banking

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Glitch Causes Bank Customers to See Billions in Charges

'My wife is going to kill me'

(Newser) - A technical glitch meant some First Hawaiian Bank customers logged on to their accounts to find that they appeared to be billions—or sometimes more than a trillion dollars—in the red. KHON-TV reports that bank officials say the glitch was visible to customers who logged on to their accounts...

HSBC to Nix 25K Jobs, Double Down on Asia

Bank will also dump operations in Turkey, Brazil

(Newser) - HSBC Holdings, Europe's largest bank by market value, will cut up to 25,000 jobs around the world to reduce costs and shift its center of gravity back toward the fast-growing Asian economies where it started 150 years ago. The bank, currently based in London, said today it's...

Huge Leak Exposes Bank's Tax-Dodging Secrets

Whistleblower made off with 100K Swiss files

(Newser) - Herve Falciani may not be a household name, but he has done to banking giant HSBC what Edward Snowden did to the NSA. A huge cache of files the IT expert obtained in 2007 has revealed how HSBC's Swiss arm not only held secret accounts for some of the...

Bank's 'Spy Novel' Tactics Hid US Tax Dodgers' Billions

And Justice Dept. did little to respond, per Senate report on Credit Suisse

(Newser) - Swiss bank Credit Suisse helped thousands of Americans keep as much as $12 billion in assets tucked away from the eyes of the IRS, a Senate report out yesterday alleges—and the bank used some unconventional techniques in the process, including once hiding bank statements in a copy of Sports ...

Iceland Jails Bank Bosses
 Iceland Jails Bank Bosses 
Dec 13, 2013 12:15 AM CST

Iceland Jails Bank Bosses

Execs inflated share price before financial collapse

(Newser) - Iceland has done something highly unusual with some of the bank chiefs blamed for the country's 2008 financial collapse: put them on trial and sent them to prison. Four former Kaupthing Bank bosses have been sentenced to between three and five years for market abuses relating to a deal...

Cyprus Keeping Banks Closed Until Thursday

Transaction limits staying in place after bailout

(Newser) - Cypriots hoping to get their hands on what is still technically their money are going to have to wait at least another couple of days. The government has ordered the country's banks, which have been closed since March 15, to stay closed until Thursday to prevent a run on...

Cyprus Deal Wallops Rich Russians

World markets rise after last-minute deal

(Newser) - The last-minute rescue deal to prevent a complete collapse of the Cypriot economy has saved the eurozone from its first exit and boosted world markets—but at a heavy cost to those who stashed their cash in the country's banks. The deal, which shuts down the country's second-biggest...

Cyprus Poised to Dump Bank Deposit Tax
Cyprus' New Gambit:
Spare Smallest Savers
UPDATED
Mar 19, 2013 7:43 AM CDT

Cyprus' New Gambit: Spare Smallest Savers

Government rep says the levy will still likely die

(Newser) - The proposed bank deposit tax that has enraged Cypriots and spooked bank customers across Europe looks likely to die today, even with a last-minute tweak that would spare the smallest savers, Reuters reports. Draft legislation sent to parliament amends the previous plan by exempting accounts containing less than about $26,...

How Iran Is Working Around Sanctions

Sticks to couriers, trading firms in other countries: US Treasury

(Newser) - Iran is managing to sneak around heavy economic sanctions using other countries' private trading houses, fake identities, and something called hawala, the US Treasury tells reporters. The sanctions have left the country "almost without recourse through ordinary banking channels," says a spokesman. So Iranian officials are in some...

UBS Slapped With $47.5M Rogue Trader Fine

Defective controls led to $2.3B loss, UK regulators say

(Newser) - UBS has been fined $47.5 million for being sloppy enough to let a rogue trader lose $2.3 billion, the New York Times reports. British regulators fined the Swiss banking giant after concluding that the bank's "seriously defective" systems and controls allowed London-based trader Kweku Adoboli's...

Why Many People Go Without a Bank Account

'Time' lists four reasons why people use outside services

(Newser) - Nearly a third of Americans are "underbanked," meaning they lack access to a full array banking services—but why? The question is particularly pressing when you consider that cashing checks and paying bills without a bank account can cost an extra $380 a year. What's more, low-income,...

Sandy Knocks Banks Back to Pre-Electric Era

Ledgers make a comeback in hard-hit areas

(Newser) - Superstorm Sandy has sent banks in some of the hardest-hit areas back to a level of technology their 19th-century customers would have been familiar with, the Wall Street Journal finds. Some of the hundreds of banks operating in New York and New Jersey have closed all their branches, but others...

UBS Slashing 10K Jobs
 UBS Slashing 10K Jobs 
Oct 30, 2012 3:21 AM CDT

UBS Slashing 10K Jobs

Swiss bank ditching riskier businesses

(Newser) - Swiss banking giant UBS is slimming down, and sacking nearly a sixth of its staff in the process. The bank has announced plans to lay off 10,000 people worldwide over the next three years as it retreats from investment banking to focus on private banking, the BBC reports. The...

Banker Busted for Role in Financial Crisis

Ex-Credit Suisse exec faces extradition to US

(Newser) - A former Credit Suisse banker accused of contributing to the 2008 financial crisis in an effort to boost his bonus has been arrested in Britain and faces extradition to the US. Kareem Serageldin, who was arrested outside the US Embassy in London, allegedly inflated the values of mortgage-backed securities as...

PIN Codes You Should Never, Ever Choose

Data Genetics firm figures out the most popular passwords

(Newser) - Sorry to ruin your afternoon, but that PIN number you picked—probably a birthday, month/day combo, or year in the 1900s—is among the easiest for thieves to guess. And if you chose "1234," "1111," or "0000," consider your bank account a slush fund...

Bank of America Slashing 16K Jobs

Cost-cutting program hitting retail banking hardest

(Newser) - Bank of America is the biggest banking employer in the US, but it has accelerated plans that will see it lose that title to rivals, reports the Wall Street Journal . The bank aims to cut 16,000 jobs by the end of the year, allowing it to reach chief executive...

Disgruntled Banker Moons Bosses, Loses Millions

Court decides Bank of America was right to fire cheeky exec

(Newser) - Mooning his bosses at Bank of America was no doubt a satisfying moment for disgruntled banker Jason Selch—but it ended up costing him his job and $2 million. After his employer merged with Bank of America's Columbia Asset Management and fired a friend of his for refusing to...

British Bank Did Iran's Dirty Work: NY Regulators

Standard Chartered accused of helping Tehran hide $250B in transactions

(Newser) - Move over, HSBC : A new British bank is in the crosshairs thanks to its relations with Iran. New York banking regulators today accused Standard Chartered Bank of helping Tehran hide some $250 billion in transactions between 2001 and 2010, and pocketing hundreds of millions in bank fees in the process....

Goldman's New Gig: Actually (Gasp) Lending Money

After punishing quarter, Goldman to lend more to wealthy

(Newser) - Goldman Sachs is expanding into a new business frontier: traditional banking. Goldman is building an in-house private bank that will lend out money to rich people and corporations, the Wall Street Journal reports, with plans to jack its private loan business from $12 billion to $100 billion. Part of the...

Senate: HSBC Handled Drug, Iran Money

Report slams bank's 'pervasively polluted' culture

(Newser) - Terrorists, drug lords, and pariah regimes looking for a way into the US financial system found British banking giant HSBC willing to assist, according to a damning report from a Senate probe. The report, the result of a year-long inquiry, found that safeguards at the bank's American affiliate were...

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