Latest Banking and credit News

ECB head: Europe "on crutches," still needs robust stimulus

Apr. 22, 2021 10:09 AM EDT

FRANKFURT, Germany (AP) — European Central Bank head Christine Lagarde said the economy is still “on crutches” and in need of support from both the central bank and government spending as the 19 countries that use the euro limp through extended lockdowns in a third wave of the COVID-19...

Northeast banks Webster, Sterling to merge in all-stock deal

Apr. 19, 2021 15:06 PM EDT

NEW YORK (AP) — Webster Financial Corp. is buying Sterling Bancorp in an all-stock deal that values Sterling at more than $5 billion, the northeastern U.S. banks said Monday. The total market value of the deal is about $10.3 billion. Sterling will merge into Webster...

'Britcoin' digital currency being considered by UK

Apr. 19, 2021 08:30 AM EDT

LONDON (AP) — British authorities are exploring the possibility of creating a new digital currency that Treasury chief Rishi Sunak touted as "Britcoin." The Bank of England and the Treasury said Monday that they will work together to assess the benefits of a central...

Turkey to ban cryptocurrencies for buying goods, services

Apr. 16, 2021 04:54 AM EDT

ANKARA, Turkey (AP) — Turkey’s central bank is banning the use of cryptocurrencies such as bitcoin in payments for goods and services, according to a decision published in the country’s Official Gazette on Friday. The decision comes as many in Turkey have turned to...

Citigroup profit triples in 1Q, tops estimates; revenue down

Apr. 15, 2021 09:51 AM EDT

NEW YORK (AP) — Citigroup's profits more than tripled in the first quarter, the banking conglomerate said Thursday, helped by the release of billions of dollars from its loan-loss reserves. The bank also announced plans to scale back its global consumer banking franchise outside the U.S. ...

Turkish central bank maintains key rate unchanged at 19%

Apr. 15, 2021 08:56 AM EDT

ANKARA, Turkey (AP) — Turkey’s central bank on Thursday kept a key interest rate unchanged at 19%, in its first rate decision since the surprise appointment of a new governor that shook confidence in the country's economy. President Recep Tayyip Erdogan last month...

Bank of America profit doubles in 1Q to $8.1 billion

Apr. 15, 2021 07:49 AM EDT

NEW YORK (AP) — Bank of America's profits doubled in the first quarter, the bank said Thursday, as the improving economy allowed it to release billions from its loan-loss reserves that it originally set aside in the early days of the pandemic. Bank of America is the...

Fed survey: Economy rebounding, helped by stimulus, vaccines

Apr. 14, 2021 16:02 PM EDT

A Federal Reserve survey has found that the economy was rebounding in late February through early April, helped by billions of dollars in a new round of stimulus payments and the stepped-up rollout of coronavirus vaccines. The new survey released Wednesday showed that...

Powell defends Fed's consideration of climate change risks

Apr. 14, 2021 15:53 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell on Wednesday defended the Fed's increasing scrutiny of the threat that climate change could pose to the health of the nation's banks, after some Republican members of Congress had complained that by doing so the Fed was overstepping its...

Banks to see big profits as COVID 'bad' loans become 'good'

Apr. 14, 2021 11:03 AM EDT

NEW YORK (AP) — The nation’s largest banks are expected to report big profits for the first quarter amid renewed confidence that pandemic-battered consumers and businesses can repay their debts and start borrowing again. The brighter outlook allows banks to move...