The U.S. Federal Reserve has given the go-ahead for state-owned Chinese banks to enter the U.S. banking market. The U.S. central bank on Wednesday approved an application by China’s biggest bank – the Industrial and Commercial Bank of China – to buy an 80 percent stake in the U.S. branch of the Bank of East […]
Federal Reserve Approves China’s First Takeover of U.S. Bank
Posted May 10th, 2012 at 1:10 am (UTC-5)
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Wen Calls Chinese Banks a ‘Monopoly’ That Needs to Be Broken Up
Posted April 4th, 2012 at 10:00 am (UTC-5)
Chinese Premier Wen Jiabao says the country’s biggest state-owned banks are a monopoly that must be broken up. Wen said the banks — with guaranteed profits on loans — are making too much money. In remarks published Wednesday on the website of the state-run radio, the Chinese leader said the banks’ control of lending is […]
3Q Bank Reports Reflect Economic Crisis
Posted October 25th, 2011 at 3:35 am (UTC-5)
Two of Europe’s largest banks released third quarter earnings statements Tuesday that reflect the ongoing worldwide economic crisis. Deutsche Bank announced a decline in profits of more than $1 billion – or 37 percent. Bank head Josef Ackerman blamed the bank’s economic woes on the continuing worldwide economic situation. UBS, Switzerland’s largest bank, announced a […]
Bank of America Slips To Second Place
Posted October 18th, 2011 at 11:15 am (UTC-5)
The Bank of America reported profits but at the same time fell to second place among U.S. banks Tuesday, with JPMorgan Chase now the largest by assets. Bank of America posted a third-quarter profit of $5.9 billion, which was a major improvement over a multi-billion dollar loss for the same period a year earlier. The […]
Bank of America Slips To Second Place
Posted October 18th, 2011 at 9:30 am (UTC-5)
The Bank of America fell to second place among U.S. banks Tuesday as rival JPMorgan Chase accumulated more assets. Bank of America posted a third-quarter profit of $5.9 billion, which was a major improvement over a multi-billion dollar loss for the same period a year earlier. The privately-owned Bank of America’s gains were due in […]
Moody’s Downgrades 12 British Banks
Posted October 7th, 2011 at 3:50 am (UTC-5)
Moody’s Investors Service has downgraded the credit ratings of 12 British banks over concerns that the government will not provide adequate support to the institutions if they become financially troubled. The credit rating firm said Friday that the downgrades were caused by a “reassessment of the support environment in the U.K..” It said recent government […]
Key European Banks Face Greek Debt Worries
Posted October 4th, 2011 at 11:45 am (UTC-5)
Key European banks are facing new financial worries over their Greek debt holdings, with the Belgian-French bank Dexia struggling to avoid collapse. Shares of Dexia stock plummeted Tuesday to an all-time low of less than one euro , even as two of its owners — the Belgian and French governments — pledged their continued support […]
Credit Ratings Cut for 3 Key US Banks
Posted September 21st, 2011 at 3:23 pm (UTC-5)
The Moody’s financial services company has cut the credit ratings of three key American banks. Moody’s said Wednesday it cut the ratings for Bank of America, Wells Fargo and Citigroup because it thinks it is less likely than in the past that the U.S. government would bail them out if they got in financial trouble. […]
Swiss Bankers Call on Government in U.S. Tax Row
Posted September 5th, 2011 at 1:11 pm (UTC-5)
The chairman of the Swiss Bankers Association has called on the government to create a “united front” representing Swiss interests in the face of a growing tax dispute with Washington. Swiss news reports on Sunday said the United States had presented an ultimatum to Switzerland, demanding that it provide detailed information on thousands of U.S. […]
Some European Banks Flunk Stress Tests
Posted July 15th, 2011 at 1:50 pm (UTC-5)
European regulators say eight banks have failed a “stress test” showing they need to build a bigger financial cushion in case of another recession or other problems. Most of the banks are in Spain, while others are in Greece and Austria. The European Banking Authority says the institutions need to have readily available capital equivalent […]
