive UK wealth division ambitions

Exclusive: Europe’s biggest bank hopes to double UK arm of its wealth and private banking operations

The Guardian - UK

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Kiplinger

Five Perks of Choosing Local or Regional Financial Institutions

A commitment to the community and a focus on customer service lead the benefits of banking with a smaller financial institution.

The Independent UK

Viral ‘Chase Bank Glitch’ promised people free money - but left them in thousands of debt and facing jail

The TikTok trend encouraged people to commit check fraud, to disastrous results

Motorsport

Ferrari and Santander announce sponsorship deal to end after 2024

Spanish banking giant Santander and Ferrari will conclude their sponsorship agreement at the end of 2024 as the reported $60 million-a-year deal comes to an end.

AAP

Economy yet to turn a corner as higher rates bite

Australia is expected to post its slowest annual economic growth rate outside of the pandemic lockdowns since the 1990s as inflation persists.

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The Guardian - US

Wells Fargo worker found dead at her desk four days after clocking in

Arizona officials are investigating the death of Denise Prudhomme, 60, who was discovered by a colleague

The Independent UK

Wells Fargo worker dies at her desk — and isn’t found until four days later

Police in Arizona do not suspect foul play was involved in Denise Prudhomme’s death

Creative Bloq

Chime proves that financial branding doesn’t have to be boring

JKR builds a banking brand with personality.

AAP

No cost to taxpayers from bond scandal: ANZ head

There will be consequences across ANZ following the misconduct of employees over bonds, the company's head says.

The Guardian - UK

Barclays enlarges half-year bonus pool for first time since 2021

Rise to £675m after lifting EU bonus cap suggests lender may increase payouts to high-performing bankers

AAP

Bendigo Bank profit falls but assets still healthy

Regional lender Bendigo and Adelaide Bank says mortgage holders are keeping ahead of repayments and expects conditions to improve for borrowers next year.

The Independent UK

Missouri man’s armed bank robbery foiled by locked front door

Jacob Lowell Hessing planned to rob the Exchange Bank of Missouri on a Saturday, unaware that access to the building was by appointment only

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