"It's definitely politics. It has nothing to do with justice or restitution to the innocent victims," former Wells Fargo chief Dick Kovacevich says.» Read More
One of the key destinations for financial jobs, Singapore is fast losing its lure as bank layoffs threaten the once robust job market in this Southeast Asian city state.
The financial industry should not go “overboard” in cutting costs in reaction to current market conditions, the chief executive of Goldman Sachs has warned, a day before the bank is poised to announce one of its smallest ever groups of new partners. The FT reports.
In theory, banks are supposed to be overflowing with tellers, ATMs and loan officers. In reality, they are increasingly focused on servicing legal claims.
Banks once offered simple checking and savings accounts. Now they offer brokerage accounts and other financial products. How do you know what's FDIC-insured?
Thailand’s rising banking shares could jump a further 30 percent over the next 12 months as profitability soars on strong investment and corporate lending growth, according to Japanese brokerage Nomura.
"I think it is very encouraging that the banks are still posting profits because it means that the book values will go up, that the equity base is building up and most of the banks are not priced for them to make profits, so I think we are looking for a positive earnings round in this respect," Dirk Becker is head of banking sector research at Kepler Capital Markets, told CNBC.
An international response is needed to the issue of the manipulation of the Libor to ensure that cartel behavior is not possible, Sharon Bowles, Liberal Democrat MEP for South East England and chair of the European Parliament's Economic and Monetary Affairs Committee, told CNBC on Friday.
The Financial Services Authority's agreement with banks that they will pay compensation for mis-selling interest rate hedging products is not a guarantee that more regulation for banks isn't on the way, Martin Wheatley, head of financial conduct at the FSA, told CNBC.
Authorities in the U.S. and Europe need to get involved together with the UK authorities to make sure rigging of interest rates by banks cannot happen again, Sharon Bowles, Liberal Democrat MEP for South East England and chair of the European Parliament's Economic and Monetary Affairs Committee told CNBC.
The UK is unlikely to join a banking union as the one proposed for banks in the euro zone, Jean-Claude Juncker, president of the Eurogroup group of finance ministers in the euro zone, told CNBC.
Criminal sanctions can be applied in the U.S. for manipulating Libor but not in the UK and the UK government is looking into changing that, Mark Hoban, UK Financial Secretary, told CNBC.
The absence of an Asian name in the list of financial institutions, which saw their credit ratings cut by Moody’s on Thursday, highlights the strength of the region’s banking sector, says one analyst.
"The concern of course is that we continue to see deposits leaking. We could see more deposits leaving¿ in the worst case next week," David Owen, chief European economist, Jefferies International, told CNBC.
"We need a huge purge of insolvency of the banking sector, financial sector right across the European Union," Declan Ganley, Libertas chairman, told CNBC. "We need to let capitalism work once again. For the freedom to succeed in the European Union in business you have to allow and guarantee the freedom to fail."
Spain is going through "critical times" and the lack of a clear plan to sort out the crisis is "not good news," Antonio Garcia Pascual, chief southern European economist at Barclays told CNBC.
Spanish banks are likely to need more money from the government to make sure they are well capitalized, Moritz Kraemer, head of European Sovereign ratings at S&P, told CNBC on Wednesday.
Banks' countries of origin have become important again and Deutsche Bank will continue its expansion in its home market, as well as in emerging markets and the U.S., Anshu Jain, head of the corporate and investment bank at Deutsche Bank, told CNBC in an interview.
Spanish banking stocks saw some relief early on Tuesday after heavy continued losses on Monday on concern about the banks' property losses.
JPMorgan’s biggest worry in the wake of the "London Whale" $2 billion trading loss should be losing the trust of Congress, analyst Jim Bianco of Bianco Research told CNBC Tuesday.
A "ring of defense" has to be built around eastern European neighbors Romania, Bulgaria and Serbia to help them cope with the fallout from a possible Greek exit from the euro zone, bankers said on Friday.