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The Latest Breaking News on Financial Services

Bank of America CEO predicts ‘slight’ US recession this year

Bank of America CEO Brian Moynihan says he expects mild downturn in third quarter of 2023.

Al Jazeera

SoFi Bank sues to block Biden's student loan payment pause

A private bank is trying to force the Biden administration to end its pause on federal student loan payments, arguing that the moratorium has no legal basis and has cost the bank millions of dollars in profits

The Independent UK

ASX closes higher as Reserve Bank lifts cash rate by 0.25 percentage points to 3.6 per cent; InvoCare surges on takeover bid — as it happened

The Reserve Bank of Australia lifts the cash rate to 3.6 per cent, and the local share market closes higher. Look back on the day's events and insights from our business reporters on the ABC News markets blog.

ABC News

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US banks are finally being forced to raise rates on deposits

U.S. banks are being forced to do something they haven’t done for 15 years: fight for deposits.

Tribune News Service

Daily UPI transactions jump 50% to 36 crore: RBI governor

MUMBAI: Reserve Bank of India governor Shaktikanta Das on Monday said payments through UPI (unified payment interface) have grown exponentially in the past 12 months with daily transactions crossing 36 crore, which is up 50 per cent from 24 crore in February 2022.

The Times of India

Warning on impersonation scams to watch out for as copycat fraudsters try to con you

Impersonation - where criminals attempt to fool you by mimicking friends, family or authorities - were responsible for almost a third of all money lost to fraudsters last year

Chronicle Live

St.George Bank defends flagging payment of $30 that had 'Muslim' in transaction description

A Bank of Melbourne customer is left confused after being told to contact the economic and trade sanctions team over a $30 transfer to a family member.

ABC News

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Proposals to reimburse scam victims are half-baked, says Treasury Committee

Treasury Committee chair Harriett Baldwin said regulators need to sort out exclusions and criteria quickly.

The Independent UK

Bank to create 1,000 Manchester jobs after signing deal to open major city centre office

Starling Bank is to move into the building which is already home to HSBC, Santander and Grant Thornton

Manchester Evening News

Starling Bank to create 1,000 jobs in Manchester after signing Landmark deal

Other tenants include Santander UK, RSM, HSBC UK and Grant Thornton

Birmingham Post

Dead Bridgeport banker routinely hid bad loans from federal regulators, trial shows

Washington Federal Bank for Savings failure trial lays bare how CEO John F. Gembara told employees to conceal delinquent loans for millions owed by ‘friends of John.’

Chicago Sun-Times

Lloyds Pharmacy 'puts all 1,300 branches at risk of closure' in major high street blow

Its owner private equity firm Aurelius is said to have launched a strategic review of the business, which could result in its high street stores closing for good

Daily Mirror

Bank of Ireland creates 100 tech all-island jobs to accelerate digitalisation

The bank is on the lookout for cloud platform engineers, cybersecurity experts, data infrastructure engineers, specialised project managers and business analysts

Birmingham Post

Scam protection from banks under scrutiny as Australians lose $53m in two months

Sharon Watkins was fortunate enough to get her money back, but she and consumer advocates say it's time banks did more to protect their customers. Meanwhile, Australians have already lost $53m to con artists this year.

ABC News

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AAP

NAB bank head backs in Labor superannuation plan

Labor has received support for its superannuation plan from an interesting quarter - the chief executive of NAB.

Bangkok Post

LHFG to expand Taiwan loan portfolio

Land and Houses Financial Business Group (LHFG), a holding company of LH Bank, aims to grow its Taiwanese banking business more aggressively this year, boosted by manufacturing relocation by multinational and Taiwanese firms to Asean amid deglobalisation.

Irish Mirror

AIB says it does not cut 'special deals for special individuals' despite DJ Carey write-down reports

Representatives from AIB appeared in front of the Oireachtas Finance Committee following reports that former Kilkenny hurler DJ Carey received an alleged settlement resulting in a €9.5 million debt being written down

The Times of India

India lends support to Ajay Banga's nomination for World Bank President post

NEW DELHI: India on Thursday extended support to the candidature of Ajay Banga as World Bank President, saying his nomination comes at a time when the multilateral lending agency is considering next-generation reforms.

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The Guardian - UK

Mystery of how Nationwide lost my £3,000 in Bulgaria

I asked it to send the money to my husband’s bank account. Now it can’t locate it and the case is closed

Tribune News Service

Goolsbee’s wife works at firm that helped pick him for Fed job

WASHINGTON — The search firm hired by the Federal Reserve Bank of Chicago to help find a new president includes among its executives the wife of Austan Goolsbee, the person ultimately picked for the role.

The New Daily

Bank closures hurt communities, Westpac admits to probe

Westpac and NAB executives are facing the regional banking inquiry, which is examining the impact of branch closures in country towns.

Bangkok Post

CIMBT eyes 20% gain for digital

CIMB Thai Bank (CIMBT) targets growing its digital banking business by 20% this year in terms of users and transactions, driven by increasing digital adoption in Thailand.

ABC News

A third of the nation's bank branches have shut in the past five years — for people in the country, that's a huge problem

Despite soaring profits for Australia's big four banks, that number in the billions, almost one-in-three of their branches have closed in the past five years and now a parliamentary committee is examining the impact of those closures, especially on regional centres.

The Guardian - UK

UK government made £2.4bn from ‘mortgage prisoner’ loan sales, says Martin Lewis

Tens of thousands of borrowers had their loans sold on to providers at which they were unable to switch

The Independent UK

Banking giants asked to explain why some savings rates remain so low

The Treasury Committee is asking major banks for a breakdown of the revenue and profits generated from their savings products.

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