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Cyprus Keeping Banks Closed Until Thursday

Transaction limits staying in place after bailout

(Newser) - Cypriots hoping to get their hands on what is still technically their money are going to have to wait at least another couple of days. The government has ordered the country's banks, which have been closed since March 15, to stay closed until Thursday to prevent a run on... More »

Cyprus Deal Wallops Rich Russians

World markets rise after last-minute deal

(Newser) - The last-minute rescue deal to prevent a complete collapse of the Cypriot economy has saved the eurozone from its first exit and boosted world markets—but at a heavy cost to those who stashed their cash in the country's banks. The deal, which shuts down the country's second-biggest... More »

Cyprus' New Gambit: Spare Smallest Savers

Government rep says the levy will still likely die

(Newser) - The proposed bank deposit tax that has enraged Cypriots and spooked bank customers across Europe looks likely to die today, even with a last-minute tweak that would spare the smallest savers, Reuters reports. Draft legislation sent to parliament amends the previous plan by exempting accounts containing less than about $26,... More »

How Iran Is Working Around Sanctions

Sticks to couriers, trading firms in other countries: US Treasury

(Newser) - Iran is managing to sneak around heavy economic sanctions using other countries' private trading houses, fake identities, and something called hawala, the US Treasury tells reporters. The sanctions have left the country "almost without recourse through ordinary banking channels," says a spokesman. So Iranian officials are in some... More »

UBS Slapped With $47.5M Rogue Trader Fine

Defective controls led to $2.3B loss, UK regulators say

(Newser) - UBS has been fined $47.5 million for being sloppy enough to let a rogue trader lose $2.3 billion, the New York Times reports. British regulators fined the Swiss banking giant after concluding that the bank's "seriously defective" systems and controls allowed London-based trader Kweku Adoboli's... More »

Why Many People Go Without a Bank Account

'Time' lists four reasons why people use outside services

(Newser) - Nearly a third of Americans are "underbanked," meaning they lack access to a full array banking services—but why? The question is particularly pressing when you consider that cashing checks and paying bills without a bank account can cost an extra $380 a year. What's more, low-income,... More »

Sandy Knocks Banks Back to Pre-Electric Era

Ledgers make a comeback in hard-hit areas

(Newser) - Superstorm Sandy has sent banks in some of the hardest-hit areas back to a level of technology their 19th-century customers would have been familiar with, the Wall Street Journal finds. Some of the hundreds of banks operating in New York and New Jersey have closed all their branches, but others... More »

UBS Slashing 10K Jobs

Swiss bank ditching riskier businesses

(Newser) - Swiss banking giant UBS is slimming down, and sacking nearly a sixth of its staff in the process. The bank has announced plans to lay off 10,000 people worldwide over the next three years as it retreats from investment banking to focus on private banking, the BBC reports. The... More »

Banker Busted for Role in Financial Crisis

Ex-Credit Suisse exec faces extradition to US

(Newser) - A former Credit Suisse banker accused of contributing to the 2008 financial crisis in an effort to boost his bonus has been arrested in Britain and faces extradition to the US. Kareem Serageldin, who was arrested outside the US Embassy in London, allegedly inflated the values of mortgage-backed securities as... More »

PIN Codes You Should Never, Ever Choose

Data Genetics firm figures out the most popular passwords

(Newser) - Sorry to ruin your afternoon, but that PIN number you picked—probably a birthday, month/day combo, or year in the 1900s—is among the easiest for thieves to guess. And if you chose "1234," "1111," or "0000," consider your bank account a slush fund... More »

Bank of America Slashing 16K Jobs

Cost-cutting program hitting retail banking hardest

(Newser) - Bank of America is the biggest banking employer in the US, but it has accelerated plans that will see it lose that title to rivals, reports the Wall Street Journal . The bank aims to cut 16,000 jobs by the end of the year, allowing it to reach chief executive... More »

Disgruntled Banker Moons Bosses, Loses Millions

Court decides Bank of America was right to fire cheeky exec

(Newser) - Mooning his bosses at Bank of America was no doubt a satisfying moment for disgruntled banker Jason Selch—but it ended up costing him his job and $2 million. After his employer merged with Bank of America's Columbia Asset Management and fired a friend of his for refusing to... More »

British Bank Did Iran's Dirty Work: NY Regulators

Standard Chartered accused of helping Tehran hide $250B in transactions

(Newser) - Move over, HSBC : A new British bank is in the crosshairs thanks to its relations with Iran. New York banking regulators today accused Standard Chartered Bank of helping Tehran hide some $250 billion in transactions between 2001 and 2010, and pocketing hundreds of millions in bank fees in the process.... More »

Goldman's New Gig: Actually (Gasp) Lending Money

After punishing quarter, Goldman to lend more to wealthy

(Newser) - Goldman Sachs is expanding into a new business frontier: traditional banking. Goldman is building an in-house private bank that will lend out money to rich people and corporations, the Wall Street Journal reports, with plans to jack its private loan business from $12 billion to $100 billion. Part of the... More »

Senate: HSBC Handled Drug, Iran Money

Report slams bank's 'pervasively polluted' culture

(Newser) - Terrorists, drug lords, and pariah regimes looking for a way into the US financial system found British banking giant HSBC willing to assist, according to a damning report from a Senate probe. The report, the result of a year-long inquiry, found that safeguards at the bank's American affiliate were... More »

Geithner Questioned Libor's Credibility in 2008

He sent email to Bank of England honcho, among others

(Newser) - Treasury Secretary Timothy Geithner has certainly earned the right to say "I told you so" to British authorities about the Libor rate-fixing scandal , but lawmakers are wondering whether he could have done more to prevent it. Geithner was running the Federal Reserve Bank of New York when he pushed... More »

Barclays CEO Quits Under Pressure

Rate-fixing scandal claims Bob Diamond, too

(Newser) - Barclays CEO Bob Diamond has bowed to pressure and followed bank chairman Marcus Agius out the door in the wake of the Libor rate-rigging scandal. Agius claimed "the buck stops" with him when he quit yesterday, and Diamond initially resisted calls to resign. He admitted that some of the... More »

Vatican Bank Chief Bounced

'I have paid for my transparency,' Ettore Gotti Tedeschi says

(Newser) - The chief of the secretive Vatican bank has been given the boot for allegedly letting standards slip at the institution. Ettore Gotti Tedeschi was forced to resign after the bank's board of directors unanimously passed a no-confidence vote against him for failing "to carry out duties of primary... More »

Jittery Greeks Withdrew $898M on Monday

Panic could cause collapse of country's banking system

(Newser) - As fresh elections loom in Greece following the failure of coalition talks, Greeks are starting to get their money out of the country's banks while the getting is good. Some $898 million was withdrawn from the country's banks on Monday alone, and economists warn that the country's... More »

Switzerland's Oldest Bank Indicted Over US Tax Cheats

Wegelin brought down by probe

(Newser) - A Swiss bank older than the US has been indicted by the Justice Department for helping Americans dodge taxes. Wegelin, a 270-year-old private bank, helped some 100 wealthy Americans hide more than $1.2 billion from the IRS, according to the indictment. Clients who decided to co-operate with the investigation... More »

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