IT failures land RBS with record fine
A computer system meltdown in 2012 will cost the Royal Bank of Scotland tens of millions of pounds in fines, it has been revealed.
Headline News
British banker tried for gruesome double murder in Hong Kong
A Bank of America ex-employee is on trial in Hong Kong after the bodies of two women, believed to be sex workers, were found murdered in his flat.
New Bank of England leverage ratios welcomed with open arms
By 2019, UK banks will have to hold a maximum of 4.95p in capital for every £1 they lend, according to new proposals released today by the Bank of England (BoE).
World debt hits $100 trillion - and could fuel next global crisis
If you lined up the amount of money owed in the world today in $1 notes, it would reach to the Sun and back 50 times. With national and private debts mounting, another crisis could be on the cards.
Italian banks fail ECB stress test
The European Central Bank failed twenty-five lenders in its Europe-wide stress test, with most of the banks still in need of funds residing in Italy.
Banking “cartel” hit with €93.9m in fines
JP Morgan, UBS and Credit Suisse have been handed €93.9m in fines by the European Commission for rigging libor rates, interest rate derivatives and other benchmarks and prices.
Bank of England humiliated over real time payment meltdown
The Bank of England is suffering a serious loss of face today after the computer system it uses to make large scale payments between UK banks broke down.
Tesco’s black hole due to lies, not mistakes, say investigators
“Inappropriate” behaviour, not an accounting error, is to blame for Tesco’s £250m profit overstatement, according to those tasked with looking into the black hole scandal.
The rich are getting richer – and the economy will suffer
Do you have $3650 (£2285) in savings or equity? If so, you’re richer than 50% of people on the planet. Nearly half of the world’s wealth is now owned by just 1% of people, with serious repercussions for global economic stability.
Near-zero interest rates may spark new financial crisis, says IMF
Interest rates were brought to almost non-existent levels during the crisis in an attempt to stimulate investment. Instead, says the IMF, they have fuelled the kind of risk-taking that could cause another crash.
