Tuesday, March 11

Tag: Industrial & Commercial Bank of China

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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ICBC’s Entree Onto Wall Street Looked Like a Bargain—Until Hackers Crippled Its U.S. Unit
26Nov By adminNo Comments
Money

ICBC’s Entree Onto Wall Street Looked Like a Bargain—Until Hackers Crippled Its U.S. Unit

Updated Nov. 26, 2023 12:02 am ETIndustrial & Commercial Bank of China, the world’s largest bank, paid $1 for its place on Wall Street. It got more than it bargained for.  The Chinese lender acquired a small New York broker-dealer in 2010, a move that extended its presence into the U.S. securities industry. It is now dealing with the fallout from a cyberattack this month that crippled that business and briefly triggered widespread concerns about the fragility of the largest cash market in the world. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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ICBC’s Entree Onto Wall Street Looked Like a Bargain—Until Hackers Crippled Its U.S. Unit
26Nov By adminNo Comments
World

ICBC’s Entree Onto Wall Street Looked Like a Bargain—Until Hackers Crippled Its U.S. Unit

Nov. 25, 2023 11:00 pm ETIndustrial & Commercial Bank of China, the world’s largest bank, paid $1 for its place on Wall Street. It got more than it bargained for.  The Chinese lender acquired a small New York broker-dealer in 2010, a move that extended its presence into the U.S. securities industry. It is now dealing with the fallout from a cyberattack this month that crippled that business and briefly triggered widespread concerns about the fragility of the largest cash market in the world. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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How a Hack Shook Wall Street’s Multitrillion-Dollar Foundations
19Nov By adminNo Comments
Money

How a Hack Shook Wall Street’s Multitrillion-Dollar Foundations

The recent hack of a Chinese banking giant reignited Wall Street’s long-running fears of disruptions to the short-term cash markets underpinning the global financial system.Traders swiftly contained the cyberattack on the Industrial and Commercial Bank of China. But some said the incident exposed cracks in the multitrillion-dollar market for repurchase agreements, known as repo, where banks and hedge funds borrow cash mainly using Treasurys as collateral. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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ICBC Hackers Used Methods Previously Flagged by U.S. Authorities
14Nov By adminNo Comments
Money

ICBC Hackers Used Methods Previously Flagged by U.S. Authorities

The hackers who infiltrated the New York arm of the Industrial and Commercial Bank of China and disrupted trading in the U.S. Treasury market appeared to exploit three vulnerabilities that had been flagged by U.S. officials earlier this year.In an email sent to financial-services executives and trade groups Monday that was viewed by The Wall Street Journal, Treasury officials said that the ICBC attack stemmed from Lockbit 3.0 ransomware and two tactics that target users of services managed by Citrix, a cloud-computing company.  Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Hackers Hit Wall Street Arm of Chinese Banking Giant ICBC
10Nov By adminNo Comments
Money

Hackers Hit Wall Street Arm of Chinese Banking Giant ICBC

Updated Nov. 10, 2023 8:03 am ETA U.S. subsidiary of China’s biggest bank was hacked this week, threatening a temporary logjam for some trades in the Treasury bond market.ICBC Financial Services, a New York-based entity owned by the Industrial and Commercial Bank of China, was the victim of a ransomware attack on Wednesday. The unit largely focuses on clearing, which means ensuring that transactions previously agreed by traders go through, and on lending and borrowing through repurchase agreements—a form of collateralized funding that forms a vital part of the financial system. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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