Search Results for: Bank of International Settlements

Deutsche Bank fined $14 billion over mortgage probe, no one jailed

deutsche-bank-fined

The U.S. Department of Justice is asking Deutsche Bank to pay $14 billion to settle an investigation into its selling of mortgage-backed securities, Germany’s flagship lender said on Friday. The claim against Deutsche, which is likely to be negotiated in several months of talks, far outstrips the bank’s and investors’ expectations …

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How Blockchain Technology is Impacting Financial Services

The global blockchain market is expected to reach $60 billion by 2024, according to a news report published by Blokt. Blockchain technology has come a long way, with more businesses in different industry sectors bracing for the disruption that it’s expected to bring. In fact, over half of all top managers …

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Deutsche Bank is finished, share price almost single digits

deutsche-bank-finished-share-price-single-digits

Shares in Germany’s largest bank have hit rock bottom on Monday as Chancellor Angela Merkel reportedly refused to provide Deutsche Bank state aid in its legal battle with the United States Department of Justice (DoJ). Deutsche shares fell as much as six percent to €10.67 in early Monday trading, the …

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Citibank to pay $425m to settle manipulation charges, no one jailed

Citibank manipulation charges settled

The Commodity Futures Trading Commission on Wednesday ordered Citibank to pay $425 million to settle charges including attempted manipulation and false reporting of several key currency-valuation benchmarks. The regulators said $250 million in the settlement relate to the U.S. Dollar International Swaps and Derivatives Association Fix between January 2007 and January 2012. The USD …

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Central banks selling off US debt at record pace

Central Banks selling US debt

In March, central banks from around the world dumped $17 billion in American Treasuries. Since the beginning of the year the sell-off has reached $123 billion, which is the quickest pace since 1978. China sold $7.7 billion in US debt in March, lowering its holding by $26.4 billion since last June. Russia …

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HSBC fined $470 million for 2008 financial crisis, no one jailed

HSBC bank fined 2008 financial crisis

Multinational bank HSBC has agreed to a $470 million settlement with the U.S. government for mortgage lending and foreclosure abuses that worsened the 2008 financial crisis, but is it enough? The Justice Department’s Acting Associate Attorney General Stuart F. Delery said the agreement was “the result of a coordinated effort between federal …

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China, 20 others launch World Bank rival in Asia

China AIIB World Bank rival Asia

China has launched the $100 billion Asia Infrastructure Investment Bank (AIIB). Australia, Indonesia and South Korea were absent following hidden pressure from Washington concerned about the new challenge to the World Bank and Asian Development Bank. The memorandum of understanding was signed on Friday in Beijing. The development bank was …

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Here is What the Banks Don’t Want You to Know

Transfer money abroad

As far as we can remember, banks have been the go-to option for wiring money abroad or domestically. Unfortunately, this method of sending money back and forth is neither efficient nor cost-effective. For starters, bank wire transfers are expensive and time-consuming. Banks and financial institutions typically charge high fees for …

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Bank of Cyprus to cut 30% off deposits over €100,000

Cyprus banking crisis

Cypriots and foreigners wait in line to withdraw money from an ATM of a Laiki (Popular) Bank branch in the old city of the capital, Nicosia. Depositors in the Bank of Cyprus, the biggest bank on the island, will reportedly lose 30 percent on their holdings above 100,000 euros, the …

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HSBC closes UK bank accounts held by Syrians

HSBC

HSBC has been accused of “shamelessly profiling” its customers by ethnicity after it closed bank accounts belonging to Syrian refugees and students in the UK just days after it was accused of discriminating against Muslim clients. Documents and email correspondence obtained by The Independent show that HSBC, which styles itself as the …

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Deutsche Bank admits to silver market rigging

Deutsche Bank silver fixing statues

Back in July of 2014, we reported that in an attempt to obtain if not compensation, then at least confirmation of bank manipulation in the precious metals industry, a group of silver bullion banks including Deutsche Bank, Bank of Nova Scotia and HSBC (later UBS was also added to the defendants) …

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The whistleblower who cost JPMorgan $9 billion speaks out

JPMorgan whistleblower Alayne Fleischmann

A whistleblower whose evidence prompted one of America’s biggest banks to pay out $9 billion to avoid federal prosecution has spoken out for the first time about her battle to reveal the truth. Alayne Fleischmann was a lawyer with JP Morgan in 2006 who tried to alert her managers to …

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OpIcarus: Anonymous shut down central banks, call for ‘online revolution’

OpIcarus Anonymous central banks online revolution

Hacktivist collective Anonymous has launched cyber-attacks on major financial institutions across the world, including the Bank of England, in order to “start an online revolution.” Hackers claimed to have taken down the Bank of England’s internal email server as part of an operation dubbed ‘OpIcarus.’ Mail.bankofengland.co.uk was down for part of …

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Media banned from reporting on Reserve Bank of Australia corruption scandal

Reserve Bank

On 29 July 2014, WikiLeaks releases an unprecedented Australian censorship order concerning a multi-million dollar corruption case explicitly naming the current and past heads of state of Indonesia, Malaysia and Vietnam, their relatives and other senior officials. The super-injunction invokes “national security” grounds to prevent reporting about the case, by …

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8 Ways the Finance Sector Will be Revolutionized by Blockchain

Despite concerns from central governments and authorities, the finance sector is increasingly excited about how blockchain technology (the basis of Bitcoin) will revolutionize how it operates. Just as Airbnb disrupted the hotels and corporate accommodation providers and Uber changed the face of the taxi industry, blockchain is transforming banking, finance, …

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Cyprus banks to remain closed until Thursday

Bank of Cyprus

The Cypriot finance minister has ordered all the country’s banks to remain closed until Thursday, the country’s central bank announced. Just hours before the announcement late Monday, the central bank said all but two country’s largest banks would open on Tuesday morning. The postponement could be a sign that the …

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BRICS nations plan new bank to bypass World Bank, IMF

BRICS countries

The biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund. The leaders of the so-called BRICS nations — Brazil, Russia, India, China and South Africa — are set to approve the establishment of a new …

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Reserve Bank of Australia quietly increases banks’ bailout buffer

Reserve Bank of Australia

In a globally unique policy, the Reserve Bank of Australia will supply banks with a permanent bailout facility worth up to $380 billion by 2015. The policy has been designed by the RBA to help banks satisfy stringent new liquidity tests which simulate “acute stress scenarios” that deny banks funding …

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Goldman Sachs fined $5.1 billion over mortgage-backed securities fraud

Goldman Sachs fined 5.1 billion

Goldman Sachs said it agreed to a $5.1 billion civil settlement to resolve federal and state probes into its handling of mortgage-backed securities before the 2008 financial crisis. The proposed deal, which the Wall Street giant announced in a Thursday statement, would settle “actual and potential civil claims” by the US Justice Department and …

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