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The Latest Breaking News on Financial Services

'Put the matter behind...': Bank of America agrees to pay $72.5 million to Epstein victims after years of legal battle

Bank of America has agreed to pay $72.5 million to settle a civil lawsuit brought by women who accused the bank of enabling sexual abuse and sex trafficking linked to convicted pedophile Jeffrey Epstein. The settlement was disclosed in court filings on Friday and still requires approval from a federal…

The Times of India

Lloyds bank faces £66m court battle with car loan customers

Law firm is preparing claim on behalf of 30,000 consumers who fear the FCA’s redress scheme will shortchange them

The Guardian - UK

Almost half a million Lloyds customers had personal data exposed in IT glitch

Letter from group published by MPs blames 12 March glitch on software update to its mobile banking apps

The Guardian - UK

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NS&I boss forced out as bank faces £470m payout over missing savings

Pensions minister promises the ‘full truth’ as external advisers are hired to identify the scale of the errors

The Guardian - UK

New York robber on the run after stealing just $605 from six banks across city

NYPD have yet to catch suspect who appears to be on losing streak after stealing limited funds from Chase banks

The Guardian - US

Bank of London and parent firm fined £2 million for misleading banking watchdog

The Prudential Regulation Authority (PRA) said it is the first time it has fined a firm for failing to conduct its business with integrity.

Evening Standard

Revolut reveals record profits in ‘landmark’ year

The fintech secured the long-awaited all-clear earlier this month to become a fully fledged bank in the UK.

Evening Standard

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Nirav Modi appears in person to fight Rs 100 crore Bank of India case in London

Fugitive jeweller Nirav Modi appeared in a London court to contest a Rs 100 crore claim by Bank of India. The bank seeks repayment of a loan to his company, Firestar Diamond, for which Modi provided a personal guarantee.

The Times of India

Nodus Bank CEO Accused of Using Bank as 'Personal ATM' in $24M Fraud Scheme That Led to Collapse

Former Nodus Bank CEO pleads guilty to a $24M fraud scheme, exposing a shocking abuse of power and leading to the bank's collapse.

International Business Times UK

JP Morgan Chase to use computer estimates to monitor hours worked by junior bankers

Company says tool to compare self-reported hours with computer estimates is for ‘awareness, not enforcement’

The Guardian - UK

How Zopa want to be the next great British digital bank success story

The app-based bank reported a third year of profits and are set to push new AI features into their app

The Independent UK

Man tried to rob six NYC banks in 5 days – and made off with just $605

Police are hunting for suspect Gustavo DeJesus Torres after his low-yield crime wave hit New York branches of Chase over the weekend

The Independent UK

Michael Bambang Hartono, tobacco tycoon and Indonesia's richest man, dies at 86

Indonesia’s richest man, Michael Bambang Hartono, has died at the age of 86

The Independent UK

UK banks keep £100 limit for contactless card payments despite FCA scrapping it

Banking lobby group says lenders are holding off changes as there is no widespread consumer demand for now

The Guardian - UK

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AAP

RBA frets over severe global shock from Middle East war

Spillover from the Iran war and an uptick in risky lending to first-home buyers could threaten Australia's financial stability, the Reserve Bank warns.

The Independent UK

From NIL deals to retirement at 35: JPMorgan aims to help athletes avoid bad money habits

JPMorgan Chase is making a new wealth advising push for athletes at every income level, so their money lasts longer

The Independent UK

5 red flags of friendship scams to look out for

Friendship fraud can have big financial consequences.

The Independent UK

Bank of America agrees to settle lawsuit over Epstein ties

The lawsuit said the bank ignored “numerous red flags” of improper financial dealings

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The Independent UK

Close Brothers to cut hundreds of jobs amid criticism over car finance scandal payouts plan

A short seller has suggested they’ll need to pay out far more than the bank has initially flagged

The Guardian - UK

Fake rooms, props and a script to lure victims: inside an abandoned Cambodia scam centre

Sprawling compound, including mock-up banks and police offices, uncovered by Thai military during border clashes

The Times of India

Dubai news: ‘Evacuate the office?’ Standard Chartered responds to viral rumours in UAE emirate amid Iran vs US-Israel war

Amidst escalating Iran vs US-Israel war, Standard Chartered clarified reports of a Dubai office evacuation, stating it extended existing work-from-home measures as a precaution. The bank emphasised its regional operations remain active. This comes as other financial institutions also implement safety protocols, highlighting Dubai's crucial role as a financial hub…

The Times of India

Middle East news: HSBC makes bold GCC prediction as Iran vs US-Israel war rattles markets and oil prices surge

Despite escalating Iran vs US-Israel war, HSBC reaffirms strong confidence in GCC economies, signalling global banks are not retreating. The region's diversified economies, fiscal strength and strategic location continue to attract capital, even as markets grapple with conflict-driven volatility and energy price surges. Financial hubs like Dubai and Abu Dhabi…

The Times of India

Citibank temporarily shuts most UAE branches from March 12–14, shifts staff to remote work

Citibank has temporarily closed most of its branches and financial centers across the UAE from March 12-14 as a precautionary measure due to escalating geopolitical tensions in the Middle East. The Mall of the Emirates branch will remain open, and digital services are fully operational. Other global banks are also…

The Guardian - UK

British fintech Revolut gets full banking licence

Group lodged application in 2021 but had to overcome accounting issues and reputational concerns

The Independent UK

Revolut finally secures full UK banking licence after lengthy wait

The fintech was granted a licence with restrictions in July 2024, having first applied to become a full bank in 2021

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