Latest Banking and credit News

Mark Carney, Governor of the Bank of England attends the Bank of England's Monetary Policy Report news conference in the City of London, Thursday Jan. 30, 2020. The Bank of England on Thursday opted against cutting interest rates after a run of fairly firm economic data in the past week eased fears about a dramatic slowdown in the British economy. (Jonathan Brady/Pool via AP)

UK inflation jumps higher, reducing likelihood of rate cut

Feb. 19, 2020 5:37 AM EST

LONDON (AP) — Consumer price inflation in Britain jumped higher in January, official figures showed Wednesday, undermining the case for the central bank to cut interest rates as it had been expected to do. The annual inflation rate rose to 1.8% from 1.3% in December, the national statistics agency said, an...

FILE - In this May 4, 2018, file photo, a man walks past a branch of HSBC bank in Hong Kong. Europe's biggest bank has reported that its net profit fell 53% in 2019 to $6 billion. London-based HSBC, whose profit is mainly from Asia, said it plans to revamp its U.S. and European business and shed $100 billion in assets to improve its profitability.  (AP Photo/Kin Cheung, File)

HSBC cuts headcount by 35,000 in deep overhaul

Feb. 18, 2020 8:51 AM EST

LONDON (AP) — Europe's biggest bank, HSBC, will shed some 35,000 jobs as part of an overhaul to focus on faster-growing markets in Asia and as it tries to cope with a slew of global uncertainties, from Brexit to the trade wars to the new coronavirus. The interim chief executive, Noel Quinn, said Tuesday...

People walk past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Tuesday, Feb. 18, 2020. Shares have fallen in Asia as the impact from the virus outbreak that began in China deepened, with Apple saying it would fail to meet its profit target and China moving to cancel major events including the Beijing auto show. (AP Photo/Eugene Hoshiko)

Shares take hit as virus outbreak slams profits, events

Feb. 18, 2020 7:08 AM EST

BANGKOK (AP) — Stock markets slipped Tuesday as the impact from the virus outbreak that began in China deepened, with Apple saying it would fail to meet its profit target this quarter and China moving to postpone or cancel major events, including the Beijing auto show. Britain's FTSE 100 dropped 1% to...

This Week: Walmart earns, Fed meeting minutes, US home sales

Feb. 17, 2020 3:00 AM EST

A look at some of the key business events and economic indicators upcoming this week: STRONG FINISH? Wall Street expects that Walmart closed out its last fiscal year on a high note. Analysts predict the nation's largest retailer's fiscal fourth-quarter earnings and revenue increased from a year earlier. Walmart...

State closes north-central Nebraska bank for insolvency

Feb. 15, 2020 4:59 PM EST

ERICSON, Neb. (AP) — State banking officials have closed Ericson State Bank in north-central Nebraska, declaring it insolvent. The Nebraska Department of Banking and Finance announced the closure in a news release Friday night, saying it had named the Federal Deposit Insurance Corporation as receiver of...

European Central Bank President Christine Lagarde addresses European Parliament lawmakers during a monetary dialogue meeting at the European Parliament in Brussels, Thursday, Feb. 6, 2020. (AP Photo/Francisco Seco)

Negative interest rates turn saving, borrowing upside down

Feb. 14, 2020 11:00 AM EST

FRANKFURT, Germany (AP) — Imagine a mortgage that pays you the interest, not the other way around. Or a savings account where it's the bank, not the saver, who collects interest. Welcome to the upside-down world of ultra-low and negative interest rates that is taking hold in many parts of the world where...

Bank fires workers for stealing customer info in fraud ring

Feb. 14, 2020 10:29 AM EST

CINCINNATI (AP) — Fifth Third Bank has fired a small number of employees who stole customer information and gave it to people outside the company in what was an orchestrated fraud ring, the bank said Friday. The Cincinnati-based bank said it has identified about 100 customers who were victims of fraud and...

Cyprus' President Nicos Anastasiades, center, and Mustafa Akinci, centre right, the leader of the ethnically divided island's breakaway Turkish Cypriots, attend an exhibition of culturally significant paintings and audio visual recordings that were recently exchanged as part of an effort to boost confidence between the ethnically divided island nation's two communities, at the Ledra Palace Hotel inside the UN controlled buffer zone in divided capital Nicosia, Cyprus, Monday, Feb. 3, 2020. (AP Photo/Petros Karadjias)

Cyprus struggles to ease problem of bad loans

Feb. 14, 2020 9:28 AM EST

NICOSIA, Cyprus (AP) — Defaulted loans are a prime economic issue for Cyprus, which since a 2013 financial crisis has seen overdue payments weigh on consumers and banks. Yet a government scheme to ease the problem has not been embraced by borrowers as hoped. Just over 5,600 applications to the ESTIA scheme...

President Donald Trump's nominee to the Federal Reserve, Judy Shelton, appears before the Senate Banking Committee for a confirmation hearing, on Capitol Hill in Washington, Thursday, Feb. 13, 2020. (AP Photo/J. Scott Applewhite)

Trump Fed nominee Shelton faces skepticism at Senate hearing

Feb. 13, 2020 7:06 PM EST

WASHINGTON (AP) — One of President Donald Trump's nominees for the Federal Reserve came under sharp questioning Thursday from senators over her unorthodox economic views, including from two Republicans whose doubts about her nomination could imperil it. The nominee, Judy Shelton, sought to make her...

Bank of Mexico cuts key interest rate quarter-point to 7%

Feb. 13, 2020 5:48 PM EST

MEXICO CITY (AP) — Mexico’s central bank lowered its benchmark interest rate by a quarter-point to 7% on Thursday, seeking to stimulate an economy that entered into recession last year. In a statement, the Bank of Mexico noted “characteristics of deceleration, low inflation, accommodative...