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The Latest Breaking News on Financial Services

BofA CEO Warns Shutdown Could Slow Economy; Economist Sees Rising Recession Risk (CORRECTED)

Editor's Note: This article has been updated to correctly reflect comments made by Bank of America CEO Brian Moynihan

Benzinga

New mortgage price war breaks out amid property market torpor

Some City analysts believe another rate cut from the Bank of England could come as soon as next week

Evening Standard

Cockroaches In The Vault? 3 Regional Banks Quality Scores Scurry Lower After Jamie Dimon's Warning

Three regional banks, once perched among the sector's strongest, have seen their quality rankings collapse into the bottom decile, just days after JPMorgan Chase Co. (NYSE:JPM) CEO Jamie Dimon warned of "cockroaches" lurking in U.S. credit markets.

Benzinga

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HSBC warns it could take years to settle Madoff case as bank takes $1.1bn hit

Lawsuit over Ponzi scheme drags on London-headquartered lender, whose profits plunge by 14%

The Guardian - UK

Ambassador to Spain Dario Item Exposes Swiss Secrecy in Major US Court Battle

Antigua's Ambassador Dario Item leads a legal battle in New York, accusing Credit Suisse and Swiss regulators of using secrecy laws to conceal key documents tied to the $17bn AT1 bond collapse.

Latin Times

First banker jailed over Libor interest rate rigging to sue UBS for $400m

Tom Hayes claims he was ‘hand-picked scapegoat’ for the Swiss bank as it tried to avoid regulatory scrutiny

The Guardian - UK

Plea as south London neighbourhood faces losing its last bank branch

Lloyds Bank on Majestic Way is due to close in January 2026, marking the end of in-person banking in Mitcham

Evening Standard

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Barclays to restart investment banking in Saudi Arabia 11 years after exit

The bank said the expansion was ‘central to our Middle East growth strategy’, as it follows in the footsteps of rival lenders re-entering the market.

The Independent UK

Lawsuits against banks with Epstein ties may shed new light on financier’s crimes

Experts say claim banks enabled Epstein will be difficult to prove but other outcomes could provide solace to victims

The Guardian - US

JPMorgan Chase wants out of paying $115M legal tab for convicted fraudsters

JPMorgan Chase wants to stop paying millions in legal fees for two convicted fraudsters

The Independent UK

Massive fine for home loan compliance failures

Defunct home lender RAMS has been fined $20 million by the Federal Court after admitting to widespread misconduct over a four-year period.

AAP

NatWest boss warns against higher bank taxes as lender’s profits rise 30%

CEO says fiscal discipline should be balanced with ‘policies that create stability, consistency and support growth’

The Guardian - UK

Bank of England finance chief Afua Kyei tops list of influential black Britons

Kyei leads Powerlist showcasing black role models across business, science, technology and the arts

The Guardian - UK

Alpha Buying: Regional Banks Aren't Breaking — They're Buying

Every time the market starts whispering “banking crisis,” you can count on 2 things: the instant experts will dust off their 2008 headlines, and a few insiders will quietly step in to buy. What we’re seeing today across the regional banking sector isn’t systemic. It’s the fallout from a few…

Benzinga

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The Guardian - UK

Lloyds profits plunge 36% as it feels impact of UK car finance scandal

Bank’s drop in quarterly earnings comes after it put aside further £800m to cover expected wave of driver claims

The Guardian - UK

Barclays can afford Tricolor loss but risks remain in the private credit market

Risky lending in an opaque, complex and leveraged part of the financial world is ringing alarm bells

The Guardian - UK

Barclays plays down £20bn exposure to private credit industry

CEO says bank has ‘right controls’ in place despite warnings about industry from IMF and Bank of England

International Business Times

New JPMorgan Skyscraper Underlines Manhattan Office Comeback

JPMorgan Chase officially inaugurated its new Manhattan tower Tuesday, a 60-story skyscraper that also marks a kind of comeback of office working after the pandemic years.

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Benzinga

Connecticut's Utility Overhaul Creates Tailwinds For Eversource Stock: Analyst

Eversource Energy (NYSE:ES), one of the largest utility providers in the Northeastern U.S., is positioned for steadier growth as its regulatory environment shows signs of improvement.

Benzinga

Regional Bank Scare Was A Fluke, Zions Says—But Is The Sector Really Safe?

After last week's $60 million credit charge-off sent Zions Bancorporation (NASDAQ:ZION) tumbling 13% in a single day, the Utah-based lender is now telling investors to relax.

The Independent UK

JPMorgan Chase unveils new 60-story headquarters, reshaping New York City's skyline

JPMorgan Chase is unveiling its new 60-story headquarters in New York City

The Guardian - UK

Bank of England chief warns of ‘worrying echoes’ of 2008 financial crisis

Andrew Bailey says a close look is needed at the private credit market after collapse of two big US firms

Benzinga

Options Corner: KeyCorp Got Caught In The Regional Bank Credit Scare But The Quants Still Love It

While regional banks like KeyCorp (NYSE:KEY) enjoyed a strong outing during the spring and summer seasons, sentiment started to wane just prior to fall. More recently, KEY stock got caught out amid the wave of volatility that struck the financial subsector. Notably, the SPDR SP Regional Banking ETF (NYSE:KRE) logged…

The Guardian - AU

As ANZ duped customers and ignored hardship notices, the bank’s bosses raked in $26m in bonuses

The bonuses – awarded during the bank’s three years of misconduct – have been condemned as ‘indefensible’ and ‘tone-deaf’, especially given recent job cuts

International Business Times

Shares In French Bank BNP Paribas Plummet After US Verdict

Shares in France's biggest bank, BNP Paribas, sank more than seven percent in trading on Monday, following a US court verdict late last week finding it liable for atrocities committed in Sudan.

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