Search Results for: bank of england

Deutsche Bank CEOs resign following Libor manipulation scandal

Juergen Fitschen Anshu Jain, co-CEOs of Deutsche Bank

The two joint chief executives of Deutsche Bank are to step down, in an unexpected move that comes shortly after the investment bank was fined for its role in Libor manipulation and criticised for its conduct. After an unscheduled meeting held by the bank’s supervisory board on Sunday, the German lender said …

Read More »

Deutsche Bank fined a record $2.5bn for Libor rate-rigging

Deutsche Bank

German banking giant Deutsche Bank will pay a record $2.5 billion for rigging interest rates in a multi-bank conspiracy that undermined global financial markets, US and British authorities said Thursday. “Deutsche Bank secretly conspired with its competitors to rig the benchmark interest rates at the heart of the global financial …

Read More »

They’re coming for your money

Pockets empty

Nearly all of us grew up thinking that we registered ourselves to prove that we were safe and responsible. We advertised our services as “registered” or “licensed,” and we never thought about it beyond that point. After all, that was the way things were done, and we knew that it …

Read More »

Ecuador to replace the US dollar with its own digital currency

Ecuador Central Bank

Ecuador is planning to create the world’s first digital currency issued by the country’s central bank, in what is seen by many as a step to abandon the US dollar, the currency now used by the Central American country. The currency is expected to start circulating in December, according to …

Read More »

Spain to tax bank deposits

Bank robbing depositors

Spain on Friday said it would introduce a blanket taxation rate of 0.03 percent on all bank account deposits, in a move aimed at harmonising regional tax regimes and generating revenues for the country’s cash-strapped autonomous communities. The regulation, which could bring around 400 million euros ($546 million) to the …

Read More »

French bank to pay $8.8 billion for violating US sanctions

BNP Paribas

French banking giant BNP Paribas has agreed to plead guilty to two criminal charges of violating US sanctions, and will pay a record-breaking $8.8 billion settlement. Prosecutors allege BNP conducted “long-term, multi-jurisdictional conspiracy.” A lawyer representing the bank appeared in New York state court on Monday to answer for both charges, reports …

Read More »

The Federal Reserve Cartel

Part 1 – The Eight Families The Four Horsemen of Banking, Bank of America JP Morgan Chase Citigroup Wells Fargo, …own the Four Horsemen of Oil, Exxon Mobil Royal Dutch/Shell BP Chevron Texaco, ..in tandem with, Deutsche Bank BNP (Banque Nationale de Paris) Barclays other European old money behemoths But their …

Read More »

How your bank account could disappear

empty bank account

On the same morning we hear that ¼ of Wall Street executives think that fraud is a necessary part of “doing business” in the financial sector, we hear of a second “MF Global”. The U.S.’s so-called regulators are now reporting that somewhere around $220 million in customer funds is “missing” at a financial institution known as …

Read More »

Bank of America fined $17 billion for role in financial crisis

Bank of America

Bank of America, the second largest US lender is close to ending a landmark deal with US authorities to pay up to $17 billion – a record fine – to the Justice Department over its role in the 2007 financial crisis. If completed, it will be largest single compensation settlement, …

Read More »

Deutsche Bank is finished, Lehman Brothers 2.0

Deutsche Bank

Deutsche Bank bosses face a formidable task to drag its shares off a 30-year low, with reassurances about its capital levels doing little to improve investor confidence and few other options on the table to trigger a recovery. Germany’s flagship lender has trailed its rivals in bouncing back from the …

Read More »

European Central Bank to start buying private-sector debt

Benoît Coeuré ECB

The European Central Bank will start buying private-sector debt instruments within days with the aim of raising the bank’s holdings of assets and steering money to the economy, ECB executive board member Benoît Coeuré said Friday. The purchases “will have the objective to steer the balance sheet of the ECB …

Read More »

Australian bank class action ‘could be worth billions’

commonwealth bank sign

Promoters of a class action for “victims” of Commonwealth Bank’s $2.1 billion takeover of Bankwest in 2008 say it could be the largest litigation of its type, worth billions of dollars. Anti-bank advocate Geoff Shannon, who founded the Unhappy Banking website, said yesterday he had secured the backing of an …

Read More »

UKIP surges in England’s by-election on anti-EU ticket

UKIP

In the biggest surge by a fourth party in England since WWII, the UK Independence Party has won nearly a quarter of the vote in local elections where it stood. Cameron, who previously dubbed the UKIP ‘fruitcakes’, has now been forced to backtrack. UKIP has so far won 140 council …

Read More »

RBS completes 600000 delayed payments after technical glitch

Royal Bank of Scotland RBS

The Royal Bank of Scotland (RBS) has repaid the 600,000 customers who suffered on Wednesday when payments into their accounts failed to show up, the banking group announced this morning. The bank blamed the glitch on a technical error, as a package of incoming payments was not processed correctly, leaving RBS and NatWest …

Read More »

Austerity for people, prosperity for Queen

While the Queen plays dress ups with her gophers, the people protest on the streets over a corrupt system that is enslaving them. [youtube height=”400″ width=”550″]http://www.youtube.com/watch?v=hPWqHco5BTY[/youtube]

Read More »

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 …

Read More »

Bank run fears in Bulgaria

Dozens of depositors have withdrawn savings from Bulgaria’s third biggest bank despite assurances from the government and the European Union that their money was safe after a similar run shut down another major lender last week. Bulgarian authorities have arrested four people suspected of trying to destabilise the banking system in a concerted …

Read More »

Reserve Bank of Australia is printing money for foreign banks

Australian money

Global banking giant UBS says the Reserve Bank may be printing money to keep the Australian dollar under control. UBS analysts Gareth Berry and Andrew Lilley say the evidence that the RBA may have been printing Australian dollars is compelling, but not yet conclusive. The main evidence the analysts cite …

Read More »

More Americans opting out of banking system

JP Morgan Chase bank

In the aftermath of one of the worst recessions in history, more Americans have limited or no interaction with banks, instead relying on check cashers and payday lenders to manage their finances, according to a new federal report. Not only are these Americans more vulnerable to high fees and interest …

Read More »