The nation’s commercial banks and savings institutions reported a 13% rise in net income in the third quarter, hitting a record as institutions’ profits soared and expenses moderated.
Read the Full Article: Source – Wall Street Journal
Time For Truth: (Wall Street Journal) – U.S. Banks Report Record Profit in Third Quarter
The governor of the Bank of England has issued a rallying cry to policymakers across advanced economies to tackle the causes of a growing sense of “isolation and detachment” among people who feel left behind by globalisation.
Warning that the UK was suffering its “first lost decade since the 1860s”, Mark Carney said that one of the reasons for the Brexit vote was a sense among people that they had lost control of their futures.
Read the Full Article: Source – The Guardian
Time For Truth: (The Guardian) – Mark Carney: we must tackle isolation and detachment caused by globalisation
Major banks have formally told clients to expect volatile currency markets in the aftermath of Tuesday’s U.S. presidential election, with the gap between buying and selling prices that determines the cost of trading expected to widen sharply if Donald Trump were to win.
The warnings issued by the electronic trading platforms run by the market’s largest player Citi and rivals Barclays and Goldman Sachs, seen by clients of the banks, have over the past two years become standard ‘red flags’ ahead of big political and economic set-pieces.
Read the Full Article: Source – Daily Mail
Time For Truth: (Daily Mail) – Banks warn clients to brace for FX volatility after U.S. vote
Tesco Bank’s chief executive has blamed “a systematic, sophisticated attack” for the money taken from 20,000 of its customer accounts.
Benny Higgins said the bank knew “exactly” what the attack was, but could not say more because it was part of a criminal investigation.
He said all affected customers would be refunded by the end of Tuesday.
Read the Full Article: Source – BBC News
Time For Truth: (BBC News) – Tesco Bank blames 'systematic sophisticated attack' for account losses
Deutsche Bank has reported a small third-quarter profit, beating very low expectations.
The bank reported a profit of €278m (£248m), a big turnaround from a €6bn loss in the same period last year.
Deutsche Bank said the “tough interest rate environment” and “unsettling effect” of negotiations with US authorities had been felt.
Read the Full Article: Source – BBC News
Time For Truth: (BBC News) – Deutsche Bank reports profit despite 'tough' environment