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The Latest Breaking News on Financial Services

PMLA court denies bail on medical grounds to ex-chief of Pune-based coop bank

The Enforcement Directorate is making further investigation as per the provision of the Prevention of Money Laundering Act and there is a possibility of the applicant (accused) dealing with POC (proceeds of crime) and ultimately paralysing further investigation of the ED, the court said in the order made available on…

The Hindu

NCP condemns ED raids on MLA Rohit Pawar’s Baramati Agro

ED conducts searches at 6 locations linked to NCP MLA Rohit Pawar in money laundering probe connected to alleged Maharashtra State Cooperative Bank scam.

The Hindu

3 Foreign Bank Stocks Set to Soar in 2024

U.S. banks are anticipated to face pressure due to prolonged high interest rates, elevated deposit costs, diminished credit demand, and stringent lending standards. Therefore, it could be wise to look beyond borders and buy fundamentally strong foreign bank stocks Woori Financial Group (WF), Intesa Sanpaolo (ISNPY), and Shinhan Financial Group…

StockNews.com

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How M&T Bank (MTB) and JPMorgan (JPM) Are Positioned for 2024 Banking Landscape

Despite indications of lower interest rates by the end of the year, concerns over asset quality, higher deposit costs, stringent lending norms, and interest rates remaining higher for longer remain for major banks. Considering these factors, let’s assess how M&T Bank (MTB) and JPMorgan Chase (JPM) are positioned to navigate…

StockNews.com

Consumer credit borrowing increases at fastest annual rate in five years

The annual growth rate for consumer credit was 8.6% in November, the highest rate since September 2018, according to the Bank of England.

The Independent UK

3 Foreign Bank Stocks Primed for Untapped Growth in 2024

The banking industry displayed admirable resilience and stability in 2023. Amid the banks' efforts to streamline their structures, honing in on core operations – there are projections of higher costs in the short term, inflicting some degree of impact on immediate bottom-line growth. Given this backdrop, quality foreign bank stocks…

StockNews.com

Private Sector Funding Key To Climate Transition, World Bank Chief Says

The World Bank is working to slash how long it takes to get financing projects off the ground as part of a push to speed up and scale up the 79-year-old development lender, its president told AFP on Wednesday.

International Business Times

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Mortgage rate cuts ‘will take some of sting out of rise’ for people refixing

HSBC UK is among lenders making cuts to its fixed rates and an expert has suggested others could follow suit.

The Independent UK

HSBC joins mortgage rate-cutting drive with deals below 4%

Five- and 10-year fixed-rate remortgage offers announced as lenders big and small reduce rates

The Guardian - UK

Interest rates for deposits in Kerala’s cooperative sector to be hiked

The Kerala Government on January 3 (Wednesday) decided to hike the interest rates for deposits in the Kerala Bank and primary cooperative societies in the State. On deposits of terms up to one year, the interest rate will go up by 0.50% and on those above one year by 0.75%,…

The Hindu

Halifax cuts mortgage rates in new hope for home buyers

Britain’s biggest lender kickstarts 2024 by slashing rates by nearly 1 per cent

The Independent UK

BNP Paribas faces €600 million hit over Swiss franc loans

French bank BNP Paribas could pay out 600 million euros after reaching a deal to compensate clients judged to have been deceived over mortgages issued in Swiss francs in 2008 and 2009.

Radio France Internationale

‘People are devastated’: anger and anxiety as Peak District loses its last bank

Early next year, the NatWest in the market town of Bakewell will close, leaving the whole area ‘de-banked’

The Guardian - UK

Should Investors Keep an Eye on JPMorgan and Citigroup (C) in 2024?

The banking sector has showcased commendable resilience and stability, defying the hurdles encountered at the beginning of 2023. Following a substantial resurgence in bank stocks, let’s examine whether investors should keep an eye on banking stocks Citigroup (C) and JPMorgan Chase (JPM) for 2024. Read on….

StockNews.com

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The Guardian - UK

Treasury to end oversight of £425m scheme to help banks after RBS bailout

Body monitoring use of money given to challenger banks to promote competition to be wound down despite objectives not met

Kiplinger

Four Ways To Beat ATM Fees

Use these four strategies to plan ahead and avoid paying annoying ATM fees.

The Hindu

SBI-led consortium to finance Auro Infra’s ₹3,000-crore gateway port in Kakinada SEZ

SBI-led consortium to provide ₹3,000 crore loan for Kona gateway port on Kakinada coast, expected to be commissioned by mid-2025.

The Guardian - UK

UK students launch Barclays ‘career boycott’ over bank’s climate policies

Campaign at leading universities such as Oxbridge and UCL warns lender it will miss out on top talent if it finances fossil fuels

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The Guardian - UK

Ex-NatWest chief’s name axed from ‘Rose review’ into female-led firms

Exclusive: government to rebrand scheme amid fallout from Farage scandal that cost Alison Rose her job

The Guardian - UK

UK mortgages: trial to rule on deals that left people with huge debts

Decades after shared appreciation mortgage launch, case brought by law firm due to reach high court

The Independent UK

Bank urges customers to ‘remain guarded’ against scams over festive season

Santander UK said two customers had made claims on Christmas Day last year after falling victim to the family and friends WhatsApp impersonation scam.

The Guardian - AU

‘You are deceased’: Services Australia bungle results in woman losing bank accounts and pension

A 74-year-old carer was mistakenly declared dead by Centrelink two times in a case advocates describe as illustrating the ‘devastating consequences of automation’

The Independent UK

Workers at Wells Fargo location in New Mexico vote to unionize

Employees at a Wells Fargo bank in New Mexico have voted to unionize, the first time that workers at a major U.S. bank have attempted to organize in the modern era

The Guardian - UK

Co-operative Bank in merger talks with Coventry Building Society

Talks with hedge fund owners could return ethical bank to member ownership and create high street challenger with 5m customers

The Guardian - US

‘We’re not backing down’: Wells Fargo workers push to grow union campaign

Four branches of the bank in New Mexico, Alaska, California and Florida have filed for union elections since November

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