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The Latest Breaking News on Financial Services

HSBC hit with huge fine by watchdog over customer deposits

HSBC suffered another serious blow to its reputation today when it was whacked with one of the heaviest fines ever handed out by the City regulator.

Evening Standard

Full list of Lloyds Bank and Halifax closures, as Lloyds set to shut 123 branches

About 1,600 jobs will be cut, though junior employees are not expected to be affected and there will be some voluntary redundancies

Evening Standard

3 Consumer Finance Stocks to Buy for Weekly Gains

The consumer financial services sector is projected to experience enduring, vigorous growth and expansion, driven by the escalating wealth of High-Net-Worth Individuals (HNIs), increased accessibility to loans and credit facilities, and the emergence of advanced digital technology. To that end, quality consumer finance stocks FirstCash Holdings (FCFS), Qifu Technology (QFIN),…

StockNews.com

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Money matters: why museums could help Britain’s poor financial literacy

Shelving of plans to revamp Bank of England Museum puts spotlight on uphill task of expanding financial education

The Guardian - UK

HSBC fined £57m over ‘serious’ deposit protection failings

Regulator says bank failed to properly implement Financial Services Compensation Scheme

The Guardian - UK

European Banks Face Major Test with Earnings in Strong Run

Get a preview of European banks' upcoming earnings reports and learn about the challenges they are expected to face after a strong run.

Top News

Weekly Must-Read: How Can China Deal With Deflationary Pressure?

Although China’s economy showed signs of recovery in 2023, prices have not improved in tandem, with key economic indicators signaling a persistent decline

Caixin Global

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Lloyds to cut 1,600 jobs across branches in shift to online banking

Overhaul likely to raise concerns for UK bank’s 2m customers who rely on branches to manage accounts

The Guardian - UK

Ahead of R-Day, 94,680 business units, startups sanctioned in J&K

Ahead of the 75th Republic Day, Jammu and Kashmir Lieutenant Governor Manoj Sinha’s administration has provided entrepreneurship and self-employment opportunities to 94,680 youth in a single day. Mr. Sinha distributed record sanction letters for setting up new units and startups.

The Hindu

Bank of America sends warning letters to employees not going into offices

Letters warned employees that failure to follow return-to-office expectations could lead to ‘further disciplinary action’

The Guardian - US

Money-laundering probe | NCP MLA Rohit Pawar appears before Enforcement Directorate

Mumbai NCP MLA Rohit Pawar appears before the ED in a money laundering case linked to a cooperative bank scam.

The Hindu

Is Fifth Third Bancorp (FITB) Sending Buy Signals Following Q4 Results?

Amid Fifth Third Bancorp's (FITB) latest fiscal report unveiling hurdles such as dwindling net interest income, notable profit slumps, and a gloomy 2024 forecast, would it be wise to invest in FITB shares post-Q4 results? Let's find out.

StockNews.com

‘The key thing is to have a plan’: the former City watchdog now helping to guide Keir Starmer

Charles Randell, ex-chair of the Financial Conduct Authority, cut his teeth helping the Treasury fight the financial crisis and is now a Labour election policy adviser

The Guardian - UK

Kerala High Court slams ED for prolonging probe into Karuvannur bank issue

Kerala High Court directs Enforcement Directorate to provide update on investigation into suspicious deals in Karuvannur Cooperative Bank.

The Hindu

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The Hindu

Banking on a branch visit on Jan. 22? private, PSU banks have different plans

Public sector banks in India will open after 2.30 p.m. on January 22, while private banks will operate normally except in certain states.

The Hindu

Central agencies turning accused into approvers in cooperative bank case, says CM

Chief Minister Pinarayi Vijayan has lashed out at Central investigation agencies over the prime accused in a cooperative bank scam case turning into approvers.

The Hindu

PMLA Adjudicating Authority confirms ED attachment of assets in former judge’s case

The ED found that the then judge had allegedly received illegal gratification in the form of loan .

Dynamite News

Punjab & Sind Bank employee steals over Rs 52 crore from customers' FDs to play online games; ED attaches accused's assets

ED initiated an investigation on the basis of an FIR registered by the CBI against Bedanshu Shekhar Mishra and others relating to bank fraud and misappropriation of funds. Read further on Dynamite News:

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Dynamite News

ED attaches assets worth of over Rs 4 crore in Delhi in bank fraud case

The Directorate of Enforcement (ED) has attached assets worth of over Rs 4 crore in connection with alleged bank fraud causing loss of Rs 53 crore to Union Bank of India involving Ginni Gold Pvt Ltd. Read further on Dynamite News:

International Business Times

ING Targeted In New Dutch Climate Legal Case

The Dutch climate activists who won an historic court battle against Shell now have a new target -- top Dutch bank ING. Milieudefensie, the Dutch branch of Friends of the Earth, said Friday they have started legal proceedings against ING, and warned that other top companies could be next.

The Guardian - AU

‘I broke down and cried’: scams are rampant in Australia – and victims feel helpless to stop them

Banks criticised as fraudsters cut through ‘patchwork’ regulations – even scamming a financial watchdog executive

AAP

ME Bank fined $820k for misleading home loan customers

ME Bank has admitted sending incorrect letters to hundreds of home loan customers because of a technical software issue.

StockNews.com

Investment Perspectives Post Discover Financial's Q4 Earnings

Discover Financial Services (DFS) recently unveiled its fiscal fourth quarter results. Given this development, should investors consider buying the company’s shares? Keep reading to find out….

The Guardian - UK

Sainsbury’s Bank open to offers as retailer plans to exit finance

Company exploring options as it plans to shift focus back to food and retail, rather than services

Kiplinger

Bank Overdraft Fees Could Soon Drop Significantly

Consumer watchdog agency eyes dropping some overdraft fees to as low as $3, closing a loophole that it calls a 'massive junk fee harvesting machine.'

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