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The Latest Breaking News on Financial Services

Loan defaults bad for business as NAB profit takes hit

Business lending is growing for NAB but so is the level of bad debt from that customer segment, pumping the brakes on profits at the big four bank.

AAP

Nearly 60% Of Small Business Owners Favor Local Community-Focused Lenders Over Big Banks, New Research Shows

Many small-business owners are putting their trust in neighborhood banks rather than big national lenders, according to new research by Academy Bank. The study of 222 U.S. small-business owners found that 58.9% got their most recent business loan from a community or regional bank, compared with 31.5% who secured it…

Benzinga

Liberal party sets date for net zero decision – as it happened

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The Guardian - AU

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Buy Now Pay Later Can Torpedo Mortgage Chances

Buy Now, Pay Later (BNPL) services, such as Affirm Holdings Inc. (NASDAQ:AFRM), Klarna Group PLC (NYSE:KLAR), Afterpay and PayPal Holdings Inc. (NASDAQ:PYPL) Pay Later, have become a common way to split everyday purchases into short installments. However, mortgage experts say that seemingly small debts can create headaches during underwriting, especially…

Benzinga

'Cloud' lingers in DNA contest over notorious murder

An ongoing challenge to DNA evidence in one of Australia's most infamous murders needs to be resolved for the sake of the victim's family, a judge says.

AAP

UK to launch pilot scheme that helps homeless people access banking

Five biggest banks take part in programme that will also help domestic abuse victims recover their credit score

The Guardian - UK

Commonwealth Bank, Temu and HCF among those named at this year’s Shonky awards

Choice’s annual list also includes the entire energy retail sector for allegedly hoodwinking customers with confusing prices

The Guardian - AU

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Afternoon Update: RBA keeps cash rate on hold; female jockey’s Melbourne Cup win; and the forgotten republic of Transnistria

Reserve Bank governor Michele Bullock says unexpected jumps in employment and inflation made the board ‘a little bit cautious’

The Guardian - AU

City watchdog ‘nakedly’ siding with lenders on car finance redress, MPs say

Cross-party group says Financial Conduct Authority had been ‘patently influenced’ by concerns over profits

The Guardian - UK

‘Shadow banking’ could lead us into an apocalypse like 2008

Alarm bells are ringing about the private credit market and ‘cockroaches’ in the system — the time to act is now, says Chris Blackhurst

Evening Standard

Andrew hoped to meet Jeffrey Epstein after his prison release, emails reveal

Publication of 2010 correspondence comes two days after Mountbatten Windsor was stripped of his titles

The Guardian - UK

JP Morgan warned US of $1bn in Epstein transactions possibly related to human trafficking

Bank says it alerted US of ‘suspicious’ transactions just weeks after paedophile was found dead in New York jail cell

The Guardian - US

‘No empathy’: Australian banks under fire for failing customers in hardship

Banks have continued to dismiss thousands of requests for help despite facing regulatory action enforcing their obligation to work with struggling clients

The Guardian - AU

BofA CEO Warns Shutdown Could Slow Economy; Economist Sees Rising Recession Risk (CORRECTED)

Editor's Note: This article has been updated to correctly reflect comments made by Bank of America CEO Brian Moynihan

Benzinga

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Evening Standard

New mortgage price war breaks out amid property market torpor

Some City analysts believe another rate cut from the Bank of England could come as soon as next week

Benzinga

Cockroaches In The Vault? 3 Regional Banks Quality Scores Scurry Lower After Jamie Dimon's Warning

Three regional banks, once perched among the sector's strongest, have seen their quality rankings collapse into the bottom decile, just days after JPMorgan Chase Co. (NYSE:JPM) CEO Jamie Dimon warned of "cockroaches" lurking in U.S. credit markets.

The Guardian - UK

HSBC warns it could take years to settle Madoff case as bank takes $1.1bn hit

Lawsuit over Ponzi scheme drags on London-headquartered lender, whose profits plunge by 14%

Latin Times

Ambassador to Spain Dario Item Exposes Swiss Secrecy in Major US Court Battle

Antigua's Ambassador Dario Item leads a legal battle in New York, accusing Credit Suisse and Swiss regulators of using secrecy laws to conceal key documents tied to the $17bn AT1 bond collapse.

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news in one place.

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The Guardian - UK

First banker jailed over Libor interest rate rigging to sue UBS for $400m

Tom Hayes claims he was ‘hand-picked scapegoat’ for the Swiss bank as it tried to avoid regulatory scrutiny

Evening Standard

Plea as south London neighbourhood faces losing its last bank branch

Lloyds Bank on Majestic Way is due to close in January 2026, marking the end of in-person banking in Mitcham

The Independent UK

Barclays to restart investment banking in Saudi Arabia 11 years after exit

The bank said the expansion was ‘central to our Middle East growth strategy’, as it follows in the footsteps of rival lenders re-entering the market.

The Guardian - US

Lawsuits against banks with Epstein ties may shed new light on financier’s crimes

Experts say claim banks enabled Epstein will be difficult to prove but other outcomes could provide solace to victims

The Independent UK

JPMorgan Chase wants out of paying $115M legal tab for convicted fraudsters

JPMorgan Chase wants to stop paying millions in legal fees for two convicted fraudsters

AAP

Massive fine for home loan compliance failures

Defunct home lender RAMS has been fined $20 million by the Federal Court after admitting to widespread misconduct over a four-year period.

The Guardian - UK

NatWest boss warns against higher bank taxes as lender’s profits rise 30%

CEO says fiscal discipline should be balanced with ‘policies that create stability, consistency and support growth’

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