Banks (Finance)
The financial sector was dealt a significant blow on Monday as a report by the International Consortium of Investigative Journalists (ICIJ) revealed that several major banks, including JPMorgan, HSBC, and Deutsche Bank, allegedly continued to profit from illicit dealings with disreputable individuals and criminal networks despite previous warnings from regulators.
Banks (Finance)
North Korea, under severe economic sanctions imposed by the UN, has found a way to continue its economic activities through a complex money laundering scheme, utilizing big U.S. banks and Chinese businessmen to evade detection. According to leaked documents and suspicious activity reports (SARs) filed with the Treasury Department&
Banks (Finance)
Snowflake's highly anticipated initial public offering (IPO) shattered records, raising $3.4 billion and marking the largest IPO ever for a software company. This achievement underscores the growing demand for cloud-based technologies and the increasing importance of fintech in the financial sector. As Snowflake continues to expand its
Banks (Finance)
As the COVID-19 pandemic continues, U.S. financial firms are reevaluating their real estate footprints, with several major banks and companies announcing plans to reduce their corporate office space or continue remote work arrangements through next year. Fifth Third Bancorp is cutting about 20% of its corporate office space to
Banks (Finance)
Researchers at the University of Massachusetts Amherst have found that through the end of June, the American banking sector collected approximately $19 billion in fees from processing Small Business Paycheck Protection Program loans. The report, published in a research brief by the university's Political Economy Research Institute, notes
Banks (Finance)
The Indian stock market was trading on a mixed note, with some bank stocks experiencing significant losses. Despite this, shares of Axis Bank, ICICI Bank, State Bank of India, and Punjab National Bank were among the top gainers. This trend was observed in the afternoon trade session, with the Nifty
Banking industry
Market indices on Thursday reflected a mixed performance, with bank stocks being a major contributor to the losses. The Nifty Bank index saw a decline of 0.86%, influenced by the performance of ICICI Bank, IndusInd Bank, and State Bank of India. However, HDFC Bank and Bank of Baroda managed
Banking industry
The Reserve Bank of India (RBI) has recommended to the Centre a reduction in shareholding of the latter in six top Public Sector Banks (PSBs) to 51 per cent in the next 12-18 months. This move aims to improve the valuation and sale of these banks. The six banks in
Banks (Finance)
As the pandemic continues to impact the City and Canary Wharf, the world's biggest banks, including Barclays, UBS, Deutsche Bank, HSBC, and others, are pushing forward with their graduate programmes. This week, NatWest will bring in 250 graduate trainees, a significant increase from 2018 and 2019, while 450
Banks (Finance)
DBS Bank has taken the top spot in Bloomberg's Asia (ex Japan) league tables for green loans, with its role as Mandated Lead Arranger (MLA) from January to August this year. During this period, the bank extended USD1.36 billion worth of green loans across eight deals to
Banks (Finance)
A manager at the Bank of America on Federal Street in Boston has been charged with federal wire-fraud and money-laundering charges for allegedly embezzling hundreds of thousands of dollars from an investment firm with two dozen accounts at the bank. The investigation found that Waqas Ali, the firm's
Banks (Finance)
Consumers are transforming their living spaces in response to the COVID-19 pandemic, driving a surge in home improvement spending. According to Bank of America, credit-card spending data shows a continued increase in home improvement spending, with Home Depot and Lowe's set to report record second quarter sales growth.
