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London-based banks HSBC Holdings Plc and Standard Chartered Plc tumbled in Hong Kong after early results from Britain’s European Union referendum indicated greater support for an exit than academics had forecast. HSBC, which made about a third of its 2015 revenue in Europe, fell as much as 3.1 percent and Standard Chartered as much as 3.7 percent. Financial institutions including JPMorgan Chase & Co., HSBC and Deutsche Bank AG warned ahead of Britain’s vote that they could shift some operations from London if the U.K. left the EU. HSBC would probably move about 1,000 investment bankers to Paris in the...

The largest U.S. financial institutions have enough armor to withstand the turmoil of a major and prolonged national and global recession, the Federal Reserve said Thursday. The central bank’s annual “stress tests” show that the 33 largest financial institutions — including JPMorgan Chase, Citigroup, Bank of America and Wells Fargo — all hold more capital than at any time since the 2008 financial crisis. They also hold enough capital that, even if faced with billions of dollars in losses from loans as a result of an economic crisis, they would continue to function. The stress tests were created in the...

Market watch recently reported that Wells Fargo stock has plunged into its greatest losing streak in nearly nine years. This comes as little surprise given the fact that the company has experienced a takeover at the hands of radical leftists. Leftists may be experts in certain things like organic gardening, herbal healing, and folk music. But they are not known for their expertise in economics and personal finance. In case you have missed Wells Fargo’s recent radical political shift, here are some of the highlights:-GOP Convention Boycott. It is pretty difficult to imagine a bank boycotting a major political party...

Germany on Friday set its conditions to deepen banking union in the European Union, demanding that risks be reduced at Europe’s banks before deposits could be guaranteed EU-wide. Many EU governments such as France and Italy see a deposit guarantee across Europe as the next logical step to avoid the problems that brought on the euro debt crisis and the financial collapse of 2009. At talks in Luxembourg, the EU’s 28 finance ministers agreed for the first time to an EU roadmap towards a deposit guarantee scheme across Europe. …

A few months ago we pointed out that mass layoffs were coming for bankers due to declining revenues and more difficult market conditions, and now we're seeing the first major wave of that come to fruition. Bank of America has announced that it will fire as many as 8,000 employees within its consumer division the FT reports.The core reason given for the headcount reduction in this instance is that digital banking is picking up the pace, and has reduced the need for "back office staff" and bank tellers. This is a trend that BofA highlighted in its In its Q1...

Both Indian and Pakistani community of Chicago and its suburbs are in a state of unrest and shock due to an unbelievable investment scam worth millions-of- dollars targeting the community and sudden disappearance of Sunrise Equities's CEO Salman Ibrahim. State regulators are considering criminal charges against a developer named Ibrahim, who fraudulently persuaded hundreds of muslims to invest in real estate deals. Some gave Ibrahim their life savings or mortgaged their homes before he disappeared in August. Investors say they may loose more than USD 50 million. Salman Ibrahim, CEO and President of the Chicago-based Shariah compliant financial services firm,...

Smaller banks often deposit funds in bigger banks. The level of banks’ deposits at other banks is a reflection of their confidence in the system as a whole. The ECB measures and is kind enough to share with us the level of bank deposits in other banks in Europe, breaking the data down by country and the Eurozone as a whole. Banks have been pulling their money out of other banks in Europe like rats deserting a sinking ship since 2012. Even the advent of QE in 2014 only slowed the stampede. European banks are still gettin’ out of Dodge....

Three bankers in New York, London and Siena, Italy, died within 17 months of each other in 2013-14 in what authorities deemed a series of unrelated suicides. But in each case, the victim had a connection to a burgeoning global banking scandal, leaving more questions than answers as to the circumstances surrounding their deaths.

A North Carolina gun seller won a duel with his local bank, after the lender denied his web-based business its services, erroneously citing a controversial banking regulation, he told FoxNews.com Thursday. For months, Luke Lichterman had tried to get his Hometrust Bank branch to process purchases, but officials told him a 2013 Department of Justice regulation dubbed “Operation Choke Point” barred them from serving a “risky” business, he said. "When I asked the bank representative what other businesses are considered 'risky,' the first word out of his mouth was 'pornography,’” Lichterman, who is 75 and disabled from a serious car...

Despite the denials, South Africa’s banks have had enough. In recent weeks, all four of the biggest banks have severed their links to the Guptas, closing the bank accounts of the Gupta holding company, Oakbay Investments. The Guptas were furious. In newspaper advertisements, they said the banks were jeopardizing the livelihoods of 7,500 of Oakbay’s “employees and dependents.” The Zuma government swiftly responded by delegating three cabinet ministers to meet with the banks to settle the matter. It was an extraordinary state intervention in a private business dispute. And, critics said, it was further proof of the remarkable power of...

I recieved a complete your application form in the mail today for a Barclaycard Visa credit card. Never heard of them and never applied. They want a original utility bill with address to verify my address. The letter has no phone number,no Internet site,and no street address.Just a P.O. box in Delaware. Anybody ever hear of this company or had dealings with them?

Security researchers have tied the recent spate of digital breaches on Asian banks to North Korea, in what they say appears to be the first known case of a nation using digital attacks for financial gain. In three recent attacks on banks, researchers working for the digital security firm Symantec said, the thieves deployed a rare piece of code that had been seen in only two previous cases: the hacking attack at Sony Pictures in December 2014 and attacks on banks and media companies in South Korea in 2013. Government officials in the United States and South Korea have blamed...

Cash worth 1.4bn yen ($13m; £8.8m) has been taken from cash machines in Japan using credit cards created with data stolen from a South African bank. The money was withdrawn in less than three hours from 1,400 convenience store cash machines across Japan, the Kyodo news agency reports. The withdrawals targeted 7-Eleven cash machines, which unlike most in Japan accept foreign cards. South Africa's Standard Bank estimated its total losses at $19.25m.

A Merrill Lynch analyst ate a handful of magic mushrooms in his Manhattan apartment Sunday morning — and then plunged to his death out of his 26th-floor window, police sources said. Alex Lagowitz, 23, was found dead on a third-floor, outdoor patio around 10 a.m. — directly below his bedroom window at Windsor Court on East 31st Street and Lexington Avenue in Murray Hill, the sources said.

A Merrill Lynch analyst ate a handful of magic mushrooms in his Manhattan apartment Sunday morning - and then plunged to his death out of his 26th floor window. Alex Lagowitz, 23, was found dead on a third floor, outdoor patio around 10 a.m. - directly below his bedroom window at Windsor Court on East 31st Street and Lexington Avenue in Murray Hill. It’s still unclear if he purposely jumped or lost his balance and fell out of the window.

Central banks are dumping America’s debt at a record pace. China, Russia and Brazil sold off U.S. Treasury bonds as they tried to soften the blow of the global economic slowdown. They each sold off at least $1 billion in U.S. Treasury bonds in March. In all, central banks sold a net $17 billion. Sales had hit a record $57 billion in January. So far this year, the global bank debt dump has reached $123 billion. It’s the fastest pace for a U.S. debt selloff by global central banks since at least 1978, according to Treasury Department data published Monday...

Five major banks and four traders were sued on Wednesday in a private U.S. lawsuit claiming they conspired to rig prices worldwide in a more than $9 trillion market for bonds issued by government-linked organizations and agencies. Bank of America Corp (BAC.N), Credit Agricole SA (CAGR.PA), Credit Suisse Group AG (CSGN.S), Deutsche Bank AG (DBKGn.DE) and Nomura Holdings Inc (8604.T) were accused of secretly agreeing to widen the "bid-ask" spreads they quoted customers of supranational, sub-sovereign and agency (SSA) bonds. The lawsuit filed in Manhattan federal court by the Boston Retirement System said the collusion dates to at least 2005,...

BEYDA, Libya—Underneath a bank in this eastern coastal city, a vault holds a trove of gold and silver coins worth $184 million. It belongs to the central bank, which could use the money to alleviate a crippling cash shortage. The pile, however, presents some problems. The coins are locked away with a five-number code that central bankers in this part of the country don’t have. A rival government in Tripoli, which has effective control over the bank system, won’t hand over the digits and has expressed concern the money could fund armed militias opposed to its rule. To make things...

What would Hermione Granger say? Actress Emma Watson has been named in the so-called "Panama Papers" as having used a company based in a Caribbean tax haven to handle her money, it was revealed Tuesday. The 26-year-old, who is taking a break from acting to work as a United Nations goodwill ambassador and women's rights campaigner, is a shareholder in one of approximately 200,000 offshore corporations whose information was published online Monday by the International Consortium of Investigative Journalists (ICIJ).

ANZ Banking Group and Westpac Banking Corp have discovered they have each approved "hundreds" of home loans backed by fraudulent Chinese income documents, which were allegedly manufactured with the help of dodgy mortgage brokers.