Sunday, December 22

Tag: Commercial Banking

What Did Wall Street Get Right About Markets This Year? Not Much
29Dec By adminNo Comments
Money

What Did Wall Street Get Right About Markets This Year? Not Much

Updated Dec. 29, 2023 12:07 am ETAlmost no one thought 2023 would be a blockbuster year for stocks. They could hardly have been more wrong. The Federal Reserve raised interest rates at the fastest clip since the 1980s, a regional banking crisis felled Silicon Valley Bank, and war broke out in the Middle East. Yet stocks kept climbing. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Singapore Fines Credit Suisse for Bankers’ Misconduct
28Dec By adminNo Comments
Money

Singapore Fines Credit Suisse for Bankers’ Misconduct

Dec. 28, 2023 12:08 am ETSingapore imposed a penalty of 3.9 million Singapore dollars (US$3.0 million) on Credit Suisse for failing to prevent or detect misconduct by its relationship managers.Credit Suisse bankers in Singapore had provided customers with inaccurate or incomplete post-trade disclosures, which led to clients being charged spreads above bilaterally agreed rates for 39 over-the-counter bond transactions, the Monetary Authority of Singapore said in a statement on Thursday.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Singapore Fines Credit Suisse for Bankers’ Misconduct
28Dec By adminNo Comments
World

Singapore Fines Credit Suisse for Bankers’ Misconduct

Dec. 28, 2023 12:08 am ETSingapore imposed a penalty of 3.9 million Singapore dollars (US$3.0 million) on Credit Suisse for failing to prevent or detect misconduct by its relationship managers.Credit Suisse bankers in Singapore had provided customers with inaccurate or incomplete post-trade disclosures, which led to clients being charged spreads above bilaterally agreed rates for 39 over-the-counter bond transactions, the Monetary Authority of Singapore said in a statement on Thursday.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Credit-Card Spending Piles Up as Savings Dwindle 
24Dec By adminNo Comments
Money

Credit-Card Spending Piles Up as Savings Dwindle 

U.S. consumers continue to burn through their pandemic savings and are taking on more debt as they face high prices on everything from food and housing to entertainment. Marianne Lake, co-chief executive of JPMorgan Chase’s consumer bank, said at a December conference that before the pandemic, the bank’s lowest-income clients had on average 12 days’ worth of cash on hand. Today, that average is around 15 days, meaning consumers are close to spending down money they socked away during the pandemic. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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China’s Big Banks Cut Deposit Rates as Growth Plateaus
22Dec By adminNo Comments
World

China’s Big Banks Cut Deposit Rates as Growth Plateaus

Dec. 21, 2023 11:05 pm ETChina’s biggest banks are lowering the deposit rates offered to savers, a move that could pave the way for the central bank to make interest-rate cuts to spur economic growth.Five state-owned lenders and joint-stock bank China Merchants Bank said the rate cuts took effect on Friday. The five were Industrial & Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China and Bank of Communications.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Canada Approves Royal Bank Deal for HSBC’s Canada Unit
22Dec By adminNo Comments
World

Canada Approves Royal Bank Deal for HSBC’s Canada Unit

Updated Dec. 21, 2023 9:20 pm ETOTTAWA—Canada on Thursday approved Royal Bank of Canada’s proposed $10.1 billion deal for HSBC Holdings’s Canadian unit, over a year after the two lenders unveiled the transaction.Canadian Finance Minister Chrystia Freeland said RBC agreed to a series of conditions that cover employment levels in Canada, customer service and financing to help construct affordable housing.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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China’s Millionaires Are Worried. That’s a Problem for Wall Street.
18Dec By adminNo Comments
World

China’s Millionaires Are Worried. That’s a Problem for Wall Street.

Updated Dec. 18, 2023 12:15 am ETChina’s economic slowdown has become a big problem for banks that serve the rich. For years, banks including Citigroup, JPMorgan and UBS competed hard to win business from China’s giant pool of wealthy people. They hired thousands of relationship managers with the language skills and cultural know-how to gain the trust of mainland China’s moneyed class, and helped them buy shares in Hong Kong, real estate in the U.S. and expensive paintings from European collections.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Mitsubishi UFJ Agrees to Buy Australia’s Link Administration
18Dec By adminNo Comments
World

Mitsubishi UFJ Agrees to Buy Australia’s Link Administration

SYDNEY—Mitsubishi UFJ Financial Group agreed to buy Link Administration in a deal valuing the Australian financial technology company’s equity at 1.2 billion Australian dollars (US$800 million).Link on Monday said its board had unanimously recommended that shareholders vote in favor of the deal, in the absence of a superior proposal.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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