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The Latest Breaking News on Financial Services

Santander cuts mortgage rates but experts warn price war ‘won’t last’

The UK’s top lenders have been cutting mortgage rates after they rose dramatically from May to July, with all of the “Big Six” having cut prices on multiple occasions

Evening Standard

Ex-CVC Suresh N Patel to head advisory board to examine role of top bank officials in frauds

CVC Suresh N Patel appointed Chairman of Advisory Board for Banking & Financial Frauds (ABBFF). Board members incl. Ravikant, Rajni Kant Mishra, David Rasquinha & Partha Pratim Sengupta. ABBFF to examine role of bank officials in fraud cases > Rs 3 crore.

The Hindu

National Trust resists pressure to ditch Barclays over environmental concerns

Attempt to cut ties with bank, which directly invests in new fossil fuel projects, fails at AGM

The Guardian - UK

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J&K Bank sacks Chief Manager Sajad Bazaz for ‘State’s security interests’

J&K Bank terminates Chief Manager Sajad Bazaz's services, citing "State's security interests". No formal inquiry held. Govt constituted STF to identify and scrutinise employees involved in anti-national activities. PDP president Mehbooba Mufti questions move.

The Hindu

JPMorgan Chase & Co. (JPM), Wells Fargo & Company (WFC), and Bank of America (BAC): What Does Smart Money Think About These Stocks?

After facing several challenges earlier this year, the banking industry stabilized over the past few months. However, the recent concerns surrounding the rating downgrades keep banking stocks under pressure. Amid this uncertainty, what does smart money think about JPMorgan Chase (JPM), Bank of America (BAC), and Wells Fargo & Company…

StockNews.com

Online Banking Site Launched for U.S. Soldiers

A community bank joins forces with a financial technology startup to serve military members.

Kiplinger

Noble intentions: On the PM Vishwakarma scheme for traditional workers

The challenges traditional craftspeople and artisans face are far deeper than just the availability of cheap credit under the PM Vishwakarma scheme

The Hindu

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Donohoe: Bank outage ‘extremely serious’ but didn’t damage Ireland’s reputation

Bank of Ireland has moved to assure customers that their account balances should be up-to-date after glitch on Tuesday.

The Independent UK

Is Invesco S&P 500 High Dividend Low Volatility ETF (SPHD) a Good Investment Right Now?

Amid the persistent market instability, the Invesco S&P 500 High Dividend Low Volatility ETF (SPHD) could be a dependable investment, which not only has the potential to navigate the tumultuous market conditions but also could deliver a consistent income stream. Read on….

StockNews.com

Bank of Ireland technical issue allowed customers to withdraw extra cash

People queued to withdraw more money than they had in their accounts following the glitch

Evening Standard

Bank of Ireland: Money withdrawn while online service down will still be debited

The bank said it does not have an estimated time for when its normal app and web services will be restored.

The Independent UK

China’s Central Bank Takes Surprising Step As Economy Falters

The rates for the People's Bank of China's one-year medium-term loan facility were unexpectedly cut by 15 basis points to 2.5%.

Zenger

Like Nigel Farage, British Muslims say they are being ‘de-banked’

Often without providing clear reasons, banks appear to be disproportionately closing the accounts of British Muslims.

Al Jazeera

Employee-First Office Space: Workplace Technology Engages

Standardized on Microsoft Teams, employees fully embrace a hybrid work schedule and collaborate seamlessly.

AVNetwork

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The Independent UK

Forensic audit into Lebanon's central bank reveals misconduct and 'illegitimate' commissions

A forensic audit into Lebanon’s central bank by a New York-based company has revealed yearslong misconduct by the bank’s former governor and $111 million in “illegitimate commissions.”

The Hindu

ESAF Small Finance Bank records a net profit of Rs. 129.96 cr in the first quarter of FY 23-24

The Bank’s operating profit (which the Bank defines as net profit including provisions and contingencies) grew by 33.46% to ₹300.67 crore from ₹225.29 crore in the corresponding quarter of the previous fiscal year

StockNews.com

Should Citigroup (C) Be on Your Watchlist This Week?

With no rate cuts expected this year, banks’ net interest income (NII) should increase due to the high-interest rates. However, macroeconomic challenges continue to pose a significant risk for banks. Amid this backdrop, will adding Citigroup (C) to your watchlist be wise? Read on to learn my view….

The Hindu

Govt. to release ₹1,353 crore under ‘Sunna Vaddi’ scheme today

The Andhra Pradesh govt. will deposit ₹1,353.76 cr. into the bank accounts of 1.05 cr. eligible women of 9.48 lakh SHGs on Aug. 11. The 'YSR Sunna Vaddi' scheme has so far disbursed ₹4,969.05 cr. to relieve SHGs from interest burden. Banks have reduced interest rates, resulting in a reduction…

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Evening Standard

‘It gets better and better’ — Natwest is latest major lender to cut mortgage rates

Natwest follows Halifax, HSBC, Nationwide and TSB, among others, in bringing its rates back down after a wave of increases

The Hindu

Home loan, other borrowers can switch to fixed-rate regime: RBI

RBI unveils framework allowing borrowers to switch to fixed interest rate from floating rate, providing relief to home, auto loan borrowers. Revised framework for Infrastructure Debt Funds (IDFs) to enable greater financing of infrastructure sector.

The Guardian - AU

Afternoon Update: CBA makes record profit; Home Affairs’ ChatGPT bungle; and France prepare for Matildas

Australia’s biggest lender posts $10.16bn cash profit even as more of its customers succumb to rising borrowing rates

The Guardian - UK

UK banks to be given two weeks to explain closing of customer accounts

Regulator to write to more than 20 of largest lenders after Nigel Farage’s accounts were threatened with closure

The Independent UK

Major lenders poised to reduce some mortgage rates

Nationwide Building Society, HSBC UK and TSB are expected to cut some home loan rates from Wednesday.

The Independent UK

Italy proposes bank tax to help people with interest rate hikes, sending stocks plunging

Italian bank stocks have plunged after the Cabinet approved a proposal to apply a temporary tax on some 2023 bank profits

Kiplinger

HUD Investigates HSBC's U.S. Unit Over Redlining Allegations

Action prompted by a non-profit’s complaint to the agency involving six metro areas.

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