banking industry

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Oldest Swiss Bank Calling It Quits After US Fine

Wegelin will pay $57.8M in fines

(Newser) - After more than two centuries in business, a Swiss bank is closing down following fines for helping American tax dodgers. Wegelin, the country's oldest bank, pleaded guilty to tax evasion charges and will pay $57.8 million in fines. After that, the bank founded in 1741 says it "...

Libor Scandal to Cost UBS $1.6B: Report

That's 3 times Barclays' penalty

(Newser) - UBS will pay $1.6 billion to settle with US and European officials in the Libor rate-fixing scandal, an insider tells Bloomberg —a penalty more than three times the size of what Barclays ponied up . Meanwhile, US officials are set to charge bankers in the manipulation of Tokyo interbank...

Obama Declares Big Banks Too Big to Jail
 Obama Declares Big Banks Too Big to Jail
OPINION
Dec 12, 2012 1:14 PM CST

Obama Declares Big Banks Too Big to Jail

Decision not to prosecute bank's money laundering sparks outrage

(Newser) - The Obama administration officially bought into the idea that big banks are "too big to jail" yesterday, by deciding to fine HSBC instead of criminally prosecuting its vast money laundering operation—which funneled cash to Mexican drug cartels and Saudi banks with ties to al-Qaeda. The stated reason? The...

Obama Won the &#39;Makers,&#39; Romney the &#39;Takers&#39;
Obama Won the 'Makers,' Romney the 'Takers'
OPINION
Dec 5, 2012 1:52 PM CST

Obama Won the 'Makers,' Romney the 'Takers'

Harold Meyerson: Techies went for president, bankers for Romney

(Newser) - A look at this year's political contributions makes a few generalizations safe: If an employee of Google or Microsoft donated to a candidate, it was probably Barack Obama. If an employee at Goldman Sachs or Morgan Stanley did, it was probably Mitt Romney. In short, Silicon Valley loves Obama...

Bank of America Scraps Plan for New Fees

Last year's revolt might be too fresh in memory

(Newser) - Remember last year when Bank of America tried to impose a $5 fee for debit cards but had to rescind it amid customer outrage? Some key decision-makers at the bank apparently remember, too, because they've put the kabosh on new checking account fees that were due to go into...

Sandy Knocks Banks Back to Pre-Electric Era

Ledgers make a comeback in hard-hit areas

(Newser) - Superstorm Sandy has sent banks in some of the hardest-hit areas back to a level of technology their 19th-century customers would have been familiar with, the Wall Street Journal finds. Some of the hundreds of banks operating in New York and New Jersey have closed all their branches, but others...

Now 16 Banks Subpoenaed in Libor Mess

Bank of America, Credit Suisse drawn into probe

(Newser) - Add nine more top banks to the list of subpoenas in the Libor scandal: Bank of America, Credit Suisse, Bank of Tokyo Mitsubishi, Lloyds Banking Group, Royal Bank of Canada, Rabobank, Societe Generale, Norinchukin Bank, and West LB were all handed subpoenas in August and September, the Wall Street Journal...

JPMorgan's Dimon: Housing 'Turned a Corner'

Third-quarter earnings beat expectations

(Newser) - Two giants kicked off the earnings season for banks, and the results were pretty good:
  • JPMorgan Chase, the country's biggest bank, reported a record quarterly profit today, helped by a surge in mortgage refinancing. The bank made $5.3 billion from July through September, up 36% from the same
...

Feds Sue Wells Fargo Over Mortgages

Bank accused of knowingly making reckless loans

(Newser) - The US government has sued Wells Fargo in a New York court, accusing America's largest mortgage lender of misrepresenting the quality of thousands of loans in order to be eligible for federal loan insurance. The lawsuit, filed today in federal court in Manhattan, seeks to recover "hundreds of...

Bank of America Slashing 16K Jobs

Cost-cutting program hitting retail banking hardest

(Newser) - Bank of America is the biggest banking employer in the US, but it has accelerated plans that will see it lose that title to rivals, reports the Wall Street Journal . The bank aims to cut 16,000 jobs by the end of the year, allowing it to reach chief executive...

Regulators Go After US Banks on Money Laundering

JPMorgan Chase might face action soon over weak oversight

(Newser) - Big US banks are in for another round of bad publicity, this time over the good old-fashioned problem of money laundering. The New York Times reports that regulators are about to crack down on JPMorgan Chase and possibly Bank of America for failing to keep track of big transfers of...

Bank Fires Worker Over Minor Offense 49 Years Ago

Wells Fargo cans 68-year-old over use of phony dime in laundromat

(Newser) - In the past year and a half, the federal government enforced tough new rules against banks and mortgage-lenders, designed to eliminate executives and mid-level employees with prior convictions for serious offenses such as fraud. But the banks, eager to avoid the $1-million-a-day fines, are firing even low-level workers over minor...

Biden: Romney Will 'Put Y'all Back in Chains'

Republicans rip comment to black audience

(Newser) - Today's political tempest revolves around comments from Joe Biden. Speaking to supporters in Virginia, the VP blasted Mitt Romney as per usual, but his choice of words raised eyebrows given that African-Americans were in heavy attendance, reports CNN .
  • The comment: Romney "is going to let the big banks
...

British Bank Settles Laundering Case for $340M

Standard Chartered was accused of scheming with Iranian government

(Newser) - New York's financial regulator said his agency has reached a $340 million settlement with Standard Chartered Bank to resolve an investigation into whether the British bank schemed with the Iranian government to launder $250 billion from 2001 to 2007. The bank will pay the civil penalty to the state...

Goldman's New Gig: Actually (Gasp) Lending Money

After punishing quarter, Goldman to lend more to wealthy

(Newser) - Goldman Sachs is expanding into a new business frontier: traditional banking. Goldman is building an in-house private bank that will lend out money to rich people and corporations, the Wall Street Journal reports, with plans to jack its private loan business from $12 billion to $100 billion. Part of the...

Senate: HSBC Handled Drug, Iran Money

Report slams bank's 'pervasively polluted' culture

(Newser) - Terrorists, drug lords, and pariah regimes looking for a way into the US financial system found British banking giant HSBC willing to assist, according to a damning report from a Senate probe. The report, the result of a year-long inquiry, found that safeguards at the bank's American affiliate were...

Geithner Questioned Libor's Credibility in 2008

He sent email to Bank of England honcho, among others

(Newser) - Treasury Secretary Timothy Geithner has certainly earned the right to say "I told you so" to British authorities about the Libor rate-fixing scandal , but lawmakers are wondering whether he could have done more to prevent it. Geithner was running the Federal Reserve Bank of New York when he pushed...

Jamie Dimon Will Apologize to Congress Tomorrow

JPMorgan Chase exec offering mea culpa for huge trading loss

(Newser) - JPMorgan Chase CEO Jamie Dimon plans to apologize before members of Congress tomorrow for a trading loss that has cost the bank more than $2 billion. He also will say that the bank has taken steps to make sure it does not happen again. "We have let a lot...

Spain: Yep, We Need a Bailout

Eurozone minsters offer up to $125B for 'bailout lite'

(Newser) - Spain made it official today: The nation's beleaguered banking system needs a cash infusion from the European Union, the Wall Street Journal reports. Finance Minister Luis de Guindos named no price, saying two independent firms will dig through the country's banks and formulate a number. But in a...

Rumors of Spanish Bank Run Trigger Stock Plunge
Rumors of Bank Run in
Spain Trigger Stock Plunge
Moody's downgrades 16
May 18, 2012 3:09 AM CDT

Rumors of Bank Run in Spain Trigger Stock Plunge

More bad news today drives market down again

(Newser) - These are nervous times in Europe. Shares in Bankia, a Spanish bank partly nationalized by the government last week , plunged 30% at one point yesterday following reports that customers had withdrawn more than $1.3 billion over the last week, reports Reuters . Bankia shares recovered some ground after the government...

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