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The Latest Breaking News on Financial Services

Credit Suisse owes millions to Georgia's billionaire ex-prime minister, court says

A Singapore court says Credit Suisse owes billionaire and former Georgian Prime Minister Bidzina Ivanishvili hundreds of millions of dollars for failing to protect his money in a trust pilfered by a manager

The Independent UK

Probability That US Banks Will Restrict Cash Withdrawals Is ‘Rising Like Mercury’

The hedge fund manager foresees a change in the banking industry after a chain of events in the banking collapse.

Zenger

Whitley Bay HSBC branch could be given new lease of life as flats

Fears of a derelict building in Whitley Bay town centre may be quelled if the development goes ahead

Chronicle Live

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3 Financial Services Stocks Investors Can Profit From

Financial services companies usually benefit in a high-interest rate environment as it helps them boost their profit margins. Moreover, the growing adoption of digital financial services is expected to drive the long-term growth of the financial services industry. Therefore, it could be wise to buy fundamentally strong financial services stocks…

StockNews.com

Starling Bank founder steps down as CEO to avoid potential conflict of interest

Anne Boden is also a major shareholder and hopes move will shield online bank from possible concerns

The Guardian - UK

Atom Bank appoints former Virgin Money man Lee Rochford as chairman

Mr Rochford helped Virgin Money to float on the London Stock Exchange in 2014

Birmingham Post

Chief executive of Starling Bank stepping down

Swansea-born Anne Boden said she will leave her role next month but remain on the board and partly own the challenger bank

Birmingham Post

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Anita Chabria: A Black guard shot a Black man for shoplifting. Blame San Francisco's legacy of racism

Last month, a Black man raised in chaos and scarcity shot and killed a Black man living in chaos and scarcity on the sidewalk in front of a downtown Walgreens.

Los Angeles Times

Entrepreneur set to open new cafe in former Sutton in Ashfield town centre bank

The cafe will also act as a social enterprise, offering training and work experience for learners from Portland College and Vision West Notts College

Nottingham Post

Judge greenlights JPMorgan lawsuit blaming ex-executive in Jeffrey Epstein scandal

A federal judge says he won't block JPMorgan's legal efforts to accuse a former executive of hiding Jeffrey Epstein's decades-long sex abuse in order to keep the financier as a client

The Independent UK

Worries over baht volatility as coalition talks continue

Investors are concerned that the formation of a new government and political risk could lead to higher baht volatility over the next month, says Kasikornbank (KBank).

Bangkok Post

First Citizens Bank to cut hundreds of former Silicon Valley Bank jobs

In a companywide email Wednesday morning, First Citizens Chairman and CEO Frank Holding Jr. said his Raleigh, North Carolina-based bank is laying off former employees of Silicon Valley Bank, the failed financial institution that First Citizens purchased two months ago.

Tribune News Service

Letters to The Editor — May 25, 2023

Readers’ mail to The Hindu’s Letters to The Editor

The Hindu

UOB chief champions rise of sustainable financing

United Overseas Bank (UOB) has developed green frameworks to provide companies with simplified access to green and sustainable financing so that they can build resilient businesses, said Tan Choon Hin, president and CEO of UOB Thailand.

Bangkok Post

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Daily Record

New banking hub for Ayrshire town will play "vital role" in the community, says MSP

MSP Siobhian Brown joined MP Dr Philippa Whitford at the ribbon-cutting ceremony, along with stakeholders, last Friday.

Dynamite News

PIL in Delhi HC challenges RBI decision to withdraw Rs 2000 denomination banknotes

A Public Interest Litigation (PIL) has been moved in Delhi High Court seeking direction to quash the Reserve Bank of India (RBI) Notification dated May 19, 2023, whereby the RBI has taken a decision to withdraw the Rs 2000 denomination banknotes from circulation under the clean note policy or otherwise.…

Daily Record

Bank issues urgent customer warning as thousands of current accounts to close

If you have a current account or ISA savings account it is worth checking whether you will need to switch banks in the coming months.

Los Angeles Times

Commentary: Downtown San Francisco had a good run. Can it recover?

Downtown San Francisco is in distress. Indicators of urban well-being point in the wrong direction: office occupancy, BART ridership and retail foot traffic are down, as is the city’s population. Every week brings news of another high-profile exit: Recent closures include a Whole Foods flagship and Nordstrom, which announced the…

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The Independent UK

Stock market today: Asian stocks slide as US debt worries mount

Asian stock markets have slid as the U.S. government creeps closer to a potentially disruptive default on its debt

The New Daily

JPMorgan accuses US Virgin Islands of shielding Epstein

JPMorgan Chase is defending itself against a lawsuit by the US Virgin Islands accusing it of empowering Jeffrey Epstein to abuse teenage girls.

The Independent UK

JPMorgan Chase defends lawsuit by blaming US Virgin Islands for Jeffrey Epstein's sex crimes

JPMorgan Chase is defending itself against a lawsuit by the U.S. Virgin Islands accusing it of empowering Jeffrey Epstein to abuse teenage girls

Tribune News Service

Don’t call it Chase Tower anymore. The downtown Dallas landmark is getting a new name

One of downtown Dallas’ tallest towers is getting a new name and upgrades.

ABC News

Money mules are involved in the majority of scam reports, ACCC says

Over a four-hour phone call, scammers gained access to Jenny's computer and transferred $300,000 out of her account. By the time she alerted the bank, it was too late.

The Hindu

Hassle-free experience for majority of people with few ₹2,000 notes to exchange

A steady stream of people waited in queues to exchange the few ₹2,000 notes they had, even as banks accepted a maximum of 10 notes to be exchanged at a time. A section of businessmen with unaccounted wealth, however, look towards middlemen to exchange the notes for a 10% commission…

The Independent UK

Millennial Money: How to pick a socially responsible bank

Now is a great time to look for a bank or credit union that aligns with your values

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