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The Latest Breaking News on Financial Services

Swedish bank Handelsbanken expands in Cardiff

Its Cardiff branch has moved to new offices at the Callaghan Square office scheme

Birmingham Post

Ulster Bank PMI: Northern Ireland private sector contracts at fastest rate in 2 years

All four sectors were hit hard, but signs of easing inflation offers hope

Birmingham Post

Number of Scots in work falls for first time in almost two years, says RBS

The Royal Bank of Scotland said the number of people in employment fell for the first time since April 2021.

The Independent UK

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Young people warned not to be exploited as ‘money mules’ for UK criminal gangs

West Midlands commissioner and HSBC say moving illegally gained money is an offence that helps serious crime

The Guardian - UK

Supermarket takes back 'most expensive' title after just a week as customers in 'shock' over prices

The supermarket is the only one to increase in price in this week's comparison of basics

Manchester Evening News

Victims of bank Ponzi-like scheme in China unable to withdraw money from frozen accounts

Since April last year, at least $8.5 billion has been frozen, leaving bank customers in dire straits. When they tried to protest, they allege they received brutal treatment from the police.

ABC News

Business issues heartfelt call to customers to pay in cash - and spells out reason why

During the Covid pandemic many people stopped using cash but some want to see its return

Wales Online

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These major banks see a "mild recession" coming in 2023

JPMorgan Chase, Bank of America and Citigroup are bracing for an economic downturn in 2023, including an uptick in unemployment, even as they continue to benefit from strong consumer spending and higher interest rates.

Axios

Cardinal George Pell will be remembered as a reformer with 'a big heart' by some but reviled by many others

While many with the Catholic Church remember him as compassionate, he's reviled by many others inside and outside religious spheres.

ABC News

U.S. Debt Default 'Likely' in Second Half of 2023: Bank of America

'We think it is likely by late summer or early fall,' says BofA rates strategist Ralph Axel.

The Street

JPMorgan, Wells Fargo: Trading the Bank Stocks on the Earnings Reports

JPMorgan, Wells Fargo, Bank of America and Citigroup all opened lower on Friday after reporting earnings.

The Street

Big US banks report mixed earnings and gird for 'mild recession'

New York (AFP) - Major US banks reported mixed fourth-quarter results Friday as executives pointed to the rising odds of a "mild recession," with inflation and interest rate hikes challenging households and businesses.

AFP

JP Morgan investment bankers suffer 30% bonus cut as takeover deals slump

Wall Street’s largest lender reports 22% fall in full-year profits including 58% drop in fees from dealmaking

The Guardian - UK

JPMorgan Chase girds for 'mild recession' as Q4 profits rise

New York (AFP) - JPMorgan Chase reported higher fourth-quarter profits Friday, boosted by income tied to increasing interest rates as the big bank set aside more funds in case of a recession.

AFP

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The Street

Wells Fargo Stock Slides As Bigger Bad Loan Provisions Offset Q4 Earnings Beat

“Though the quarter was significantly impacted by previously disclosed operating losses, our underlying performance reflected the progress we are making to improve returns," said CEO Charles Scharf.

The Street

JPMorgan Tops Q4 Earnings Forecast, Say US Economy 'Remains Strong', But Notes Recession Risk

"The U.S. economy currently remains strong with consumers still spending excess cash and businesses healthy," said JPMorgan CEO Jamie Dimon.

Al Jazeera

Pakistan foreign exchange reserves drop to lowest since 2014

Experts paint a gloomy picture, saying the government must reconsider its priorities.

Los Angeles Times

Los Angeles bank agrees to $31M settlement over racial bias in home loans

City National Bank has agreed to pay $31 million to settle a U.S. Justice Department lawsuit alleging racial bias in its home mortgage lending in Los Angeles County.

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Bangkok Post

BoT sets out plan to issue up to 3 virtual banking licences

The Bank of Thailand plans to grant up to three virtual banking licences in the first stage of its digital plans, and will allow both financial institutions and non-financial firms to apply.

The Independent UK

Bank to pay $31M redlining settlement, DOJ's largest ever

The Justice Department accused Los Angeles-based City National Bank on Thursday of discriminating against Black and Latino residents, requiring the bank to pay more than $31 million in what is the largest redlining settlement in DOJ history

Investors Business Daily

Bank Earnings: Wells Fargo Profit Halves, Bank Of America, Citi Beat Expectations

Wells Fargo plans to slash its mortgage business as Q4 results loom. Analysts expect bank earnings to fall when Bank of America, Citi report Friday.

WEKU

DOJ announces a $31 million redlining settlement with LA-based City National Bank

The Justice Department accused the bank of discrimination by refusing to underwrite mortgages in predominately Black and Latino communities.

Inverse

Government-issued digital currencies could bring about a dystopian future, security experts warn

As the world moves away from cash, countries are rolling out government-regulated digital currencies that have concerned security experts.

Al Jazeera

India top court says demonetisation was legal, victims disagree

Tens of people reportedly died after Modi’s shock move to ban currency notes, but a top court ruling brings no closure.

Zenger

Kentucky Threatens To Divest From 11 Banks Over Environmental And Social Policies

Kentucky State Treasurer Allison Ball (R) notified 11 banks that their ESG policies had harmed the state’s economy.

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