A consumer group said it’s concerned that some banks are wrongly closing customers’ accounts over fraud suspicion and flagging them in a data sharing system that may prevent them from getting an account elsewhere. Sam Richardson, deputy editor of Which? Money, said while the consumer group recognises that it’s important banks can close accounts quickly…
UK Banks Can Withstand Deep Recession Says Bank of England
The UK banking system would be able to withstand a severe economic turbulence, deeper than the 2008 financial crisis, a report by the Bank of England (BoE) has showed. The stress test performed by the BoE would likely appease British businesses and households who are concerned with the rising interest rates and high inflation. The…
UK Banks Can Withstand Deep Recession: Bank of England
The UK banking system would be able to withstand a severe economic turbulence, deeper than the 2008 financial crisis, a report by the Bank of England (BoE) has claimed. The stress test performed by the BoE will likely appease British businesses and households who are concerned with the rising interest rates and high inflation. The…
Major US Banks to Report Biggest Jump in Loan Losses Since COVID Pandemic
The major U.S. banks are set to report the biggest jump in loan losses since the COVID-19 pandemic, as rising interest rates put mounting pressure on borrowers across the country. America’s top lenders are expected to release their second quarterly earnings reports this week, with JPMorgan, Wells Fargo, Citigroup, and BlackRock releasing theirs on July…
Fed Official Proposes Increased Capital Requirements for Big Banks
Michael S. Barr, the Federal Reserve’s vice chair for supervision, outlined a sweeping initiative to bolster capital requirements for the nation’s largest banks to enhance the resilience of the U.S. banking system. The main proposal is mandating the largest banks to hold an extra two percentage points of capital, or an additional $2 of capital…
Banks Must Not Close Accounts for Political Reasons, Says Government After Nigel Farage Row
UK banks must not close individuals’ accounts for political reasons, Rishi Sunak has warned in a row sparked by Nigel Farage. Last week, the British political leader Nigel Farage claimed that the bank he has been with for over 40 years has closed his bank account with “no explanation. The GB News presenter and former…
Nigel Farage Claims His Bank Account Has Been Closed With ‘No Explanation’
British political leader Nigel Farage has claimed that the bank he has been with for over 40 years has closed his bank account with “no explanation.” In a post on Twitter on Thursday, the GB News and former UKIP and Brexit Party leader said that his bank has closed all his accounts, claiming “political persecution.”…
Uninsured Deposits in American Banks Decline By Nearly $600 Billion
Uninsured deposits at American banks fell by almost $600 billion in the first quarter of 2023, continuing the trend of declining deposits that began last year, suggesting a fall in depositors’ confidence in the banking system. “US banks’ uninsured deposits have fallen since the first quarter of 2022, by both the dollar amounts of uninsured…
Uninsured Deposits in US Banks Decline by Nearly $600 Billion
Uninsured deposits at U.S. banks fell by almost $600 billion in the first quarter of 2023, continuing the trend of declining deposits that began last year, suggesting a fall in depositors’ confidence in the banking system. “US banks’ uninsured deposits have fallen since the first quarter of 2022, by both the dollar amounts of uninsured…
Commercial Real Estate Exposure, Financial Pressures Could Result in Bank Consolidation, Yellen Says
More consolidation in the U.S. banking system would not be surprising considering the current environment in the financial sector, says Treasury Secretary Janet Yellen. While Yellen acknowledged that she does not wish to see further consolidation by some smaller banks threaten the diversity of the banking sector, she would understand due to the enormous pressures…
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