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Thursday 19th April @ 10:33am

American Express has announced its best quarterly profits in two years. Although Amex, like its peers, was boosted by Washington's fiscal changes, the fact that its pre-tax income for Q1 rose some 13 percent year-on-year appears to reflect the success of a strategic rebrand. The scheme has offered more attractive bonus rewards for users, prompting net income to balloon 31 percent over last year, while its loan book also...MORE

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Wednesday 18th April @ 10:30am

An abnormal increase in the amount of money being withdrawn from ATMs in India has led to funds shortages in several locations. Some have blamed unfounded rumours of a bank run as a result of the proposed Financial Resolution and Deposit Insurance (FRDI) Bill. The most recent reliable (ie, unnaffected by demonetisation) figures show that, in the first...MORE

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Tuesday 17th April @ 10:28am

Bank of America has recorded its best-ever quarterly earnings with a record $6.9 billion in profit for Q1, continuing the positive trend set by JP Morgan, Citigroup and Wells Fargo last week. While in the fourth quarter of 2017, the major lender's profits were hurt by the tax reforms, this time around it benefitted — a healthy American economy played a part, too. Other notable reasons behind...MORE

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Monday 16th April @ 10:26am

In the United States, quarterly results from JP Morgan, Citigroup and Wells Fargo have topped analysts' expectations, as they were boosted by the significant corporate tax changes brought in last year. JP Morgan posted a record first-quarter profit by any US bank, while its revenue was higher than forecasts by almost $1 billion. Citigroup also saw good quarterly profit come...MORE

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Friday 13th April @ 10:30am

In the United States, the big banks are set to report their first quarter earnings today — but analysts are predicting that there shouldn't be anything ominous about the Friday the 13th date for most. First to report are the trio of JP Morgan, Citigroup and Wells Fargo (with Bank of America to report on Monday) and analysts are predicting increased revenues for both JP...MORE

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Thursday 12th April @ 10:32am

In the United States, the digital mortgage market now has another player: Bank of America (BofA), now rolling out an app-based approach that enables customers to fill out applications without visiting the branch. Although customers will still have to visit the branch to complete the process (known as 'closing'), the app could cut process time by half. "Digital doesn't replace the...MORE

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Wednesday 11th April @ 10:19am

In the United States, the Federal Reserve has proposed new measures which could make it easier for regulators to gauge the health of banks. Essentially, it will mean that the stress test and the capital requirements which banks need to meet and pass will be consolidated together. For smaller lenders, it could see the capital requirements reduced considerably from 24...MORE

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Tuesday 10th April @ 10:07am

In the UK, the Financial Conduct Authority (FCA), has said that planning for the effect of Brexit is proving a costly endeavour with its bill for this year set to reach £30 million ($42m). The FCA plans to produce some £14m of this budget by cutting back on what it has termed "non-critical" activity, meaning that it will need to be inventive to come up with the other...MORE

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Monday 9th April @ 10:34am

Deutsche Bank has finally ousted John Cryan as its chief executive officer, promoting Christian Sewing from his previous position as deputy CEO. The move to remove Cryan from his post had been a distinct possibility for several weeks following the bank's third consecutive annual loss. Sewing has been touted as a retail specialist, with some commentators citing his experience in...MORE

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Friday 6th April @ 10:19am

In Denmark, the head of Danske Bank's business and international units has stepped down from his duties as the ongoing money laundering scandal continues to engulf the major lender. Lars Morch has resigned from his role amid an investigatory probe by regulators in both Denmark and Estonia over alleged money laundering which is reported to have taken place between 2007 and 2015. "It is now clear that the bank should...MORE

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Thursday 5th April @ 10:46am

In India, Jio Payments Bank has begun operations over two-and-a-half years after it received preliminary approval to set up shop from the country's central bank. Jio Payments Bank is a 70-30 joint venture between Reliance Industries (owned by the country's richest man, Mukesh Ambani) and State Bank of India (the country's largest lender). The new player will look to challenge the...MORE

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Wednesday 4th April @ 10:19am

Deutsche Bank's supervisory board is set for a reshuffle — and former Merrill Lynch chief John Thain will be one of the four incoming figures. Alongside Mr Thain, ex-Morgan Stanley executive Mayree Clark, PwC's Norbert Winkeljohann and IHS Markit's Michele Trogni are also being appointed. Stepping down from the board meanwhile are several members ineligible for re-election. "We are delighted to have been able...MORE

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