At Least One Country Is Doing Something About Criminal Bankers

banker

At least, it seems that one country is doing something about the criminal activities of bankers, even if the US is not. Tiny little Iceland, with a population of about 325,000, which is no bigger than a medium sized US city, has just sentenced five bankers and one major investor to prison. This brings the […]

Banks Braced For Further Legal Action In The UK

barclays

Barclays, HSBC, and Royal Bank of Scotland are bracing themselves for further legal action in the UK, after agreeing to pay claims totalling $924 million in the US for rigging the foreign exchange market. In order to settle claims brought by hedge funds, pension funds, and international companies, Barclays agreed to pay $384 million, HSBC […]

Is US Auto Debt Getting Out Of Hand?

Curry

Concerns are being raised in some quarters that auto lending by banks in the US is getting out of hand. In the second quarter of 2015, the total owed by US households for auto loans rose above $1 trillion, which is the highest figure on record, and is up by 10% on the same quarter […]

French Bank Admits Sanctions Violations And Is To Pay $787.3 Million

Credit_Agricole_HQ

A French bank, Credit Agricole Corporate and Investment Bank (CACIB) has admitted criminal activities in the US by violating the International Emergency Economic Powers Act (IEEPA) and the Trading With the Enemy Act (TWEA). It has agreed to make total payments of $787.3 million and enter into a deferred prosecution agreement with the US Attorney’s […]

Canadian Banks Cutting Costs, Going High Tech

TD_Canada_Trust_Tower,_Calgary

Faced with a slow economy and competition from online lenders, Canadian banks are looking at aggressive ways to cut costs and to compete with high tech start-ups. Many banks are looking at staff cuts, and not just a few here and there, but cuts of several hundreds. The country biggest lender, Toronto-Dominion, has begun to […]

Banks Report Higher Earnings From Consumers

home

Banks are making bigger profits from lending to consumers, judging by earnings reports from Wells Fargo, Bank of America and J P Morgan Chase. With interest rates still almost at zero, one thing that banks can do to increase profits is to increase the amount of loans they issue. J P Morgan Chase reported higher […]

Anglo Irish Bank Former CEO Arrested

bank

Former CEO of Anglos Irish Bank, David Drumm has been arrested in the US under a warrant for his extradition and is being held in custody until the case is heard at a federal court on Tuesday. Drumm was head of the bank from 2005 until 2008 and fled to the US just before the […]

US Jobs At Risk From Export-Import Bank Closure

Non-Farm payroll

Closure of the Export-Import Bank (Ex-Im) is risking the loss of American jobs. Founded in 1934, the purpose of Ex-Im was to lend money and provide guarantees to overseas companies wishing to purchase goods and services from America, thus helping American jobs. Now that Congress has not agreed further funding for the bank, it is […]

Export-Import Bank: Which Way Now?

Export-Import Bank

Not well-known to the man in the street, the Export-Import Bank – Ex-Im for short – received its charter in 1934 and was started in order to support American companies making sales overseas. In essence, it lends money at low rates to overseas companies and governments that wish to buy goods made in the US […]

5 Ways That You Could Be Affected By An Interest Rate Increase

interest-rates-increase

So the US Federal Reserve did not raise interest rates at its meeting on Thursday, leaving them at the same 0% – 0.25% that they have been for nearly a decade. However, the majority of the Fed’s Open Market Committee which sets the rates says that it is in favor of an increase before the […]