Category Archives: Banking

Loretta Lynch’s nomination for attorney general approved despite HSBC scandal

Nomination passes first hurdle in the face of opposition from some Republicans concerned over Lynch’s decision not to prosecute bank for money laundering

Barack Obama’s pick for attorney general, Loretta Lynch, has narrowly survived attacks over her support for immigration reform and a controversial HSBC bank settlement during a bumpy nomination vote.

Eight Republicans on the Senate judiciary committee, including the chairman, Chuck Grassley, opposed Lynch’s confirmation after what Democrats criticised as a record long delay in appointing the first African American woman to the top law enforcement job in the US.

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  1. HSBC scandal caused horrible damage to reputation, says chairman
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  3. HSBC bosses grilled over Swiss tax scandal – live updates
Posted in Banking, Business, HSBC, Obama administration, Republicans, US immigration, US news, US politics, US Senate, World news | Comments Off

HSBC scandal caused horrible damage to reputation, says chairman

Douglas Flint blames management in Switzerland for aiding tax avoidance and angers MPs by describing leak as data theft

The chairman of HSBC has admitted his shame at the “horrible reputational damage” the bank has suffered following the revelations of the systematic aiding of tax avoidance at its Swiss subsidiary, but has refused to take personal responsibility for the failings.

Related: Stephen Green holds the answers to HSBC’s Swiss shambles | Nils Pratley

It was clearly unacceptable. We very much regret this

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Posted in Banking, HSBC, Politics, UK news, World news | Comments Off

RBS chief executive Ross McEwan to hand back £1m pay incentive

Ross McEwan still expected to earn £2.7m despite declining the ‘role-based’ payment which has become a common means of sidestepping bonus caps

The chief executive of Royal Bank of Scotland (RBS) has said he will hand back £1m of his annual pay package.

Ross McEwan told the bank’s board he did not want to receive the “role-based” shares incentive, which tops up his regular salary. He is still expected to be paid £2.7m despite turning down the award.

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Posted in Banking, Economics, Royal Bank of Scotland, Scotland, Top News, UK news, World news | Comments Off

RBS chief executive Ross McEwan to hand back £1m pay incentive

Ross McEwan still expected to earn £2.7m despite declining the ‘role-based’ payment which has become a common means of sidestepping bonus caps

The chief executive of Royal Bank of Scotland (RBS) has said he will hand back £1m of his annual pay package.

Ross McEwan told the bank’s board he did not want to receive the “role-based” shares incentive, which tops up his regular salary. He is still expected to be paid £2.7m despite turning down the award.

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Related posts:

  1. RBS chief executive Ross McEwan to hand back £1m pay incentive
  2. TAIEX finishes trade above 9,600 points on back of Wall Street gains
  3. U.S. consumer confidence pulls back from multi-year high
Posted in Banking, Economics, Royal Bank of Scotland, Scotland, Top News, UK news, World news | Comments Off

PPI problems still the cause of most complaints to financial ombudsman

Lloyds and Barclays named as Britain’s two most complained-about financial firms in report covering second half of 2014

Complaints about payment protection insurance (PPI) are still making up two-thirds of all the cases being dealt with by the financial ombudsman, which named Lloyds and Barclays as Britain’s two “most complained-about” financial firms.

The Financial Ombudsman Service received almost 105,000 new PPI complaints during the second half of 2014, taking the total for the whole year to more than 238,000.

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Posted in Banking, Banks and building societies, Barclays, Insurance, Lloyds Banking Group, Money, Payment protection insurance, World news | Comments Off

Greece submits reform document in bid to secure bailout extension

Six-page blueprint aimed at appeasing eurozone creditors expected to be endorsed by finance ministers

Greece’s new leftwing government has moved to head off insolvency and a run on the banks by submitting a menu of structural economic reforms to Brussels aimed at appeasing its eurozone creditors and securing a four-month bailout lifeline.

A six-page blueprint of new reforms is to be pored over in Brussels on Tuesday morning. The eurozone’s finance ministers are then expected to endorse the proposals, triggering an extension until the end of June of Greece’s bailout programme, which was due to expire next weekend.

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Posted in alexis tsipras, Banking, Currencies, Economics, Euro, Europe, European banks, European Central Bank, European monetary union, European Union, Eurozone crisis, Financial crisis, Financial sector, Germany, Greece, International Monetary Fund (IMF), syriza, World news | Comments Off

Greece’s two-day deadline to earn four months’ grace

The Syriza-led government in Athens has until late Monday night to come up with a list of structural reforms such as deregulation and anti-tax evasion measures Continue reading…
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Posted in Banking, Business, Currencies, Economics, Euro, Europe, European banks, European Central Bank, European monetary union, European Union, Eurozone crisis, Financial crisis, Financial sector, Greece, Top News, World news | Comments Off

Greek government races to meet Monday fiscal reform deadline

Minister of state Nikos Pappas said the government were compiling a list to make the civil service more effective and to combat tax evasion

Greek government officials, with their Monday deadline looming, are racing to ready a list of reforms set as the condition by international creditors for further financial assistance for the debt-stricken country.

Finance ministry experts have spent the weekend finalising the fiscal and structural measures Athens’ left-led government will put forward on Monday, the deadline agreed under a deal fleshed out at a last-ditch summit of eurozone finance ministers in Brussels late on Friday.

Related: Alexis Tsipras: Greece has won a battle but the real difficulties lie ahead

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Posted in alexis tsipras, Banking, Currencies, Economics, Euro, Europe, European banks, European Union, Eurozone crisis, Financial crisis, Greece, syriza, World news | Comments Off

Alexis Tsipras: Greece has won a battle but the real difficulties lie ahead

Prime minister says his anti-austerity government now faces its toughest work, in first public reaction since deal made to extend bailout for four monthsThe Greek prime minister, Alexis Tsipras, has said the country has won a significant battle but has…
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Posted in alexis tsipras, Banking, Business, Economics, Euro, Europe, Eurozone crisis, Financial crisis, Greece, Top News, World news | Comments Off

Eurozone chiefs strike deal to extend Greek bailout for four months

Greece steps back from exit and pledges not to roll back austerity as frantic diplomacy in Brussels secures four-month lifeline

Greece has stepped back from the prospect of a disorderly eurozone exit after reaching a last-ditch deal to resolve the impasse over its €240bn (£177bn) bailout. The outline agreement between Athens and its creditors in the single currency bloc to extend Greece’s rescue loans should help ease concerns that it was heading for the exit door from the euro.

In return, the country’s leftwing government has pledged not to roll back austerity measures attached to the rescue, and must submit, before the end of Monday, a list of reforms that it plans to make.

Related: Greece deal is first step on the road back to austerity

Related: Eurozone ministers gather to decide Greece’s fate – live updates

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Posted in Banking, Currencies, Economics, Euro, Europe, European banks, European Central Bank, European monetary union, European Union, Eurozone crisis, Financial crisis, Financial sector, Germany, Global economy, Greece, International Monetary Fund (IMF), World news | Comments Off