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The Latest Breaking News on Financial Services

Shanghai Composite Index Fell 0.87% on Monday

Shenzhen Component Index closed down 0.63%

Caixin Global

US Virgin Islands sues JPMorgan for $190M, alleges bank profited from Jeffrey Epstein’s sex trafficking

NEW YORK — The U.S. Virgin Islands is seeking at least $190 million in damages from JPMorgan Chase in a lawsuit alleging the bank benefited financially from disgraced financier Jeffrey Epstein’s sex trafficking enterprise as well as neglected to report suspicious financial activity.

Tribune News Service

Credit Suisse Bank Investigation Files To Remain Confidential For 50 Years

Swiss historians express concerns over extended access delay to crucial documents

Zenger

From analysis to the latest developments in health,
read the most diverse news in one place.

Stock Market Today: Dow Outperforms After Blowout UnitedHealth Earnings

The major market indexes failed to make big moves despite a solid start to second-quarter earnings season.

Kiplinger

JP Morgan puts more money aside for defaults amid cost of living crisis

Wall Street bank’s profits rise 40% to $13.3bn as interest rates charged to borrowers increase

The Guardian - UK

Why was Philip Lowe not reappointed as RBA governor? We can rule out interest rates as a reason

Lowe made three key mistakes – targeting house prices before the pandemic, misleading about future rate rises and ignoring cultural problems within the RBA

The Guardian - AU

Bank of America’s misconduct goes against everything its founder stood for

Unlike many of America’s business titans, Amadeo Pietro Giannini was a paragon of ethics and excellence.

Chicago Sun-Times

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Australia appoints first female governor in central bank’s history

Michele Bullock will start her seven-year term as Reserve Bank of Australia governor this September

The Independent UK

Afternoon Update: cautious welcome for new RBA governor; Peter van Onselen loses case; and watch Fran Drescher’s fiery Hollywood strike speech

Labor hails appointment of first female Reserve Bank boss as ‘historic moment for Australia’

The Guardian - AU

Colonial settles super fees class action for $100m

Thousands of super fund members will be eligible for a share in a $100 million settlement, the highest by law firm Slater and Gordon in a class action.

AAP

Australia names first woman to lead central bank

Michele Bullock will take over as governor of the Reserve Bank of Australia in September.

Al Jazeera

Michele Bullock: what you need to know about the RBA’s new governor

The Reserve Bank ‘lifer’ will succeed Philip Lowe in the top job. Who is Michele Bullock and what has been the reaction to her appointment?

The Guardian - AU

First woman to lead Reserve Bank as Lowe exit locked in

Philip Lowe will leave his post as head of the Reserve Bank, with Michele Bullock the first woman picked to lead Australia's central bank.

AAP

Nationals accuse Labor of ‘hypocrisy’ over response to scathing APVMA report – as it happened

This blog is now closed

The Guardian - AU

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Kiplinger

Bank of America Fined Over Junk Fees, Fake Accounts. Customers Get $100M Payout

Bank of America was ordered to pay more than $100 million to customers for 'double-dipping' junk fees and denying rewards bonuses.

StockNews.com

Citigroup (C): Is the Stock Worth Putting Money Into?

There are growing signs of stability returning to the banking sector. Recently, large banks, including Citigroup (C), passed the Federal Reserve’s stress test. However, C is expected to report a year-over-year decline in EPS and revenue for the second quarter. So, will it be wise to buy the stock now?…

The Independent UK

UK’s biggest mortgage lenders in 2022 ranked

Lloyds Banking Group has held its position as the UK’s biggest mortgage lender but some providers moved up or down the tables.

Birmingham Post

Confidence growing in East Midlands economy

NatWest business survey found inflation eased in June and business confidence was at its strongest since early 2022

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news in one place.

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The Guardian - AU

Jo was scammed out of $4,000. She wants Australia’s banks to be responsible for paying it back

While banks resist calls to agree to a code for reimbursing money to fraud victims, consumer law advocates warn of the ‘outsized vulnerability of our citizens to scams’

Insider UK

OakNorth expands into Scotland with new Glasgow office

Two senior debt finance specialists now on the ground to drive lending into Scottish SMEs

The Guardian - UK

UK lenders pass stress tests as Bank of England warns of more mortgage pain

Banks ‘could weather £125bn hit in economic downturn’ despite rising interest rates

The Guardian - AU

Afternoon Update: RBA cuts number of meetings; wastewater exposes cities’ drug habits; and an algorithm creates the ‘best’ expletive ever

Reserve Bank governor Philip Lowe says the change will allow more time to examine key issues in detail

The Conversation

Reserve Bank Governor Lowe announces changes to bank's operations as cabinet readies to approve who will lead it

Reserve Bank Governor Philip Lowe has announced a raft of reforms the bank will make following the recent review of its operations, as the government prepares to announce who will lead it after his term expires in September.

Chicago Sun-Times

Bank of America hit with $250M in fines, customer refunds for ‘double-dipping’ fees, fake accounts

It is one of the highest financial penalties in years against Bank of America, which has largely spent the last 15 years trying to clean up its reputation.

The Independent UK

Landmark First Bank building in Philadelphia to be renovated and will become a museum

The landmark First Bank of the United States in Philadelphia, subject of a fierce debate in the early years of the American republic, will be getting a $22.2 million renovation as part of a planned transformation into a museum

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