Major banks quietly wind back promotional interest rates on deposit products.
Earlier today we commented that while stock markets across the globe, heavily influenced by central bank intervention from the PBOC to the SNB, are doing everything in the central planners' power to telegraph just how irrelevant Greece is, other indicators are far less sanguine. Show More Summary
Daily withdrawal limits left unchanged at €60 as banks remain shut in wake of referendum.
The Federal Reserve Bank of New York said Monday that Joshua Rosenberg will become its chief risk officer and executive vice president effective July 16 and Helen Mucciolo will become its executive vice president, principal financial officer and leader of the institution’s corporate group on Aug. 1.
What has transpired in a relative heartbeat is that one of the four central banks of the world that matter is suddenly on the ropes. In the hours and days ahead, the ECB will be battered by desperate actions emanating from Athens, as...Show More Summary
On the same weekend that Americans celebrated a long-ago victory against British colonial overlords, the small but proud nation of Greece stood up to reject the failed austerity economics, proscribed by European bureaucrats and bankers, that has driven the country into spiraling, debt-driven dependency and depression. Show More Summary
ATM queues are set to get worse in Greece, with banks staying shut until Thursday. Reuters is reporting that the head of the Greek Bank Association says banks will remain closed tomorrow and the day after, and banking sources say itShow More Summary
What do you do when two policy rate cuts, $19 billion in committed support from a hastily contrived broker consortium, and a promise of central bank funding for the expansion of margin lending all fail to quell extreme volatility in a collapsing equity market? Well, you can simply ban selling, which is apparently the next step for China. Show More Summary
Following news that Texas has decided to repatriate gold holdings – supposedly worth $1 billion – it keeps in an underground vault at the HSBC bank in Manhattan to inside its borders to create a state-run gold depository, critics ofShow More Summary
The eagerly-anticipated $50bn New Development Bank could unblock the financing of key African development projects. ||| Johannesburg – The eagerly-anticipated USD 50 billion New Development Bank (NDB) which is to be launched by South Africa and other Brics countries in Russia this week, could unblock the financing of key African development projects. Show More Summary
Greece's debt crisis is making headlines around the world, but that doesn't mean the country's tourism industry is crumbling, experts say. Major banks in Greece are closed, and citizens face restrictions on ATM withdrawals in light of the country's economic crises, the latest of which involved a rejection of a bailout deal on Sunday. Show More Summary
As we have repeated since January, and certainly on numerous occasions over the weekend, at this point the only variable is what the ECB will do: will it give insolvent Greek banks more aid, or will it increase its ELA collateral haircut...Show More Summary
Imagine a family who have lived beyond their means for years, and, as a result, accumulating a large debt with their bank. Imagine that the debt is so large that paying it back would be immensely painful for the family for many years to come. Then the head of the [...]
JPMorgan Chase has appointed its general counsel, Stephen M. Cutler, to vice chairman, the bank said in a press release. Cutler is succeeding Jimmy Lee, the bank's beloved legendary dealmaker/vice chairman, who unexpectedly died last...Show More Summary
This article first appeared on the World Economic Forum and is written by Ross Chainey. The US have just announced that they will feature a women on their upcoming redesign of the $10 bill! Treasury Secretary Jack Lew said the bill, set to be unveiled in 2020, will honor “a woman who has contributed to and represents the…
Council on Foreign Relations In March 2010, two months before the announcement of the first Greek bailout, European banks had €134 billion [$148 billion] worth of claims on Greece. French banks, as shown in the right-hand figure in the...Show More Summary
In spring 2015 Bank of America conducted a survey of small business owners and found that fewer business owners this year (46 percent) plan to hire new staff in the next 12 months compared to a year ago (52 percent).
These days a loose tooth means more than just a visit from the tooth fairy… you could also make bank off of a viral YouTube video. An 11-year-old girl from Colorado named Alexis Davidson is the latest kid to perform an extreme public...Show More Summary
A screenshot from the leaked document detailing some of Hacking Team's finance customers. (The July 6, 2015 date in the lower left corner is due to PowerPoint automatically updating the date when the document was opened.) Hacking Team,...Show More Summary
NEW YORK (Reuters) - A New York judge has thrown out the conviction of former Goldman Sachs Group Inc programmer Sergey Aleynikov on charges of stealing some of the bank's high-frequency trading code.