lafgrp + ed   133

RBNZ registers Bank of China to provide banking services in New Zealand as a branch | The National Business Review
QUOTE The Reserve Bank of New Zealand has registered Bank of China to provide banking services in New Zealand, bringing the total number of registered banks to 26.
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april 2018 by lafgrp
Australian NeoBank Judo Capital Will Focus on SME Banking | Bank Innovation | Bank Innovation
QUOTE Melbourne-based challenger bank Judo Capital will be focusing its efforts on small business banking in Australia, according to banking plans unveiled by the challenger yesterday.
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april 2018 by lafgrp
Windows Phone users lose two major banking apps in Australia - MSPoweruser
QUOTE Commbank has confirmed on Twitter that, after a backend change, their app is no longer supported, and suggests users use their iOS or Android apps
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april 2018 by lafgrp
Aussie Banks Speed Asian Retreat
QUOTE The Australian banking industry’s exodus from Asia continues apace. Beleaguered Commonwealth Bank of Australia is the latest to pull up the drawbridge.
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april 2018 by lafgrp
Australia, NZ dollars wallow near recent lows on trade tensions, Banking & Finance - THE BUSINESS TIMES
QUOTE The Australian dollar hovered near four-month lows while its New Zealand cousin struggled to recover from an almost two-week trough on nervousness around the outlook for global growth amid escalating US -China trade tensions.
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april 2018 by lafgrp
Commonwealth Bank of Australia Tries to Explain Coding Errors Found After 4 Years - IEEE Spectrum
QUOTE The errors allowed the approval of personal overdrafts for 9,577 of its customers that should have been declined, while also approving another 1,152 customers for higher overdraft limits than they were qualified for.
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april 2018 by lafgrp
Cryptocurrency Ban Expands Across Canadian Banks as BMO Joins ‎Crackdown | Finance Magnates
QUOTE BMO Financial Group (Bank of Montreal) has banned credit and debit card ‎customers from buying cryptocurrencies, another blow for the crypto-traders ‎who recently saw a sizable number of banks deciding not to ‎finance the wobbly asset class
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april 2018 by lafgrp
TD Bank Considers Public Blockchain for Asset Tracking - CoinDesk
QUOTE In a patent application published Thursday, TD Bank outlined how it could use a public distributed ledger to help point-of-sale computers track transactions. In the scheme, computers would create blocks of data in which information about the assets being sold, their value in a given currency and the transactions themselves would be stored.
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april 2018 by lafgrp
TD Bank adopts nCino’s digital lending platform | American Banker
QUOTE TD Bank this week became the largest financial institution to adopt nCino’s Bank Operating System digital lending platform
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april 2018 by lafgrp
Investment is flowing out of Canada and into U.S. after tax changes, RBC president says | CBC News
QUOTE The head of one of Canada's largest banks is urging the federal government to stem the flow of investment capital from this country to the United States — because, he warns, it's already leaving in "real time."
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april 2018 by lafgrp
Capital One study shows millennials think paying in cash is "inconvenient"
QUOTE A new study from Capital One finds that 1 in 4 Americans go cashless. For millennials, the number that didn't carry cash jumped to 1/3
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april 2018 by lafgrp
San Francisco-based Wells Fargo & Co. stocks still struggling in wake of scandal - Charlotte Business Journal
QUOTE Wells Fargo & Co. (NYSE: WFC) stock prices continue to struggle in the wake of the bank's accounts scandal — hitting a six-month low point just over a week ago.
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april 2018 by lafgrp
RBNZ Holds Cash Rate at Record Low on Weak Inflation Outlook - Bloomberg
QUOTE Rates expected to remain on hold until mid-2019: Westpac
New Zealand’s central bank held interest rates at a record low and indicated it doesn’t expect to raise them anytime soon as economic growth loses momentum and inflation remains subdued.
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march 2018 by lafgrp
Open banking pilot begins in New Zealand
QUOTE A pilot project has begun which could pave the way for safer "open banking". Open banking involves clever tech companies building consumer-friendly money management and payment apps giving people more control over their banking, and potentially driving the cost of banking down.
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march 2018 by lafgrp
Bendigo Bank has appointed insider Marnie Baker as Managing Director | Business Insider
QUOTE Bendigo and Adelaide Bank Limited, Australia’s fifth biggest retail bank, has appointed insider Marnie Baker as Managing Director.
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march 2018 by lafgrp
Commonwealth Bank of Australia shakes up executive team amid inquiry, Banking & Finance - THE BUSINESS TIMES
QUOTE Commonwealth Bank of Australia (CBA) on Monday announced changes to its senior executive team as it deals with allegations of money laundering and a powerful judicial inquiry into the country's finance sector
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march 2018 by lafgrp
Australian retail banks required to sign up to new code of practice
QUOTE Retail banks in Australia will be required for the first time to sign up to a new Banking Code of Practice as a condition of membership to the Australian Banking Association (ABA). The new Code has been updated so it can better meet community standards.
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march 2018 by lafgrp
Canada's Big Banks Have 'Insufficient' Protection For Consumers, Watchdog Says
QUOTE Canada's financial consumer watchdog says there are "insufficient" controls in place at the country's biggest banks to prevent sales of financial products that are misrepresented or unsuitable for consumers, and the banks' sales-focused culture elevates the risk that employees may flout consumer protection rules.
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march 2018 by lafgrp
Royal Bank of Canada opens API developer portal
QUOTE Royal Bank of Canada has opened an API portal to encourage the development of new products by third parties using the bank's data.
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march 2018 by lafgrp
Scotiabank CEO downplays worry over Canada's debt levels - Article - BNN
QUOTE Scotiabank's chief executive says he disagrees with recent red flags raised over Canada's high debt levels by an international body, and that he is "comfortable" with the lender's risk profile.
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march 2018 by lafgrp
BMO Spring Housing Affordability Report: Prices in Top Markets Still Rising, Affected by Millennial
QUOTE "Millennial buyers and international migrants are cushioning the decline in detached home prices in the hottest markets," said Sal Guatieri, Senior Economist, BMO Capital Markets.
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march 2018 by lafgrp
Bank of America in $42 million settlement for 'masking' trading
QUOTE Bank of America's Merrill Lynch routinely misled customers by telling them billions of stock trades had been managed in-house when they were actually turned over to outside firms, N.Y. says.
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march 2018 by lafgrp
Reserve Bank of New Zealand to review macroprudential policy: governor
QUOTE Reserve Bank of New Zealand (RBNZ) Governor Grant Spencer said on Tuesday that the bank planned to review its macroprudential policy with the Treasury, which could lead to an easing of some restrictions on home loans.
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march 2018 by lafgrp
Commonwealth Bank boss defends deal with mortgage brokers | The West Australian
QUOTE The nation’s biggest lender has fended off claims it was “economical with the truth” over how mortgage brokers underpin its billions of dollars of home loans, amid accusations in the financial services royal commission of serious conflicts of interest.
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march 2018 by lafgrp
Australian probe of bank sector misconduct begins with focus on home loans | Money | Malay Mail Online
QUOTE An Australian government-backed inquiry into misconduct by the country's powerful major banks is scheduled to begin its first round of public hearings today, focusing on residential mortgages, car finance, credit cards and add-on insurance products.
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march 2018 by lafgrp
Banking royal commission: details of NAB staff in bribery ring emerge | Australia news | The Guardian
QUOTE The banking royal commission has heard extraordinary evidence of National Australia Bank staff being involved in an alleged bribery ring covering multiple branches, forged documents, fake payslips and Medicare cards, with bribes being paid in cash to secure loans as staff responded to an incentive program to sign up new customers.
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march 2018 by lafgrp
Royal Bank of Canada Explores Blockchain to Automate Credit Scores - CoinDesk
QUOTE The Royal Bank of Canada may be interested in putting credit scores on a blockchain.
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march 2018 by lafgrp
Bank of Montreal launches AI-powered chatbots on Facebook, Twitter
QUOTE The Bank of Montreal is taking a first step towards artificial-intelligence powered customer service by launching chatbots that can field questions via Facebook Messenger and Twitter.
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march 2018 by lafgrp
Scotiabank tops profit forecasts, hikes dividend - The Globe and Mail
QUOTE Bank of Nova Scotia reported first-quarter profit that topped market estimates and raised its dividend, boosted by strong gains in its Canadian and international banking operations
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march 2018 by lafgrp
Bank of Canada unlikely to raise interest rates Wednesday - Business - CBC News
QUOTE The Bank of Canada is not expected to change its benchmark interest rate on Wednesday morning. But that doesn't mean the central bank thinks the economy is humming along the way it normally would.
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march 2018 by lafgrp
Canadian Big Bank CEOs Got A 7% Raise In The Last Fiscal Year
QUOTE The chief executives of Canada's five biggest banks collectively earned roughly $53.6 million in the latest fiscal year, up more than seven per cent from a year earlier.
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march 2018 by lafgrp
Canadian Bank Lending Is Looking Riskier, Moody's Says
QUOTE Rising interest rates along with strong job growth has led to more uninsured mortgages and longer tenure of car loans, putting a strain on the lending quality of Canadian banks, Moody's Investor Service said in a report released on Tuesday.
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march 2018 by lafgrp
Bank of the Ozarks Announces Proposed Rebranding and Name Change to Bank OZK | Business Wire
QUOTE Bank of the Ozarks (the “Bank”) (NASDAQ: OZRK) announced today that it intends to change its name to Bank OZK as part of a strategic rebranding. The Bank proposed the name change in its proxy materials for the 2018 annual meeting of shareholders to be held on May 7, 2018. The Bank’s shareholders will vote on the proposal at the annual meeting.
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march 2018 by lafgrp
Wells Fargo's CEO is getting a 36% raise after the bank's nightmare year - Mar. 15, 2018
QUOTE Wells Fargo CEO Tim Sloan got a 36% raise after one of the darkest years in the bank's history.
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march 2018 by lafgrp
Bank of America Proxy Shows CEO Made 250 Times More Than Median Employee - WSJ
QUOTE The lender said in its annual proxy filing that in 2017 Chief Executive Brian Moynihan earned 250 times as much as the median bank employee. The disclosure is one that other big banks and companies are planning to make for the first time.
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march 2018 by lafgrp
Banking Roundup: Goldman CEO, COO to step down…BofA CEO's pay bump - New York Business Journal
QUOTE Lloyd Blankfein is preparing to step down as CEO of Goldman Sachs Group, according to The Wall Street Journal. The 63-year-old executive is expected to depart the New York-based banking giant at the end of the year.
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march 2018 by lafgrp
US Senate Passes Bill to Weaken Banking Rules - Risking the Future?
QUOTE US senators voted yesterday 67 to 31 with bipartisan support, to rollback regulations that were put in place less than a decade ago after the great financial collapse in 2008.
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march 2018 by lafgrp
Amazon bank could have 70 million customers in five years
QUOTE “Beyond direct cost savings, we could imagine Amazon’s banking services growing to more than 70 million US consumer relationships over the next five years or so, the same as Wells Fargo,” said Bain & Co.
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march 2018 by lafgrp
Australia, NZ dollars inch ahead; RBA tweaks growth language, Banking & Finance - THE BUSINESS TIMES
QUOTE The Aussie dollar crept up 0.2 per cent to US$0.7780, off last week's two-month trough at US$0.7713, supported by a bounce in Asian share markets as Mr Trump faced growing pressure from political and nation-state allies to pull back from proposed steel and aluminium tariffs.
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march 2018 by lafgrp
140,000 Commonwealth Bank customers to share in $16m refund over mis-sold insurance policies
QUOTE COMMONWEALTH Bank will refund another $16 million to credit card and loan insurance customers after finding more people were sold policies they would not be able to claim on.
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march 2018 by lafgrp
Australia's Commonwealth Bank issues debt to raise about $586.7 mln - Nasdaq.com
QUOTE Commonwealth Bank of Australia ( CBA ) <CBA.AX> said that it expects to raise about A$750 million ($587 million) through an issue of hybrid capital notes on Wednesday, bearing an expected margin of 3.4 percent to 3.6 percent above the prevalent bank bill rate.
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march 2018 by lafgrp
RBC takes back crown from TD to once again become Canada’s biggest bank | Financial Post
QUOTE Royal Bank of Canada reclaimed the nation’s largest lender title, ousting Toronto-Dominion Bank to recapture the top spot it has owned for most of the past 100 years.
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march 2018 by lafgrp
RBC Chief Sounds Alarm on Flood of Foreign Cash in Canadian Real Estate - Bloomberg
QUOTE “We do not need foreign capital using Canadian real estate as a piggy bank,"  David McKay, said Tuesday at a bank conference in New York hosted by the Toronto-based lender. “If capital is coming in to sit in a home, unproductively, and is distorting your marketplace and the livelihood of your residents -- no thank you."
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march 2018 by lafgrp
Scotiabank profits down by $23m | The Trinidad Guardian Newspaper
QUOTE Scotiabank T&T’s profit after tax of $148 million for the quarter ended January 31, is a decrease of $23 million or 13 per cent over the same period last year.
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march 2018 by lafgrp
Baystreet.ca - CIBC Announces Dividend Hike, As Expected
QUOTE One of Canada's five largest banks, Canadian Imperial Bank of Commerce (TSX:CM)(NYSE:CM) recently reported earnings, and much to the cheer of investors, has seen marked improvement in a number of key areas
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march 2018 by lafgrp
CIBC’s new rules for foreign clients could squeeze Vancouver market
QUOTE A clampdown on lending rules for foreign buyers could prove to be a major game changer for Vancouver's housing industry.
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march 2018 by lafgrp
Debt-conscious millennials ditch credit cards, threaten industry
QUOTE Just one out of three millennials carries plastic, according to a Bankrate.com survey, compared to the majority of older Americans. In addition, a Fed survey found the 18 to 24 demographic preferred to pay cash more than others. And if they do carry a card, it tends to be of the prepaid or debit variety, TD Bank found.
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march 2018 by lafgrp
American Express Expands Portfolio With Hilton Honors
QUOTE For frequent travelers seeking top services and elevated experiences, the new Hilton Honors American Express Aspire Card is an all-in-one travel companion with robust offerings to help you jet set comfortably, in addition to what the credit card company is already known for providing like its 24/7 concierge
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march 2018 by lafgrp
Amazon could become the third-biggest US bank if it wants to: Bain study
QUOTE Amazon could rival the nation's big banks in as few as five years, capitalizing off its digital prowess and massive consumer base, according to a Bain & Company report.
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march 2018 by lafgrp
Big-Bank Branch Growth May Most Hurt Wells Fargo | Investopedia
QUOTE Big banks are fueling their next stage of growth by preying on a weakened rival, according to one team of analysts on the Street, highlighting the integral role brick-and-mortar branches continue to serve in the industry.
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march 2018 by lafgrp
Bank of Nova Scotia Trust Co. Sells 23,334 Shares of Wells Fargo & Co (WFC) - The Lincolnian Online
QUOTE Bank of Nova Scotia Trust Co. lowered its position in Wells Fargo & Co (NYSE:WFC) by 46.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission.
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march 2018 by lafgrp
Amazon in talks with JPMorgan Chase to offer checking accounts | abc13.com
QUOTE According to the Wall Street Journal, the online retailer is exploring the idea with JP Morgan Chase and Capital One Financial. The goal is to appeal to younger customers and those without credit or bank accounts.
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march 2018 by lafgrp
ANZ bank signs Data Republic for cloud-based data-sharing | ZDNet
QUOTE The Australia and New Zealand Banking Group (ANZ) has announced investing in big data startup Data Republic, hoping to speed up innovation through a secure data-sharing platform provided by the Sydney-based startup.
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february 2018 by lafgrp
Commonwealth Bank customers get access to Samsung Pay | ZDNet
QUOTE Customers of the Commonwealth Bank of Australia (CBA) waiting for the bank to accept Apple Pay have had their patience tested once again, with the banking giant on Wednesday announcing it has made Samsung Pay available
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february 2018 by lafgrp
Jefferies hires former Credit Suisse Australia investment banking head
QUOTE Jefferies has hired Michael Stock, the former head of Credit Suisse Australia’s investment banking and capital markets division, to establish a full-service investment banking business Down Under.
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february 2018 by lafgrp
Banking royal commission to start with victims of 'fraudulent' loans, brokers, car finance and credit cards - ABC News (Australian Broadcasting Corporation)
QUOTE Fraudulent brokers and loan applications at National Australia Bank and the Commonwealth Bank-owned Aussie Home Loans are top of the agenda for examination when the royal commission kicks off in a fortnight.
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february 2018 by lafgrp
HSBC Bank Canada Full Year and Fourth Quarter 2017 Results
QUOTE Strong overall performance with profit before tax up 25% for the year
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february 2018 by lafgrp
Chase Canada getting rid of Amazon.ca, Marriott Visa cards: What you need to know - National | Globalnews.ca
QUOTE Chase Canada sent out a letter to Amazon.ca cardholders saying, “The credit card relationship between JPMorgan Chase Bank, N.A. in Canada and Amazon.ca is ending.” A similar letter was sent to Marriott credit card holders.
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february 2018 by lafgrp
Royal Bank of Canada Boosts Mastercard (NYSE:MA) Price Target to $209.00 - StockNewsTimes
QUOTE Mastercard (NYSE:MA) had its target price hoisted by Royal Bank of Canada to $209.00 in a report issued on Friday, February 2nd. Royal Bank of Canada currently has an outperform rating on the credit services provider’s stock
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february 2018 by lafgrp
CIBC tightens mortgage rules for foreign buyers
QUOTE CIBC quietly notified its mortgage advisors that, as of Feb. 1, the “Foreign Income Program” would be replaced by a new program with much stricter foreign income verification procedures, in line with a new market-wide guidline.
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february 2018 by lafgrp
CIBC Asset Management Inc Grows Holdings in Bank of Montreal (NYSE:BMO) - StockNewsTimes
QUOTE CIBC Asset Management Inc increased its stake in shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) by 31.2% in the fourth quarter, according to its most recent 13F filing with the SEC
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february 2018 by lafgrp
TD Bank stops allowing credit card purchases of cryptocurrency | Toronto Star
QUOTE Toronto-Dominion Bank is halting the use of its credit cards to buy cryptocurrency as it conducts a review of the “evolving market.
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february 2018 by lafgrp
How Capital One is rethinking its approach to products - Digiday
QUOTE For the past year, Capital One has been rethinking how it can get out of the too-common approach of “innovating” by layering new technology on top of an old product — it’s realized it needs to entirely reconsider the customer’s interaction with it.
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february 2018 by lafgrp
U.S. Bank teams up with fintech on digital auto lending | American Banker
QUOTE U.S. Bank is partnering with the startup AutoGravity to offer customers the ability to digitally apply for an automobile loan and receive a decision in minutes.
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february 2018 by lafgrp
Citi Self-Reports Credit Card Gaffe And Will Give Back Millions 02/26/2018
QUOTE Citigroup admitted Friday that it had overcharged interest rates on 1.75 million credit card accounts from 2011 to 2017 and promised to refund an average $190 per customer in a payback that will total about $335 million.
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february 2018 by lafgrp
JPMorgan CFO Marianne Lake emerges as contender to succeed Dimon - MarketWatch
QUOTE When JPMorgan Chase & Co. tried last month to clarify the question of when Chairman and Chief Executive James Dimon would step down, the firm got a lot more questions about who could fill one of the most powerful roles on Wall Street.
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february 2018 by lafgrp
BofA to open 500 new U.S. branches in four years
QUOTE Bank of America Corp (BAC.N) on Monday said it plans to open more than 500 new branches across the United States over the next four years, as the bank continues to invest in physical and digital enhancements.
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february 2018 by lafgrp
U.S. Supreme Court liberals skeptical of American Express merchant fees
QUOTE Liberal U.S. Supreme Court justices on Monday sharply questioned American Express Co (AXP.N) over its policy of forbidding merchants from encouraging customers to use rival credit cards with lower fees, a practice that some states and the Trump administration have concluded violates federal antitrust law.
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february 2018 by lafgrp
eBay's PayPal break shows the importance of localized processing | PaymentsSource
QUOTE The recent announcement that eBay will be replacing longtime payments processing partner PayPal for Dutch-based Ayden certainly shocked the industry.
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february 2018 by lafgrp
Citi posts job to run its U.S. mortgage operation | 2018-02-21 | HousingWire
QUOTE “The Head of U.S. Mortgage will have responsibility for continuing to transform and grow the business with a goal of continuing to achieve efficient, profitable results while delivering best–in-class customer experience,” the job posting continues. “The position is tasked with leveraging and partnering closely with Citi’s extensive Retail Banking Network to acquire new and deepen existing client relationships.”
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february 2018 by lafgrp
Canada: CIBC kicks off Big Six results by topping expectations
QUOTE Canadian Imperial Bank of Commerce (CIBC) released its first quarter results for 2018, beating expectations. A poll on Bloomberg recently revealed that analysts expected the Big Six bank to earn $2.83 per share, but it actually reported $2.95 per share (or $1.33bn in profit). That said, it was a dip in profit from the year previous ($1.41bn). Nonetheless, CIBC's positive performance, thanks to rising interest rates and a healthy all-round economic climate (the mortgage market aside) bodes well for the rest of the country's big banks as they line up to post their full-year results.
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february 2018 by lafgrp
New Zealand banks pulled in record combined profit in 2017
QUOTE KPMG's latest Financial Institutions Performance Survey shows the country's banks had a 7.35 per cent profit boost last year on the year before.
3PW  ED  4LN 
february 2018 by lafgrp
New Zealand: Major banks to ditch 'unfair' ATM fee
QUOTE ANZ, ASB, BNZ, Westpac and Kiwibank have all announced they will scrap the fee over the coming weeks.
3PW  ED  4LN 
february 2018 by lafgrp
HSBC Bank Canada: Full Year and 4Q17 Results
QUOTE Profit before income tax expense was $895m for the year ended 31 December 2017, an increase of $180m, or 25%, compared with 2016. Profit before income tax expense was $206m for the fourth quarter of 2017, a decrease of $45m, or 18%, compared with the fourth quarter of 2016.
3PW  ED  4LN 
february 2018 by lafgrp
Canadian banks aren’t following UK, US, Australia ban on buying cryptocurrency with credit
QUOTE Toronto-Dominion Bank, for example, which is Canada’s largest lender by assets, allows cryptocurrency transactions using a TD credit or debit card as long as the merchant is authorized to accept Visa, Mastercard, Interac or Visa Debit
3PW  ED  4LN 
february 2018 by lafgrp
US Bank charged with lax anti-money laundering controls [15FEB18]
QUOTE U.S. Bancorp will pay a total of $613 million, including $528 million in a deferred prosecution agreement with the U.S. attorney in Manhattan.
The U.S. attorney charged the bank with two felony violations of the Bank Secrecy Act, and the company has agreed to reform its anti-money laundering controls.
3PW  ED  4LN 
february 2018 by lafgrp
Wells Fargo auditors could soon deliver another blow to the bank
QUOTE Wells Fargo investors have learned a lot about the bank’s worsening issues recently, but they should be watching carefully over the next couple of weeks for possibly more bad news — from the bank’s auditors, KPMG.
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february 2018 by lafgrp
Amazon and Bank of America partner for lending program [14FEB18]
QUOTE to provide loans to merchants, according to people familiar with the matter. Amazon Lending's total loan balance growth grew only slightly last year after almost doubling in 2016. People familiar with the program said the company has been reassessing its credit risk exposure, a move that is aligned with broader adjustments at Amazon.
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february 2018 by lafgrp
Mortgage rates fall as Reserve Bank holds OCR at 1.75% - NZ Herald
QUOTE Two major banks have moved to cut one-year mortgage rates as the Reserve Bank holds the official cash rate steady at 1.75 per cent saying monetary policy will "remain accommodative for a considerable period".
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february 2018 by lafgrp
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