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Recent News Headlines : Financial Services
CHINA'S $189 BILLION GIANT OF FINANCE REVEALS A HUGE BET ON TECH
In the first nine months of 2017, Ping An got more than 70 percent of its earnings from insurance, with banking and asset management each contributing about 15 percent... READ MORE›
UBS LEADS BLOCKCHAIN DATA REPORTING PILOT AHEAD OF NEW EU RULES
The project is getting market participants to collaborate using blockchain to improve regulatory reporting, Peter Stephens, head of blockchain at UBS, told Reuters... READ MORE›
ELIZABETH WARREN AND SHERROD BROWN SLAM MULVANEY FOR CONFLICTS OF INTEREST
The documents show Mulvaney twice wrote or signed letters pressuring financial regulators to help payday lenders... READ MORE›
EXCLUSIVE: WELLS FARGO SANCTIONS ARE ON ICE UNDER TRUMP OFFICIAL - SOURCES
Mulvaney has pledged to examine enforcement work that Cordray had left unfinished, which includes the potential Wells Fargo sanctions... READ MORE›
CHINA'S CONSUMER LOANS WILL REACH US$1.48 TLN THIS YEAR
Meanwhile, the Internet has subverted traditional consumer loans from the perspective of customers, products, services, business process and risk control... READ MORE›
TURNBULL ANNOUNCES ROYAL COMMISSION INTO FINANCIAL SERVICES SECTOR
Prime Minister Malcolm Turnbull has announced a Royal Commission will be set up to investigate 'misconduct' in the banking and financial services sector... READ MORE›
TRUMP ADMINISTRATION WARNS OF CONSUMER PROTECTION PANEL DISRUPTIONS IN COURT FILING
Judge Timothy Kelly ruled against Leandra English, deputy director of the Consumer Financial Protection Bureau CFPB who claimed to be its rightful interim director... READ MORE›
CFPB PICK MULVANEY LINKED TO LOBBYIST FOR BANK FACING POSSIBLE CFPB SANCTIONS
Federal records show Mulvaney's longtime staffer is Natalee Binkholder, who left Mulvaney's office to work as a top lobbyist for Santander... READ MORE›
PARADISE PAPERS: YOUR RETIREMENT CASH MAY BE IN THE CAYMANS. CAN YOU GET IT BACK?
The tidal wave of cash has flowed from public pension systems into so-called alternative investments private equity, hedge funds, venture capital firms and real estate... READ MORE›
BREXIT AND THE CITY: TAKING LONDON'S FINANCIAL PULSE
Hiring numbers The number of available jobs in London's financial services industry this year has fallen the most in five years, recruitment agency Morgan McKinley says... READ MORE›
CHINA'S FOREIGN OWNERSHIP CAP CHANGE MAY STIR INTEREST IN SMALLER BANKS
Beijing's landmark move to ease or remove limits on foreign ownership in China's financial sector will likely stoke acquisition interest in smaller banks, Fitch Ratings said... READ MORE›
CHINA WIDENS FOREIGN ACCESS TO ITS GIANT FINANCIAL SECTOR
A security guard walks on the bund in front of the financial district of Pudong in Shanghai, China July 27, 2017... READ MORE›
CHINA BIG BANG MOMENT OPENS BANKS, FUNDS TO FOREIGN CONTROL
Overseas firms will calculate the risk-reward margin carefully, said Raymond Yeung, chief Greater China economist at Australia New Zealand Banking Group in Hong Kong... READ MORE›
CHINA LIFTS FOREIGN OWNERSHIP LIMITS ON FINANCIAL FIRMS
Financial services further opening definitely has been high on our list, said Ken Jarrett, President of American Chamber of Commerce in Shanghai... READ MORE›
WALL STREET IS WORRIED INVESTORS HAVE DUMPED TOO MUCH CASH
INTL FCStone, the financial services company, said recently that cash in mutual fund portfolios had dropped to 3.3 percent, also an all-time low... READ MORE›
CHINA PLANS EASING FOREIGN HOLDING, PARTNER CHOICE FOR SECURITIES VENTURES
Management control would allow foreign banks to offer more services through their joint ventures and potentially leverage their global networks to win China market share... READ MORE›
CHINESE POLICE TO STEP UP CRACKDOWN ON FINANCIAL CRIME
The ministry said it will focus on crimes involving illegal fundraising, the online finance industry, securities and futures markets, and financial institutions... READ MORE›
CONSUMER FINANCE FIRMS GARNER STAKE IN DOUBLE 11 SALES
For example, online merchants can sell products that they've pledged to Zhejiang E-Commerce Bank, an Alibaba-backed internet private bank... READ MORE›
NATION'S PUBLIC MUTUAL FUNDS REACH US$1.68 TRILLION
The Asset Management Association of China has updated the scale of the surging fund market in China, China Securities Journal reported... READ MORE›
NATION'S PUBLIC MUTUAL FUNDS REACH US$1.68 TRILLION
The Asset Management Association of China has updated the scale of the surging fund market in China, China Securities Journal reported... READ MORE›
FINANCIAL LOBBY GROUP PRESSED VICE PRESIDENT MIKE PENCE TO REPEAL CONSUMER PROTECTION RULE
Vice President Mike Pence this week cast the deciding vote to kill a federal rule protecting consumers' right to file class action lawsuits... READ MORE›
BRITAIN'S MOST POWERFUL FEMALE BANKER MAKES CLAIMS OF SEXUAL HARASSMENT
Virgin Money Chief Executive Jayne-Anne Gadhia said she was told she was expected to sleep with her boss... READ MORE›
BANK OF AMERICA BEEFS UP SECURITY FOR ONLINE BANKING
The bank said it would incorporate Intel Corp's Online Connect technology, that enables fingerprint touch payments, in its online banking systems next year... READ MORE›
HARGREAVES LANSDOWN BOSS WARNS CITY JOBS EXODUS DAMAGING UK ECONOMY
The big banks are moving people overseas - that's long-term damage to the UK economy, he said... READ MORE›
GOLDMAN SACHS BOSS HAILS FRANKFURT AMID BREXIT SHIFT
Frankfurt has emerged as the biggest beneficiary of Brexit so far as London-based financial firms increasingly opt to relocate staff to Germany's financial centre... READ MORE›
CHANCELLOR TO MEET US BANK CHIEFS AS BREXIT CLOUDS LINGER OVER ECONOMY
Mizuho will join a raft of Japanese banks which have chosen the city as an EU hub, including Daiwa, Sumitomo Mitsui Financial Group SMFG and Nomura... READ MORE›
CRYPTO-MANIA GRIPS HONG KONG AS CITY LOOKS FOR LIFE BEYOND BANKS
And now, he runs a Hong Kong startup that aims to improve how container ships are booked using blockchain technology... READ MORE›
ALIBABA IN SYNC WITH BEIJING LEADERS TO REFORM ECONOMY
The success of Yu'ebao, Alibaba subsidiary Ant Financial's money market fund -- the largest in the world -- is just the tip of the iceberg... READ MORE›
AUSTRALIA'S CBA TO SELL LIFE INSURANCE UNIT TO AIA GROUP FOR $3 BILLION
CBA shares rose as much as 0.5 percent in morning trade while the broader Australian market was down 0.7 percent... READ MORE›
GLOBAL INSURANCE FIRM XL GROUP MAKES DUBLIN ITS POST-BREXIT HOME
Global insurance firm xl group makes dublin its post-brexit..... READ MORE›
Trending News Headlines : Financial Services
'I FEEL DUPED': WHY BANK EMPLOYEES WITH IMPRESSIVE BUT MISLEADING TITLES COULD COST YOU BIG TIME
A TD financial advisor who quit last month says he was thrown into the role and expected to learn on the job... READ MORE›
CANADA'S BIG BANKS ADMIT THEY OVERCHARGED CUSTOMERS -- WHAT WENT WRONG?
In a no-contest settlement, TD agreed to pay more than 13.5 million to clients who were hit with excess fees... READ MORE›
PANDIT SAYS 30% OF BANK JOBS MAY DISAPPEAR IN NEXT FIVE YEARS
All of that is going to make processes easier, said Pandit, who was Citigroup's chief executive officer from 2007 to 2012... READ MORE›
THREE WAYS TO PROTECT YOUR 401(K) IF TRUMP KILLS THE FIDUCIARY RULE
A new move by President Donald Trump may mean higher costs for individual investors and retirement plans, especially 401 k's offered by small businesses... READ MORE›
GLOBAL BANKS FIGHT BACK ON BREXIT, WARNING $51 BILLION AT STAKE
Financial services industry generates between 190 billion and 205 billion pounds of revenue annually and employs 1.1 million people, according to the report... READ MORE›
TRUMP'S TRANSITION TEAM PLEDGES TO DISMANTLE DODD-FRANK ACT
Americans want to hold the big banks accountable, Warren said... READ MORE›
REPUBLICANS VOTE TO BLOCK STATES FROM OFFERING LOW-COST RETIREMENT SAVINGS PLANS TO MILLIONS OF WORKERS
Wall Street Wins Republicans Vote To Block States From Offering Low-Cost Retirement Savings Plans To Millions Of Workers... READ MORE›
'I WAS TRICKED': LOBLAWS SHOPPER SAYS SHE WAS SECRETLY SIGNED UP FOR CREDIT CARD
- Luna Khirfan In online job postings, SDI Marketing says it's hiring people to acquire new credit card customers for President's Choice Financial MasterCard... READ MORE›
FIRMS MANAGING PENSION MONEY SPEND MILLIONS TO SUPPORT GOVERNORS, DESPITE PAY-TO-PLAY RULE
Wall Street 2016 Firms Managing Pension Money Spend Millions To Support Governors, Despite Pay-To-Play Rule... READ MORE›
REPUBLICANS BOOST WALL STREET DONORS, HELP FINANCE INDUSTRY STOP STATES FROM OFFERING RETIREMENT ASSISTANCE TO WORKERS
Proponents of the state retirement plans say Congress should get out of states' way and let them go forward with the retirement savings plans... READ MORE›
THE OIL TRADER KNOWN AS 'GOD' IS CLOSING DOWN HIS MAIN HEDGE FUND
Andy Hall is not alone, said Philippe Ferreira, a strategist at Paris-based Lyxor Asset Management that invests in hedge funds... READ MORE›
FARE-DODGING BANKER BANNED FROM CITY
A London banker who regularly avoided buying a train ticket on his commute to the City has been banned from working in the financial services industry... READ MORE›
WHERE WOMEN RULE FINANCE AND MEN THINK BANKING IS BORING
Women account for 57 percent of Thailand's finance and insurance workforce, according to government statistics... READ MORE›
WALL STREET'S NEW FAVORITE WAY TO SWAP SECRETS IS AGAINST THE RULES
To some Wall Street types, the big surprise wasn't just the alleged crime, but that they didn't delete the incriminating WhatsApp messages... READ MORE›
SINGAPORE IS BEATING HONG KONG IN ASIA'S FINTECH RACE
Almost 90 percent of fintech investment in Asia-Pacific this year bypassed both Hong Kong and Singapore and went directly into China, according to the Accenture study... READ MORE›
THIS IS THE FIVE-WORD MESSAGE THAT GOT A CITIGROUP TRADER FIRED
Trader David Madaras his job as the bank fought to appease regulators probing the foreign-exchange scandal engulfing the industry... READ MORE›
2016'S BEST AND WORST PERFORMING HEDGE FUNDS
Distressed-debt hedge funds, mostly concentrated in energy-related bets, profited from the rally in oil prices this year, returning 12 percent on average... READ MORE›
RACE IS ON TO FIND A FINANCIAL HUB TO REPLACE LONDON
Dublin is more distant from the European Union's other countries and it lacks London's direct rail link to the Continent... READ MORE›
DUBLIN EXPLOITS BREXIT UNCERTAINTY TO LURE FIRMS FROM LONDON
One client, he says, has a checklist of 27 factors to compare various alternatives to London... READ MORE›
HILLARY CLINTON DENOUNCES CORPORATE CRIME WHILE ACCEPTING CASH FROM BLACKSTONE, FIRM SANCTIONED BY SEC
In 2006, Bush's administration started the state of Florida's investment in one of the Blackstone funds scrutinized by the SEC... READ MORE›
LOOKS LIKE HIRING MORE WOMEN BOSSES REALLY DOES PAY DIVIDENDS
That compares with 3.7 percent for the 25 percent which had the least women managers... READ MORE›
DON'T WANT TO WORK UNTIL YOU ARE 70? YOU WILL HAVE TO, SAYS WEF
The pension savings' gap in the US is forecast to rise almost fivefold from 28bn to 137bn by the middle of the century... READ MORE›
WALL STREET 'INFLUENCE'? TEACHERS UNIONS REQUEST PROBE OF DONATIONS TO CHARTER SCHOOL MEASURE
Baker is covered by those rules because he appoints three members to the board of the Massachusetts Pension Reserves Investment Management Board MassPRIM ... READ MORE›
CHINA'S $9 TRILLION MORAL HAZARD IS NOW TOO BIG TO IGNORE
Specialized asset management products, issued mostly to institutional investors by China's mutual fund companies, were worth 16.5 trillion yuan, and brokerage firms had issued 14.8 trillion yuan... READ MORE›
DONALD TRUMP'S LABOR SECRETARY PICK ANDREW PUZDER OWES MILLIONS TO UBS AS BANK SEEKS WAIVER FROM SANCTIONS
Donald Trump's Labor Secretary Pick Andrew Puzder Owes Millions To UBS As Bank Seeks Waiver From Sanctions... READ MORE›
GOP TARGETS RULE THAT COULD EXPOSE BANKS TO A WAVE OF LAWSUITS
The law requires only a simple majority vote for passage, meaning Senate Republicans wouldn't need support from Democrats... READ MORE›
HERE'S WHY ISRAELI FINTECH STARTUPS ARE CONQUERING THE MARKET
Beyond investing, a growing number of international power players are developing long-term partnerships with Israeli fintech startups... READ MORE›
DOES MONEY BUY VOTES? MOST AMERICANS SAY YES; A NEW STUDY SAYS THEY'RE RIGHT
As a professor at the University of Massachusetts, Ferguson has written extensively about money in politics and gave an eerily prescient prediction about American politics in 2014... READ MORE›
CLINTON GETS TOUGH ON WALL STREET, VOWS TO TIGHTEN OVERSIGHT
Despite the tough talk, Clinton and her husband, Bill Clinton, have deep ties with Wall Street... READ MORE›
CITI PREPARING TO MOVE 900 STAFF TO DUBLIN FROM LONDON
Reuters is the news and media division of Thomson Reuters... READ MORE›