Amid a wave of rising interest rates, a “revolt” is brewing among bank customers, fueled by a growing acknowledgment that some financial institutions have not been proactive in advising them of more lucrative savings options. Chris McMahon, the president and CEO of Aquinas Wealth Management, spotlighted customers’ discontent on April 12, saying on Fox Business
Standard & Poors (S&P) just downgraded five more regional banks as pain in the sector continues to spread. In a new outlook report, S&P says it’s downgrading First Commonwealth Financial Corp., M&T Bank Corp., Synovus Financial Corp., Trustmark Corp. and Valley National Bancorp. All five banks were downgraded to “negative” from “stable.” S&P says the
Traditional wealth management services often involve face-to-face interactions with financial advisors, extensive paperwork and opaque fee structures, making the process daunting for many potential investors. However, the digital age has brought about significant shifts in consumer expectations and demands, prompting the industry to adapt and innovate to remain relevant. Enter open banking — a concept
Banks are facing a $2 trillion “wall” of property debt, according to an American brokerage. As such, lenders must reduce their exposure to commercial real estate as that debt comes due over the next three years, Newmark CEO Barry Gosin told the Financial Times (FT) Monday (April 1). “Banks will be under pressure,” said Gosin, whose firm handled $50 billion in
The cart doesn’t lead the horse, which is why payments innovations tend to check the boxes that end users need most. And sometimes the smallest boxes, or micro moments, can have the biggest impact. “Embedded finance solutions need to be embedded in the consumer’s flow in order to capture those micro moments when a consumer
Chinese national flags flutter at Tian’anmen Square ahead of the annual two sessions on Feb. 29, 2024 in Beijing, China. New bank lending in China fell more than expected in February from a record high the previous month, even as the central bank seeks to spur sluggish economic growth and fight deflationary pressures. Vcg |
A confirmor sale occurs when a purchaser or confirmor enters into an agreement for the sale and purchase of a property with the owner or vendor, but before completion sub-sells the property to a sub-purchaser. A few such transactions have been noticed since the removal of the curbs by the Hong Kong government last week.
A month after shaking the regional bank industry with a surprise provision for loan losses, New York Community Bancorp rattled nerves again by announcing a $2.4 billion December quarter earnings hit. At the same time, it said it identified “material weaknesses” in its loan review process and abruptly changed CEOs, causing its stock to tumble. The bank
“Over the past three years, about 100 vehicles have been towed away,” he told a radio programme. “Some owners died, but most cases involved owners unable to afford loans.” Minibuses in Causeway Bay. Driving a minibus in the city requires a special licence with a quota in place. Photo: Edmond So The mass minibus confiscation
A man walks past the People’s Bank of China (PBOC) building on Dec. 25, 2023 in Beijing, China. China’s central bank left a key policy rate unchanged as expected on Sunday when rolling over maturing medium-term loans, with uncertainties around the timing of an easing by the Federal Reserve limiting Beijing’s room to maneuver on monetary