Bettina Orlopp, the current Chief Financial Officer (CFO) of Commerzbank, has been tasked with leading the embattled German lender through one of the most tumultuous times in its history. With her appointment as the next Chief Executive Officer (CEO), Orlopp is stepping into the spotlight amid the ongoing UniCredit takeover attempt. As Commerzbank braces for…
A US regulator says a former JPMorgan Chase employee has admitted to stealing thousands of dollars from customers’ accounts and from the bank’s ATMs. The Office of the Comptroller of the Currency (OCC) says Roberto Garcia, a former Chase personal banker, stole approximately $12,948 from the bank while serving as an ATM custodian in Miami,…
The banking system liquidity as measured by net absorption of funds by the RBI, stood at a surplus of Rs. 2.23 lakh crore, as of September 2nd, central bank data showed. The weighted average call rate (WACR) stood at 6.47% on Tuesday, as against 6.49% the previous day. The WACR is the operating target of…
Stocks on Wall Street are slumping alongside bond yields on Thursday after more signals suggested the U.S. economy’s growth is slowing. The S&P 500 was down 1.4% in midday trading after weak data on U.S. manufacturing helped extinguish a morning rally of 0.8%. The Dow Jones Industrial Average was down 1.42%, and the Nasdaq composite…
A banking giant in Japan has announced a plan to liquidate $63 billion in US and European treasuries in an attempt to mitigate a massive amount of unrealized losses on its balance sheet. Japan’s Norinchukin Bank, which has $681.6 billion in total assets, plans to complete the sell-off of sovereign bonds by March of next…
A US regulator is banning a former Wells Fargo employee from the banking industry after she allegedly sold private customer information and triggered more than half a million dollars in fraudulent transactions. New filings from the U.S. Office of the Comptroller of the Currency (OCC) detail a consent order with ex-Wells Fargo employee Bathia Greene,…
Mumbai: India’s equity indices jumped over 3% on Wednesday, in a relief rally whiplash after the previous day’s 6% plunge that was triggered by the better-than-expected showing of the opposition alliance and the drop in the tally of the Bharatiya Janata Party (BJP) in the just-concluded generalelections.Stocks rebounded from oversold levels on growing expectations that…
The combined market valuation of eight of the top-10 most valued firms declined by Rs 2,08,207.93 crore last week, with bellwether Reliance Industries, TCS and Infosys taking the biggest hit. While these three firms along with ITC, Life Insurance Corporation (LIC), Hindustan Unilever Ltd, Bharti Airtel and ICICI Bank were the laggards, HDFC Bank and…
Bank of America’s wealth management firm, Merrill, says an employee has accidentally leaked the personal data of 1,883 pension plan members. The banking giant sent a data breach notice to the Office of the Maine Attorney General stating the employee inadvertently emailed the first names, last names and Social Security numbers of Walmart 401(k) plan participants to…
A 92 year-old man who recently lost his “true love” says Wells Fargo abruptly froze his account, triggering an eight month battle to access his cash. Frank W. Pfluger says he discovered Wells Fargo locked him out of his bank account just weeks after losing his wife of 67 years in September, reports NBC10 Philadelphia….