Banking industry
The collapse of Kazakhstan's Bank Turanalem, once a key player in the country's financial market, has left a trail of billions of dollars in bad loans and sparked a global investigation into the role of foreign banks that funneled money into the embattled institution. From 2003
Banking industry
The delinquency rate of mortgages has been escalating at a faster pace than the number of foreclosures being initiated, with the total number of houses in foreclosure or 90 days or more past due now exceeding the number of existing homes available for sale. This has created a significant overhang
Banking industry
Credit card issuers in the US have reported a decrease in the default rate for October, but delinquencies have increased, reflecting continuing stress on consumers. The drop in the default rate is attributed to declining late payments in the first half of the year, while the rise in delinquencies is
Banking industry
The UK government announced that several major banks, including the Royal Bank of Scotland PLC, BNP Paribas Fortis SA, Lloyds Banking Group PLC, and the European Investment Bank, have agreed to lend £1.4 billion over the next three years to developers of onshore wind farms in the UK. This
Banking industry
Senior executives, including Royal Bank of Scotland's Chairman Philip Hampton, were appointed to the board of directors of Anglo American PLC, a global diversified miner, in an effort to "refresh" the company's nonexecutive leadership. Meanwhile, construction began at Troy Resources N.L.'s
Banking industry
The Royal Bank of Scotland is under fire for planning to axe a further 15,000 jobs, despite receiving a massive bailout from the British government. The bank's decision to cut thousands of jobs in the midst of the holiday season has sparked outrage from unions and politicians,
Banking industry
The UK Government has extracted concessions from Lloyds Banking Group and Royal Bank of Scotland (RBS) in exchange for additional funding. The banks will no longer pay discretionary cash bonuses to staff earning above £39,000 in 2009. The ban also applies to high-earning investment bankers, who typically receive substantial
Banking industry
Michigan Rep. Mark Schauer has taken a bold stance against credit card companies that are taking advantage of consumers who helped finance their bailouts. In response to the recent decision by Bank of America and Citigroup to charge new credit card fees on customers in good standing, Schauer co-sponsored the
Banking industry
U.S. Rep. Michael Arcuri (NY-24) has called on the CEOs of Bank of America and Citigroup to end new credit card interest rates and fees that the two banks plan to charge consumers, citing concerns that these fees prey on customers who have done their part to help the
Banking industry
The US Treasury, led by Kenneth Feinberg, has implemented a plan to reduce executive compensation for seven companies that received multi-billion dollar bailout packages during the financial crisis. The plan, announced on Thursday, will require senior executives at Bank of America, American International Group (AIG), Citigroup, General Motors, GMAC, Chrysler,
Banking industry
The Treasury Department has ordered seven companies that received billions of dollars in government bailouts to cut the total compensation for their top executives by half. The reduction will apply only to pay earned after November, and average salaries for the top 25 executives at each of the seven firms
Banking industry
Major market exchange-traded funds (ETFs) declined sharply on Thursday, October 15, 2009, following a string of disappointing earnings reports from prominent companies, including General Electric (GE) and Bank of America (BAC). The latter reported a Q3 loss of $0.26 per share, missing the Street's mean estimate of
