Banking Archives - Page 5 of 6

HSBC Fined $27.5m in Money Laundering Probe

Mexican regulators have slapped a $27.5 million fine on the local unit of HSBC for its lax controls that allowed Mexican drug money to pass through the bank. HSBC Mexico has acknowledged its failures in money-laundering regulation.

Mexico’s National Banking and Securities Commission (CNBV) levied the fine against HSBC Mexico for its “non-compliance with anti-money laundering systems and controls” as well as its late reporting of 1,729 unusual transactions, failing to report 39 unusual transactions, and 21 administrative failures.

15 World’s Largest Banks Downgraded

Credit ratings agency Moody’s yesterday downgraded 15 of the world’s largest financial institutions, citing significant exposure to the volatility and risk of outsized losses inherent to their capital market activities.

Morgan Stanley, UBS, Barclays, BNP Paribas, Citigroup, Crédit Agricole, Deutsche Bank, Goldman Sachs, JPMorgan Chase and Royal Bank of Canada received double-notch downgrades while Bank of America, HSBC, Royal Bank of Scotland and Société Générale received single-notch downgrades.

What the West Can Learn From Islamic Banking

Across the Middle East and South-East Asia, Islamic financial institutions hold aggregated assets estimated to be worth $50 billion. To some, this cash-rich sector represents a huge opportunity for growth and investment. But perhaps, what Islamic banks can really offer is a set of guiding principles that can enhance financial stability, four years after the crisis.

Abu Dhabi In Talks To Purchase $16b Stake in RBS

The UK media has reported that the Gulf state is interested in purchasing a £10 billion ($16 billion) stake in the bailed-out Royal Bank of Scotland. According to sources contacted by the media, the discussions have been held regularly over the past three years.

The news, first reported by the BBC on Monday, suggested the sale was likely to be loss-making, as RBS shares currently trade at a much lower price than what the UK government paid in the 2008 bailout.

It’s Bonus Time At Goldman Sachs, How Much Are They Paying Out?

Bonus day at Goldman Sachs is an intimate affair. Officially known as ‘Compensation Communication Day’, employees can expect to see their annual bonuses slashed by more than 20 percent. Should we feel sorry for them?

Goldman hasn’t had the best of years, but it is slowly working towards a recovery.

According to Reuters, the Bank’s fourth quarter profits fell 56 percent, mostly due to slipping trading and investment banking revenue.

Bankers in London Need Mental Help

The banking industry may have a reputation for its generous bonuses, but as we all know, money does not always bring happiness. In London, psychologists are reporting a higher rate of depression, insomnia and stress-related problems among bankers.

Occupy Movement Inspires Grassroots Bank Transfer Day

Last Saturday, community banks and credit unions in the United States saw a record amount in daily incoming transfers, as customers moved funds out of big financial institutions.

The occupy movement, whose agenda is still not quite yet defined, on Saturday inspired a grassroots level Internet-launched call to move money from the big transnational financial institutions down to the neighbourhood level.

Vickers’ Banking Reforms: Yay or Nay?

23 September 2011.

Sir John Vickers recently unveiled the Independent Banking Commission’s proposed reforms for the United Kingdom’s bloated and dysfunctional banking sector. In the 358-page article, neither the words “ethics” nor “ethical” are mentioned once. Is it any wonder that many have lambasted the report as a “total waste of time”?

Takeover Turmoil: Problems Pile Up For The Bank of America

16 September 2011.

In 2008, the Bank of America (BoA) purchased Countrywide Financial for US$4 billion. However, in the aftermath of the housing bubble bust, the purchase of Countrywide has already brought losses in excess of US$30 billion to BoA – forcing BoA’s CEO, Brian Moynihan to sell an equivalent amount of assets in an attempt to right the ship. But, this was not an isolated incident. The wreckage of such deals has littered banking history in recent years.

We Will Find You And Your Money: Britain To Tax Money In Secret Swiss Accounts

Britain will increase international pressure on British tax evaders, after reaching an agreement with Switzerland, said chancellor George Osborne, warning that tax cheats have no hiding place under this coalition.

Fresh from negotiating a new deal with secretive Swiss banks, George Osborne has warned top earners who attempt to avoid tax that the government “will find you and your money”, reported the Guardian.