Banks
Dollar General, Dollar Tree and Kroger customers pay over $90 million a year in cash-back fees, federal agency finds
Key Points Dollar General, Dollar Tree and Kroger have charged customers who ask for cash back in recent years. Their cash-back fees amount to more than $90 million a year, Consumer Financial Protection Bureau reports. Such fees may disadvantage those in banking deserts, where they don’t have easy access to cash for free. Retailers say […]
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UBS veteran boss Ermotti may have pulled off the deal of the decade with the Credit Suisse rescue
UBS CEO Sergio Ermotti on Tuesday, May 7, 2024. Bloomberg | Bloomberg | Getty Images After an intense weekend of negotiations in March 2023, Swiss banking giant UBS agreed to buy its embattled rival Credit Suisse. Despite the attractive purchase price of $3.2 billion, investors were concerned about whether UBS would manage to turn around […]
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Why parents may want to start locking a child’s credit at a very young age
Most parents would take herculean steps to protect their children. But many overlook a relatively simple way to help shore up a child’s financial security: freezing the minor’s credit. This could be especially important in the wake of a major breach in which the Social Security numbers of myriad Americans might be for sale on […]
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Cryptocurrency ‘pig butchering’ scam wrecks Kansas bank, sends ex-CEO to prison for 24 years
The former CEO of a small Kansas bank was sentenced to more than 24 years in prison for looting the bank of $47 million — which he sent to cryptocurrency wallets controlled by scammers who had duped him in a “pig butchering” scheme that appealed to his greed, federal prosecutors said. The massive embezzlement by […]
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China leaves key lending benchmarks unchanged, as expected
BEIJING, CHINA – JUNE 13: A woman walks past the People’s Bank of China (PBOC) building on June 13, 2023 in Beijing, China. China News Service | China News Service | Getty Images China left benchmark lending rates unchanged at a monthly fixing on Tuesday, in line with market expectations. The one-year loan prime rate was […]
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New Zealand promises banking shake-up after watchdog finds the sector lacks competition
Pedestrian walking past the Reserve Bank of New Zealand building on Saturday, June 22, 2019. Birgit Krippner | Bloomberg | Getty Images New Zealand’s government on Tuesday promised a shake-up of consumer banking after the country’s watchdog said the sector lacked competition and suggested improvements including looking at ways to increase state-owned Kiwibank’s capital. The New Zealand Commerce Commission report released earlier found the country’s four largest lenders, all owned […]
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Westpac posts steady third-quarter profit, helped by higher capital earnings
A Westpac bank branch in Sydney, Australia. Katharina13 | iStock Editorial | Getty Images Australia’s Westpac Banking Corp beat analyst forecasts for third-quarter profit on Monday and reported improved net interest margin, helped by fewer bad loans and better-than-expected cost controls, sending its shares to a six-year peak. Based on the lender’s average quarterly performance […]
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‘Late low ball’: Lawyer slams Deutsche Bank settlement offer in long-running Postbank suit
A Deutsche Bank branch in the financial district of Frankfurt, Germany, on May 6, 2022. Alex Kraus | Bloomberg | Getty Images A lawyer representing plaintiffs in a long-running case against Deutsche Bank on Friday slammed a proposed settlement from the German lender as a “late low ball” offer. The crux of the challenge against […]
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China’s new loans hit a 15-year low, but investors ‘should not panic’
A man counts 100 renminbi notes with the Chinese flag in the background. Sheldon Cooper | SOPA Images | LightRocket | Getty Images China’s new bank loans fell to a 15-year low in July in what some analysts see as a sign of continued weakness in the economy. But others said investors “should not panic” […]
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UBS CEO says it’s too early to talk about a U.S. recession, but a slowdown is possible
Sergio Ermotti, chief executive officer of UBS Group Stefan Wermuth | Bloomberg | Getty Images ZURICH, Switzerland ꟷ UBS CEO Sergio Ermotti said Wednesday that market volatility could intensify in the second half of the year, but he does not believe the U.S. is heading into a recession. Global equities saw sharp sell-offs last week […]
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