banking
What do the National Rifle Association (NRA), the American Civil Liberties Union (ACLU), and nine U.S. Supreme Court justices from five presidential administrations all have in common? That list is likely relatively small. But at least one area of overlap was made evident Thursday when the Court published a unanimous ruling that a New York government official allegedly violated the First Amendment by pressuring insurers and banks to sever business ties with the NRA, which the ACLU is representing. The decision resuscitates the gun advocacy group's lawsuit against Maria Vullo, the former head o...
Reason
You have a 15-character password, shield the ATM as you enter your PIN, close the door when you meet with your banker, and shred your financial statements. But do you truly have financial privacy? Or has someone else been sitting silently in the room with you this whole time? While you might feel you have secured your financial information, the government has very much wedged its way into the room. Financial privacy has practically vanished over the last 50 years. It's strange how quickly we have accepted the current state of financial surveillance as the norm. Just a few decades ago, withdraw...
Reason
Lithuania's government wants to extend the current excess profits tax imposed on banks for another year. The Cabinet in Vilnius decided on Wednesday to keep the regulation introduced last year in force until 2025. Lithuanian media reports suggest the additional revenue for the Treasury will be used to finance rising defence spending, which is to be increased to 3% of gross domestic product (GDP) in the coming years. The parliament of the Baltic EU and NATO country still has to approve the plan. Under the current regulations, banks must pay an additional statutory levy of 60% in 2023 and 2024 o...
DPA Breaking News
Deutsche Bank has announced it is to close down its Numis US operations, after its takeover of Numis in April last. Following the £410 million (€481.67 million) acquisition, Numis, a London-based stockbroking and corporate advisory group, was renamed Deutsche Numis. However, in February, Deutsche Bank revealed it had reduced Numis' valuation by about €233 million. This is believed to be one of the driving forces behind the decision to shut down Numis' US arm, called Numis Securities. Following the closure, around half of Numis Securities' 12 employees will transfer to Deutsche, mainly at its N...
Euronews (English)
Washington (AFP) - A top US banking regulator offered his resignation Monday after an independent report found evidence of widespread sexual misconduct and a "patriarchal" culture at the agency he leads. "In light of recent events, I am prepared to step down from my responsibilities once a successor is confirmed," Federal Deposit Insurance Corporation (FDIC) chairman Martin Gruenberg said in a statement. "Until that time, I will continue to fulfil my responsibilities as Chairman of the FDIC, including the transformation of the FDIC's workplace culture," he added. Gruenberg has led the FDIC o...
AFP
Washington (AFP) - US lawmakers attacked the head of a top financial regulator for a second consecutive day on Thursday over accusations his agency failed to deal with workplace misconduct, including reports of discrimination and sexual harassment. Republicans on the Senate Banking Committee called on Federal Deposit Insurance Corporation (FDIC) chair Martin Gruenberg to step down after an independent report found that the agency, set up to protect bank deposits, had failed to tackle workplace misconduct issues going back years. Gruenberg has led the FDIC on and off since 2005, under both Rep...
AFP
Washington (AFP) - US lawmakers attacked the head of a top financial regulator for a second consecutive day on Thursday over his agency's failure to deal with workplace misconduct, including discrimination and sexual harassment. Republicans on the Senate Banking Committee called on Federal Deposit Insurance Corporation (FDIC) chair Martin Gruenberg to step down after an independent report found that the agency, set up to protect bank deposits, had failed to tackle workplace misconduct issues going back years. Gruenberg has led the FDIC on and off for more than a decade since 2005, under both ...
AFP
German banking giant Commerzbank saw its best net result in more than 10 years, as its customer business continued to see robust performance. The current high interest rate environment also contributed significantly to these figures. Operating profit for the first quarter of the year surged to €1.08 billion, up from €875 million for the same period last year, while net profit reached €747 million, up from €580 million. Total revenue came in at €2.7 billion up from €2.6 billion on last year. Net interest income rose to €2.1 billion from €1.9 billion on Q1 of last year. Net commission income was...
Euronews (English)
Washington (AFP) - US Treasury Secretary Janet Yellen flagged risks posed in the mortgage market Friday, as regulators released recommendations to address the sector's vulnerabilities. "The vulnerabilities of nonbank mortgage companies can amplify shocks in the mortgage market and undermine financial stability," said Yellen at an open session of a Financial Stability Oversight Council (FSOC) meeting. She added that the council has laid this out in detail for the first time. Nonbank financial companies do not have a full banking license but can offer various banking services. On Friday, Yellen ...
AFP
This month, as banks gather for their AGMs, they face an important decision. While it’s not a surprise to see CEOs ignore the throngs of climate protesters shouting outside their offices, banks are starting to face criticism in more unlikely circles. With investors getting increasingly twitchy as banks continue to finance climate chaos, this year it’s time for them to listen and act. It makes no sense for banks to continue to pump billions into rapidly depreciating carbon assets as our boiling planet reaches the point of no return. Instead, they can do what they do best — follow the money, gro...
Euronews (English)
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