Saudi Arabia’s Social Development Bank has provided over $770 million in financing to more than 30,000 small businesses, startups, and self-employed individuals during the first quarter of 2023. The bank offered loans worth $260 million to 2,000 small enterprises and startups, while over 9,000 individuals received social financing valued at $143 million. In addition, the […]
Swiss Finance Minister, Karin Keller-Sutter, has stated that if Credit Suisse had gone bankrupt, Switzerland’s economy would have likely collapsed. In an interview with Le Temps, she explained that the Swiss government acted in the country’s best interests by quickly arranging a takeover of Credit Suisse by UBS, its larger domestic rival. The collapse of […]
US Treasury Secretary Janet Yellen remains optimistic about the growth of the world’s biggest economy, despite concerns over a potential recession due to the recent banking sector turmoil. The collapse of Silicon Valley Bank (SVB) and Signature Bank last month created shockwaves in the industry, leading the Treasury Department and Federal Reserve to intervene to […]
Major banks such as HSBC (HSBA.L), Goldman Sachs (GS.N), Morgan Stanley (MS.N), and Standard Chartered (STAN.L) have reported a concerning trend – the gender pay gap has widened in 2022, according to Reuters’ review of the data. Moreover, the analysis revealed a troubling disparity between Black and white employees, especially in the banks that disclosed […]
In a letter addressed to JPMorgan Chase & Co’s shareholders, CEO Jamie Dimon stated that the U.S. banking crisis is an ongoing issue that will continue to have a long-lasting impact for years to come. He explained that even when the crisis is finally resolved, its repercussions will still be felt for quite some time. […]
US regional banks, with assets between $50bn and $250bn, had their lowest cash reserves since the 2008 financial crisis at the start of 2023. As interest rates rose, they cut the percentage of assets held in cash from an average of 13% to 7%, according to data from the Federal Deposit Insurance Corporation. This left […]
On Wednesday, US stocks saw significant gains as investors shrugged off concerns about the banking system following the collapse of Silicon Valley Bank. This news came as a relief to many investors, who had been worried about the stability of the financial sector after the high-profile failure of a major bank. The technology sector was […]
FNB, a diversified financial services company operating in seven states and the District of Columbia, has been awarded the prestigious Celent Model Bank Award for its proprietary digital platform, eStore®. The innovative platform is a digital marketplace accessible via fnb-online.com, the FNB Direct Mobile Banking app, and interactive digital kiosks in all FNB branches. Customers […]
The Paris offices of five banks, including Societe Generale, BNP Paribas, and HSBC, were searched by French authorities on suspicion of fiscal fraud related to the dodging of dividend tax payments. This investigation is part of a broader European probe into dividend tax fraud. Similar investigations have already taken place in Germany and other European […]
The World Bank has issued a warning that the global economy’s long-term growth potential has been negatively impacted by the Covid-19 pandemic and Russia’s war in Ukraine. This could lead to what the bank has termed a “lost decade,” characterized by increased poverty and limited resources to combat the effects of climate change. These overlapping […]