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The Latest Breaking News on Financial Services

Full list of bank closures in Scotland as 13 more branches set to shutter

Further branch closures will be seen across six major banks in Scotland.

Daily Record

UCO Bank shares climb 2% on BSE after Q4 earnings, net rises 86% to Rs 581 crore

NEW DELHI/KOLKATA: Shares of UCO Bank on Tuesday climbed 2 per cent after the firm reported an 86.2 per cent rise in net profit for the March 2023 quarter.

The Times of India

Someone tricked the taxman into handing over £500k by registering firm to someone else's home

'How does HMRC just hand out half a million pounds?' asked a judge

Wales Online

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HSBC reveals plans to rename Silicon Valley Bank UK as profits soar

HSBC boss Noel Quinn laid out a fresh vision for the development of SVB UK after it bought the beleaguered bank for £1 in March.

Evening Standard

IMF Raises Asia’s Economic Forecast on China Recovery, Warns of Risks

The International Monetary Fund (IMF) raised Asia's economic forecast on Tuesday as China's recovery underpinned growth, but warned of risks from persistent inflation and global market volatility driven by Western banking-sector woes. The reopening of China's economy will be pivotal for the region with the spillover to Asia seen focused…

Asharq Al-Awsat

Stock market today: Asia shares mixed on holiday mode trade

Asian shares are mixed with some markets closed or anticipating holidays and investors showing muted reaction to the latest U.S. banking failure

The Independent UK

'Worst is over', Citi official says as bank looks to increase staff in Hong Kong

Citigroup, the biggest foreign lender in Hong Kong, will increase staff at its commercial banking unit in the city by 100 to tap growing opportunities in the Greater Bay Area, according to a senior executive.

Bangkok Post

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First Republic Bank seized, sold in fire sale to JPMorgan

In the second-largest bank failure in U.S. history, officials seize First Republic Bank, selling its deposits and most of its assets. It’s the third midsize bank to fail in two months.

Chicago Sun-Times

SVB's collapse shows Fed failure to supervise banks

The aftershocks of the collapse of Silicon Valley Bank (SVB), while seemingly fading, are still reverberating around the world. Although Federal Reserve officials have taken pains to assure the public that the US banking system is sound, it is unclear why anyone should believe them. After all, Fed Chair Jerome…

Bangkok Post

First Republic Bank Fails As Former Treasury Secretary Larry Summers Warns The Consequences To Come

The failed bank was taken over by the FDIC and taken over by JPMorgan Chase A Month After Received A $30 billion deposit

Zenger

Reserve Bank hikes cash rate to 3.85 per cent, ASX hits three-week low, Qantas appoints new CEO to replace Alan Joyce

The RBA has surprised markets and economists by lifting interest rates to 3.85 per cent, after being widely predicted to stay on hold for a second month. Look back on the day's events as they happened with our blog.

ABC News

Stock Market Today: Stocks Struggle After JPMorgan Buys First Republic

It was a choppy day for stocks as investors considered another bank failure.

Kiplinger

Why First Republic failed. Are other banks to follow?

First Republic Bank has become the second large regional bank with assets over $200 billion to fail in just a few weeks

The Independent UK

First Republic's failure may lead to other woes

Struggling banks — even if they're not failing — are bad news for economic growth.

Axios

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Newsroom.co.nz

Kiwi banks at odds with Aussie bosses over gambling on credit

Australian banks are supporting a Canberra government ban on gamblers using their credit cards to bet online. Their Kiwi subsidiaries are taking quite a different position.

Salon

First Republic Bank collapses, seized

"Ultimately taxpayers will be on the hook," Sen. Elizabeth Warren warned

Daily Mirror

Full list of 76 bank branches that will shut FOREVER this month including HSBC, Halifax & TSB

According to Which? since 2015 over 5,500 bank and building society branches have shut their doors as more people shift to online services to manage their money

The Independent UK

Is my money safe? What you need to know about bank failures

Recent bank failures may have you worried about your money

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Kiplinger

Five Places to Put Cash Rather Than in the Bank

FDIC sweep programs, money market funds, Treasuries and more could be alternative places to stash cash instead of keeping it in the bank.

The Guardian - UK

JP Morgan boss plays down risk of crisis after second biggest bank failure in US history

Jamie Dimon’s remarks follow $10.6bn takeover brokered by US regulators to buy most of failed First Republic

The Independent UK

First Republic Bank seized by US regulators and sold to JP Morgan Chase

Drastic intervention to contain third US bank failure in two months

WEKU

JPMorgan Chase buys troubled First Republic Bank after U.S. government takeover

JPMorgan Chase is taking over First Republic after the troubled bank was placed in the FDIC's receivership in the latest failure in the banking system.

Wales Online

London hotel named in honour of the King's big day

London Bank's Premier Inn has had a new signage - and has been renamed the "Cor-Inn-nation", in honour of the special day.

ABC News

US authorities 'auction' First Republic Bank to JPMorgan after second biggest bank failure in history

US regional bank First Republic had a little more than $301 billion worth of assets and around 7,000 employees.

The Guardian - UK

Barclays bank put my £350,000 out of reach after Brexit changes

I am out of work and need it but it shut down my account here in Spain

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