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The Latest Breaking News on Financial Services

Credit Suisse rescue package rejected by Swiss parliament

Switzerland's parliament rejected on Wednesday the government's 109 billion Swiss francs ($120.82 billion) aid for Credit Suisse's merger with UBS, leaving the fallen bank's hastily arranged rescue without a largely symbolic parliamentary blessing.

Reuters

UAE Central Bank's Foreign Assets Exceed $136b

The total foreign assets of the UAE Central Bank exceeded $136.1 billion at the end of January for the first time in its history. The data showed that the Central Bank's foreign assets increased monthly by 1.34 percent, from $134.4 billion last December to $136.2 billion at the end of…

Asharq Al-Awsat

IMF warns deeper financial turmoil would hit growth

The International Monetary Fund has trimmed its 2023 global growth outlook slightly as higher interest rates cool activity.

The New Daily

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Banks hesitate in rush to cashless era

The banking industry's push to discourage the use of cash led some to believe it was a good idea to charge fees for cash transactions and suspend cardless money withdrawals at ATMs.

Bangkok Post

First Republic Bank Reports Earnings This Month -- Sell While You Can

Despite benefiting from the vote of confidence from 11 large banks, First Republic Bank (FRC) is skating on thin ice. Hence, it could be wise for investors to keep their distance, as its upcoming earnings release might trigger another meltdown in the stock. Read on….

StockNews.com

Barclays to shut three North East branches as bank announces another 15 closures this year - see full list

Two branches in Northumberland are among those earmarked for closure this summer

Chronicle Live

No evidence yet of credit crunch after banking turmoil: Yellen

Washington (AFP) - US Treasury Secretary Janet Yellen said Tuesday that she has not seen evidence of a contraction in credit, despite fears that households and firms could have a tougher time borrowing after recent banking sector turmoil.

AFP

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Former Glasgow bank set to become restaurant despite concerns over local impact

Previous bids to convert the former TSB have been rejected over concerns about an increase in noise and activity, but the latest attempt has been approved after an appeal from the developer.

Glasgow Live

3 Stocks Investors Should Avoid Consuming

Still-elevated inflation and rising interest rates have resulted in a significant pullback in consumer spending. Amid a challenging economic backdrop, it could be wise to avoid fundamentally weak consumer goods stocks PLBY Group (PLBY), Vinco Ventures (BBIG), and AquaBounty Technologies (AQB). Read more….

StockNews.com

Barclays shutting another 15 bank branches this year - see list of latest closures

The latest list of closures - which will all happen in July - comes on top of the 69 branches that had already been earmarked to shut, meaning 84 Barclays banks will go this year

Daily Mirror

Hope for 'something different' or chain restaurant at former bank in Hyson Green

The former Lloyds Bank branch on Gregory Boulevard has been listed for long-term lease after it was closed in September 2022.

Nottingham Post

10 Banks' Profit Is About To Completely Fall Apart, Analysts Warn

Just when you thought the banking crisis was over — you'd better brace for an onslaught of big drops in bank profit.

Investors Business Daily

RBS, NatWest and First Direct offer people up to £200 in free cash to switch bank accounts

Nearly one million people used the Current Account Switch Service in 2022.

Daily Record

Head of British business lobby sacked over misconduct

London (AFP) - Britain's main business lobby group announced Tuesday the sacking of Director General Tony Danker, which follows allegations of sexual misconduct that have rocked the Confederation of British Industry.

AFP

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The Independent UK

Swiss lawmakers pick apart Credit Suisse woes ahead of deal

Switzerland’s parliament is opening a special session to scrutinize the state-imposed takeover of Swiss bank Credit Suisse by rival UBS

Al Jazeera

G20 finance heads face reform calls from Global South

Finance ministers and central bank governors are meeting at the IMF to discuss challenges facing global economy.

Investors Business Daily

JPMorgan Posts Record Quarterly Revenue; Wells Fargo, Banks Beat Earnings After March Panic

JPMorgan posted record quarterly revenue Friday. Wells Fargo, Citigroup and PNC Financial beat results, sending bank stocks surging.

Investors Business Daily

Option Trade On JPMorgan Earnings Could Return 28% By Week's End

An options trade around earnings for JPMorgan stock comes as the stock shows elevated implied volatility,

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ABC News

Bank South Pacific customers in PNG told to repay money after glitch allows accounts to be overdrawn over Easter

A "technical issue" has allowed some customers with Papua New Guinea's largest bank to overdraw money from their accounts, while others have watched their bank balances drop.

Wales Online

One in three Britons still prefer to do banking in person, survey finds

People would rather visit a bank branch to seek human advice as cost pressures mount, a survey found

The Independent UK

Third of Britons still prefer to do banking in person, survey finds

People would rather visit a bank branch to seek human advice as cost pressures mount, a survey found.

Asharq Al-Awsat

US Treasury: World Bank Could Lend $50b More Over Decade With Reform

The World Bank's ongoing reform could result in a $50 billion lending boost over the next decade, US Treasury Secretary Janet Yellen told AFP ahead of stakeholders' meetings next week where key changes are expected to be announced. Central bankers, finance ministers and participants from more than 180 member countries…

AFP

Small US banks use enlarged deposit guarantee to compete with giants

New York (AFP) - In the wake of the latest US banking meltdown, small lenders might appear vulnerable to an exodus of depositors fleeing for larger banks.

AFP

Bank takeover prevented Swiss economy collapse: minister

Geneva (AFP) - Swiss Finance Minister Karin Keller-Sutter said Switzerland's economy would probably have collapsed had Credit Suisse gone bankrupt, in an interview published Sunday.

Bangkok Post

Credit Suisse failure 'would have crashed Swiss economy'

GENEVA: Switzerland’s finance minister says the country’s economy probably would have collapsed had Credit Suisse gone bankrupt.

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