Businesses across the Eurozone are compensating for the slack in the banking sector by piling into the bond market. Debt issuance has seen a record start to the year as businesses cut back their reliance on ailing banks for loans, reports FT.com. Weak bank lending to the region’s businesses and households has been fuelling concern […]
The Canadian Federation of Independent Business (CFIB) welcomes today’s decision by the Financial Consumer Agency of Canada (FCAC) to clarify and strengthen rules that prevent some unfair practices in the credit card industry. The FCAC has clarified rules around the application of the Code of Conduct for the Credit and Debit Card Industry in Canada […]
There are fears that the issue of currency wars may get undue attention at this week’s Group of 20 leading nations meeting in Moscow. Philipp Hildebrand, former chairman of the Swiss National Bank, urges participants in an opinion piece in FT.com to refrain from fanning the currency debate. He argues there is no such thing […]
The new lending rules aimed to reform the U.K. banking sector are hurting small lenders who find themselves at a disadvantage compared to their bigger rivals. These rules insist banks use their loan databases to create internal models to measure the riskiness of individual loans, reports FT.com. Compliance to these rules is rewarded with lower […]
Barclays has decided to create a $1.6 billion reserve to fund legal costs of scandals related to mis-selling financial products. The Financial Services Authority recently ordered Britain’s four big banks to review their sales of interest rate hedging products, forcing Barclays, one of the four, to double the money set aside for potential payouts, reports […]
U.S. banks are feeling the pinch as mortgage profits get eroded by rising cost of funding mortgages and a narrowing of the spread between revenue from bond investors and what the banks charge borrowers. Although mortgage rates rose 11 basis points to 3.53% recently, it has done little to boost lenders’ profits, reports FT.com. Banks […]
Goldman Sachs and Morgan Stanley have backed away from their aggressive pursuit of a full banking licence to operate in India, a decision that points to the growing cost of expanding business in India, reports FT.com. While Morgan Stanley has decided to withdraw its application for a commercial banking licence, Goldman Sachs, which also applied […]
The TD Bank has drawn the ire of a U.S. politician over allegations that the bank finances Smith & Wesson.
U.S. watchdogs have warned mega banks about the upcoming release of new “living wills” guidelines.
Sales of capital shares of the Fédération des caisses Desjardins du Québec have reached $1 billion.