banking
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)
Politicians in the UK are concerned about the effects of 'debanking' on the country’s security and economic prosperity. UK lenders Santander and Lloyds closed 300 accounts belonging to "public administration and defence" companies last year alone, according to information given to the Treasury Select Committee. In a letter featured in the Telegraph newspaper on Wednesday, the Conservative Member of Parliament (MP) Harriett Baldwin warned against the effects of 'debanking' on SMEs, pawnbrokers and defence firms. Some lenders retract their services because they are worried about the ethical impl...
Euronews (English)
Credit Agricole (CA) announced a 55% year-on-year increase in first-quarter net profits on Friday. Earnings came in at €1.9 billion, outperforming the €1.48 billion average predicted by analysts. In the previous quarter, CA's sales climbed 11% to €6.81 billion, also beating analysts' expectation of €6.47 billion. The cost of risk, meaning capital set aside to cover potential losses from loans, was €400 million, €105 million less than expected. The lender said it now plans to meet its 2025 financial targets a year early, boosted by strong performances in its corporate and investment banking div...
Euronews (English)
Lender HSBC is on the lookout for a new CEO after 62-year-old Noel Quinn unexpectedly announced his retirement on Tuesday. Leading the company since 2019, Quinn has guided the lender through a restructuring process, battling headwinds linked to the Covid-19 pandemic and a dispute over HSBC's Asia division. "After an intense five years, it is now the right time for me to get a better balance between my personal and business life," said Quinn in a statement. HSBC is considering both internal and external candidates to replace the current CEO, who will continue his duties until a successor is fou...
Euronews (English)
Over 90% of the best paid bankers in the EU are men, according to figures published by the European Banking Authority (EBA) last Thursday (25 April). For investment firms, the figure – which counts staff who earned over €1 million in 2022 – is over 96%, highlighting the scale of the financial sector’s gender pay gap. EU regulators collect data on financiers’ high pay – driven by the concern that big bonuses can encourage risky behaviour in staff, potentially causing a repeat of the 2008 financial crisis. For the first time ever, the data now includes a male-female breakdown – and it paints a t...
Euronews (English)
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