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The Latest Breaking News on Financial Services

The Enforcement Directorate (ED) that raided the residence and office of former Minister and Communist Party of India (Marxist) MLA A.C. Moideen in connection with the multi-crore loan scam at Karuvannur Service Cooperative Bank took steps to freeze his two bank accounts on Wednesday. It is reported that these accounts have…

The Hindu

Which of These Bank Stocks Should You Keep an Eye On?

The banking industry has grappled with several challenges this year, with the recent anxieties over rating downgrades exerting constant pressure on banking stocks. Amid this uncertainty, let’s evaluate Citigroup Inc. (C), M&T Bank Corporation (MTB), and Comerica Incorporated (CMA) to identify which among these you should keep an eye on.…

StockNews.com

Ex-NatWest boss Alison Rose set for £2.4m payout after resigning over Farage row

Ms Rose resigned after she admitted to being the source of an inaccurate story about Nigel Farage’s finances.

The Independent UK

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New York bank manager arrested for murder-for-hire plot on Facebook against her brother-in-law

Reshma Massarone, 39, faces up to 10 years in prison if convicted of alleged scheme

The Independent UK

‘Don’t do a Rose’ — NatWest chief’s exit amid Farage controversy prompts a new set of rules for bosses

Media Watch: NatWest CEO Dame Alison Rose was seen as one of the safest pairs of hands in the City. Now businesses are on red alert

Evening Standard

S&P joins Moody’s in cutting US banks amid ‘tough’ climate

Two weeks after Moody’s Investors Service rattled financial stocks by cutting the ratings for a slew of US banks, SP Global Ratings is downgrading and dimming its outlook for several more — citing a similar mix of pressures making life “tough” for lenders.

The Times of India

Santander cuts mortgage rates but experts warn price war ‘won’t last’

The UK’s top lenders have been cutting mortgage rates after they rose dramatically from May to July, with all of the “Big Six” having cut prices on multiple occasions

Evening Standard

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Ex-CVC Suresh N Patel to head advisory board to examine role of top bank officials in frauds

CVC Suresh N Patel appointed Chairman of Advisory Board for Banking & Financial Frauds (ABBFF). Board members incl. Ravikant, Rajni Kant Mishra, David Rasquinha & Partha Pratim Sengupta. ABBFF to examine role of bank officials in fraud cases > Rs 3 crore.

The Hindu

National Trust resists pressure to ditch Barclays over environmental concerns

Attempt to cut ties with bank, which directly invests in new fossil fuel projects, fails at AGM

The Guardian - UK

J&K Bank sacks Chief Manager Sajad Bazaz for ‘State’s security interests’

J&K Bank terminates Chief Manager Sajad Bazaz's services, citing "State's security interests". No formal inquiry held. Govt constituted STF to identify and scrutinise employees involved in anti-national activities. PDP president Mehbooba Mufti questions move.

The Hindu

JPMorgan Chase & Co. (JPM), Wells Fargo & Company (WFC), and Bank of America (BAC): What Does Smart Money Think About These Stocks?

After facing several challenges earlier this year, the banking industry stabilized over the past few months. However, the recent concerns surrounding the rating downgrades keep banking stocks under pressure. Amid this uncertainty, what does smart money think about JPMorgan Chase (JPM), Bank of America (BAC), and Wells Fargo & Company…

StockNews.com

Online Banking Site Launched for U.S. Soldiers

A community bank joins forces with a financial technology startup to serve military members.

Kiplinger

Noble intentions: On the PM Vishwakarma scheme for traditional workers

The challenges traditional craftspeople and artisans face are far deeper than just the availability of cheap credit under the PM Vishwakarma scheme

The Hindu

Donohoe: Bank outage ‘extremely serious’ but didn’t damage Ireland’s reputation

Bank of Ireland has moved to assure customers that their account balances should be up-to-date after glitch on Tuesday.

The Independent UK

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StockNews.com

Is Invesco S&P 500 High Dividend Low Volatility ETF (SPHD) a Good Investment Right Now?

Amid the persistent market instability, the Invesco S&P 500 High Dividend Low Volatility ETF (SPHD) could be a dependable investment, which not only has the potential to navigate the tumultuous market conditions but also could deliver a consistent income stream. Read on….

Evening Standard

Bank of Ireland technical issue allowed customers to withdraw extra cash

People queued to withdraw more money than they had in their accounts following the glitch

The Independent UK

Bank of Ireland: Money withdrawn while online service down will still be debited

The bank said it does not have an estimated time for when its normal app and web services will be restored.

Zenger

China’s Central Bank Takes Surprising Step As Economy Falters

The rates for the People's Bank of China's one-year medium-term loan facility were unexpectedly cut by 15 basis points to 2.5%.

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Al Jazeera

Like Nigel Farage, British Muslims say they are being ‘de-banked’

Often without providing clear reasons, banks appear to be disproportionately closing the accounts of British Muslims.

AVNetwork

Employee-First Office Space: Workplace Technology Engages

Standardized on Microsoft Teams, employees fully embrace a hybrid work schedule and collaborate seamlessly.

The Independent UK

Forensic audit into Lebanon's central bank reveals misconduct and 'illegitimate' commissions

A forensic audit into Lebanon’s central bank by a New York-based company has revealed yearslong misconduct by the bank’s former governor and $111 million in “illegitimate commissions.”

The Hindu

ESAF Small Finance Bank records a net profit of Rs. 129.96 cr in the first quarter of FY 23-24

The Bank’s operating profit (which the Bank defines as net profit including provisions and contingencies) grew by 33.46% to ₹300.67 crore from ₹225.29 crore in the corresponding quarter of the previous fiscal year

StockNews.com

Should Citigroup (C) Be on Your Watchlist This Week?

With no rate cuts expected this year, banks’ net interest income (NII) should increase due to the high-interest rates. However, macroeconomic challenges continue to pose a significant risk for banks. Amid this backdrop, will adding Citigroup (C) to your watchlist be wise? Read on to learn my view….

The Hindu

Govt. to release ₹1,353 crore under ‘Sunna Vaddi’ scheme today

The Andhra Pradesh govt. will deposit ₹1,353.76 cr. into the bank accounts of 1.05 cr. eligible women of 9.48 lakh SHGs on Aug. 11. The 'YSR Sunna Vaddi' scheme has so far disbursed ₹4,969.05 cr. to relieve SHGs from interest burden. Banks have reduced interest rates, resulting in a reduction…

Evening Standard

‘It gets better and better’ — Natwest is latest major lender to cut mortgage rates

Natwest follows Halifax, HSBC, Nationwide and TSB, among others, in bringing its rates back down after a wave of increases

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