Asian stocks start firm, sterling stumbles
A man walks past a stock quotation board outside a brokerage in Tokyo, Japan, September 9, 2016. A man walks past a stock quotation board outside a brokerage in Tokyo, Japan, September 9, 2016.
Category Archives: Banking
German Economy Minister accuses Deutsche Bank of speculation
Oct 2 German Economy Minister Sigmar Gabriel accused Deutsche Bank on Sunday of crying foul of speculators even though he said the bank had itself pushed a business model based on speculation. "I did not know if I should laugh or cry that the bank that made speculation a business model is now saying it is a victim of speculators," Gabriel told reporters on a plane to Iran, which he is visiting with a business delegation.
Did Wells Fargo target seniors with its bogus-account scheme?
Wells Fargo may have gone out if its way to take senior citizens to the cleaners when the bank's workers fraudulently opened as many as 2 million accounts without customers' permission. That's the suspicion of Democratic Sen. Claire McCaskill of Missouri and Republican Sen. Susan Collins of Maine, the top members of the Senate Special Committee on Aging.
Deutsche Bank shares plunge before rumours of reduced settlement prompt rally
Deutsche Bank shares staged a dramatic recovery on Friday afternoon after reports emerged that it could only have to stump up 5.4 billion US dollars , rather than 14 billion US dollars , as part of a US Department of Justice settlement. The German lender's shares had slipped to 9.98 euro at one point, their lowest level since the 1980s, but recovered and were trading 7.5% up at 11.70 euro in afternoon trading.
US pre-open: Stocks seen slightly lower, with Deutsche still in focus
US futures pointed to negative open on Wall Street as worries about Deutsche Bank and the broader financial sector continued to weigh on investors' minds, although losses looked set to be fairly limited after Thursday's decline. At 1140 BST, Dow Jones Industrial Average and Nasdaq futures were down 0.3%, while S&P 500 futures were 0.2% weaker.
Gold Advances as Deutsche Bank Concerns Stoke Demand for Haven
Gold gained on the final day of the quarter as rising investor anxiety over Deutsche Bank AG's finances spurred a selloff in equities and helped to underpin demand for a haven. Bullion for immediate delivery rose 0.5 percent to $1,326.34 an ounce by 11:27 a.m. in London, according to Bloomberg generic pricing.
Wells Fargo is still getting off too easy
Wells Fargo chief executive John Stumpf offered more apologies and excuses Thursday during his appearance before the House Financial Services Committee. REUTERS/Gary Cameron For the second time this month, Wells Fargo chief executive John Stumpf was greeted with a barrage of hostile questions from members of Congress, when he testified Thursday before the House Financial Services Committee about the bank's phony-account affair.
Stephen Colbert blasts disgraced Wells Fargo CEO John Stumpf’s…
"Late Show" host Stephen Colbert on Wednesday detailed the fallout at San Francisco-based bank, Wells Fargo, which accrued $185 million in regulatory fines earlier this month after opening "roughly 1.5 million bank accounts and applied for 565,000 credit cards that may not have been authorized by customers," according to The New York Times . Wells CEO John G. Stumpf testified before the Senate Banking Committee last Tuesday and received an earful from Massachusetts Senator Elizabeth Warren.
Fed chair Janet Yellen defends regulatory role
Federal Reserve chair Janet Yellen was thrust into the election-year boxing ring during a congressional committee hearing on Wednesday, defending the central bank's regulatory role, taking and landing punches on Wells Fargo and other banks considered too big to fail, and addressing accusations of political conflicts of interest. At a house of representatives financial services committee hearing, Yellen also provided details on the changes the central bank is considering making to the annual stress tests it gives US banks.
Governments Now Less Likely to Bail Out Big Lenders, Weber Says
Global governments are less likely to come to the rescue of banks than during 2008 financial crisis because the system is more stable, UBS Group AG Chairman Axel Weber said when asked about the prospects of Germany assisting Deutsche Bank AG. "Interventions in the future will only be driven by the need to stabilize the system and there will be no focus on single players," Weber, a former president of Germany's Bundesbank, said in a Bloomberg Television interview with Guy Johnson Wednesday.
Wells Fargo’s collateral damage: customers’ credit scores
The unwanted accounts created by Wells Fargo & Co. employees trying to hit aggressive sale goals have already forced the bank to provide some 100,000 customers with refunds averaging $25 for fees and other expenses.
HSBC walks US regulatory tightrope over US$10 billion of ‘trapped’ capital
Britain's HSBC is seeking to release billions of dollars of capital tied up in the United States without upsetting the country's politicians and regulators, senior sources at the bank said. A logo of HSBC is displayed outside a branch in the financial district in Hong Kong, China, June 2, 2015.
Senators Ask Labor Dept. to Investigate Wells Fargo Over Accounts Scandal
Wells Fargo CEO John Stumpf, is sworn in before testifying at a Senate Banking, Housing, and Urban Affairs hearing in Dirksen Building, Sept. 20, 2016, on the company's unauthorized accounts opened under customers' names.
Congress acts on Nicaraguan presidenta s power grab
Demonstrating the growing anxiety in Washington about Nicaragua, U.S. House of Representatives issued a scathing rebuke of Nicaraguan President Daniel Ortega's authoritarian push for power. Democrats and Republicans in the lower chamber unanimously supported a call, led by Miami Republican Rep. Ileana Ros-Lehtinen, Wednesday night to restrict the Ortega government's access to loans from international financial institutions unless it accepts international observers and takes others steps to promote democracy.
Peppered with questions, Wells Fargo CEO seemed taken aback
Facing bipartisan outrage from a Senate panel over accusations of employee misconduct, Well Fargo CEO John Stumpf appeared taken aback by the intensity of the verbal lashing. At a few points, he seemed flustered and stumbled a bit over his words.
Wells Fargo CEO apologizes; senators heap criticism on bank
Wells Fargo Chief Executive Officer John Stumpf prepares to testify on Capitol Hill in Washington, Tuesday, Sept. 20, 2016, before Senate Banking Committee.
Are other banks committing Wells Fargo’s sin? Regulator is checking
One of the nation's key banking regulators told senators today that his agency is looking at all of the country's large and mid-sized banks to see if they're guilty of the same types of fraudulent practices uncovered at Wells Fargo. Examiners from the Office of the Comptroller of the Currency will review sales practices at the nation's banks to see if they might encourage illegal or dangerous behavior, including creating fake accounts in the name of meeting sales goals, Comptroller of the Currency Thomas Curry said at today's Senate Banking Comittee hearing.
Wells Fargo CEO apologizes on Capitol Hill as senators heap criticism on bank – Tue, 20 Sep 2016 PST
The CEO of Wells Fargo faced accusations of fraud and calls for his resignation Tuesday from harshly critical senators at a hearing over allegations that bank employees opened millions of accounts customers didn't know about to meet aggressive sales quotas. Members of the Senate Banking Committee showed bipartisan outrage over the long-running conduct, unsatisfied by Chief Executive John Stumpf's show of contrition.
LIVE: Wells Fargo CEO gets grilled by the Senate
Wells Fargo CEO John Stumpf is set to appear before the Senate Banking Committee at 10 a.m. ET on Tuesday to answer question about fraudulent accounts opened by Wells employees. 2 million checking and credit card accounts were opened from 2011 onward by Wells Fargo employees without the knowledge of customers.
Wells Fargo CEO John Stumpf Faces Senate Grilling
Wells Fargo chairman & CEO John Stumpf is interviewed by Maria Bartiromo during her "Mornings with Maria Bartiromo" program on the Fox Business Network, Dec. 7, 2015, in New York. Wells Fargo is in the spotlight after its employees allegedly created up to 2 million bank and credit card accounts, transferred customers' money without telling them and even created fake email addresses to sign people up for online banking in an effort to meet lofty sales goals.