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The Latest Breaking News on Financial Services

Lloyds Banking Group beats profit forecasts as lenders now look toward BOE rate hike

The UK’s biggest single mortgage lender is the latest bank to beat profit forecasts

Evening Standard

Lloyds profits jump by 46% amid higher interest rate charges

But bank expects margins to drop because of tougher competition for mortgage and savings customers

The Guardian - UK

Lloyds beats forecasts with 46% profit rise after interest rates boost

Banking group expects the economy to fall by 0.6% in 2023 overall, slipping into a 'mild recession' over the first three quarters

Insider UK

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Business confidence amongst Welsh firms shows rise

Companies in Wales reported higher confidence in their own business prospects

Birmingham Post

Credit Suisse History Of Doing Business Members Of The Nazi Party Remembered

Top Republican in the U.S. Senate Budget Committee questions the bank's history of the Nazi's interests.

Zenger

Former CEOs of failed banks to testify before Senate panel

The former top executives of two failed banks will testify before Congress this month

The Independent UK

TCRB sees commercial upgrade taking one year

Thai Credit Retail Bank (TCRB) expects to take about one year to upgrade to become a commercial bank and plans to launch an initial public offering (IPO) by the end of this year.

Bangkok Post

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Selling pressure set to rise this month

Trinity Securities cautioned investors to be wary of selling pressure in May, especially during the week after the general election, as the market may fluctuate ahead of the meeting of the Bank of Thailand's Monetary Policy Committee (MPC) at the end of the month.

Bangkok Post

Stock Market Today: Stocks Slide Ahead of Fed Announcement

The major indexes tumbled Tuesday as anxiety ramped up ahead of tomorrow's policy announcement from the Federal Reserve.

Kiplinger

Bank stocks continue to fall following First Republic demise

Regulators have barely written the epitaph for First Repbulic Bank, but investors on Wall Street have already moved onto speculating which bank might be the next to fail

The Independent UK

Is the banking crisis coming to an end? As JP Morgan CEO notes, risks linger

Jamie Dimon says this phase of bank collapses is over, but ‘other cracks in the system’ could still be revealed

The Guardian - UK

Banking Crisis: I Thought I’d Lost My House Down Payment, But Here’s Why it All Worked Out

When banks are in crisis, there are important things to remember to stay calm.

Kiplinger

Best Of The Best: Top 3 Quality Stocks for Investors Looking for Stability

Heightened recessionary fears in the economy and the current banking sector jitters is weighing on the stock market. Hence, it could be wise for investors to buy quality stocks NuStar Energy (NS), Spirent Communications (SPMYY), and Westlake Chemical (WLKP), which pay stable dividends. Read more.

StockNews.com

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

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The Times of India

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.

Wales Online

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

Evening Standard

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.

Asharq Al-Awsat

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…

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The Independent UK

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

Bangkok Post

'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.

Chicago Sun-Times

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.

Bangkok Post

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…

Zenger

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

ABC News

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.

Kiplinger

Stock Market Today: Stocks Struggle After JPMorgan Buys First Republic

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

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