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The Latest Breaking News on Financial Services

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

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

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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

Pakistan foreign exchange reserves drop to lowest since 2014

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

Al Jazeera

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.

Los Angeles Times

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.

Bangkok Post

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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

The Independent UK

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.

WEKU

Sebi allows mutual funds with active ELSS to launch passive schemes

NEW DELHI: Capital markets regulator Sebi has allowed mutual funds with active Equity-Linked Savings Schemes (ELSS) to launch passive schemes, a move that will provide a cost-effective and tax-saving alternative to individual investors.

The Times of India

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.

Inverse

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.

Al Jazeera

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.

Zenger

BoT: First virtual banks to open in 2025

The country’s first virtual banks are expected to begin offering services in 2025 amid a push to boost competition, widen loan access and cut costs for businesses and individuals.

Bangkok Post

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Leeds Live

Plans submitted for new 19-storey hotel with 205 bedrooms in Leeds city centre

The old Lloyd’s Banking Group building on Water Lane in Holbeck could be redeveloped.

The Denver Post

Denver attorney suspended, accused of urging clients to infect a rival with COVID-19

DENVER — A judge this week suspended a Denver attorney from practicing law in Colorado’s federal bankruptcy court after finding he lied, submitted false legal documents and engaged in a pattern of “fraudulent schemes” to try to get a case dismissed.

Bangkok Post

Banks prepare new Central Fraud Registry

The Thai Bankers' Association (TBA) is working to set up the Central Fraud Registry to probe financial fraud in the banking industry.

Bangkok Post

World 'on brink' of recession

WASHINGTON: The World Bank slashed its 2023 growth forecasts on Tuesday to levels teetering on the brink of recession for many countries as the impact of central bank rate hikes intensifies, Russia's war in Ukraine continues, and the world's major economic engines sputter.

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Bangkok Post

Rise of online payments accelerates march to cashless society

Former magazine editor Kaysinee Sutthavarangkul never used to give much thought to making cashless payments, as it seemed unlikely to her that every transaction could be made online. But she has changed her buying behaviour since the pandemic.

Newcastle Herald

Reflections on the life and times of Cardinal George Pell

Pell mourned by many, but not by all

Caixin Global

China’s Banks Need to ‘Lean Forward’ in Backing Builders, Regulators Say

Central bank and banking regulatory commission emphasize helping property sector in meeting with financial institutions to outline policy priorities

The Guardian - UK

Jes Staley had ‘profound friendship’ with Jeffrey Epstein, court documents claim

Allegation about ex-Barclays boss is made in US Virgin Islands lawsuit against JP Morgan

Miami Herald

Western Union quietly resumes the business of remittances to Cuba with a pilot program

After a two-year halt, Western Union has quietly resumed money remittances to Cuba through a pilot program with the hope of expanding its operations in the future, the company says, a much-anticipated step that provides Cuban American families with a more reliable way to help their families on the island.

The Times of India

Bombay HC sets aside recruitment process for Thane co-op bank, calls it 'irregular'; aspirants to reapply for posts

MUMBAI: Holding that the recruitment process was "irregular", the Bombay high court has set aside the recruitment process with regard to senior bank assistant and junior bank assistant posts for the Thane District Central Co-operative Bank.

Evening Standard

Millionaire banking executive killed by stranger with three punches after West End phone row

A millionaire banking executive was killed by a complete stranger in London’s West End in a row over a stolen phone, a court heard.

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