covid pandemic – Left Bank http://left-bank.org/ Tue, 12 Apr 2022 10:48:01 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://left-bank.org/wp-content/uploads/2021/07/icon-2-150x150.png covid pandemic – Left Bank http://left-bank.org/ 32 32 EXCLUSIVE World Bank seeks approval for $350m loan to Ukraine within days – sources https://left-bank.org/exclusive-world-bank-seeks-approval-for-350m-loan-to-ukraine-within-days-sources/ Tue, 01 Mar 2022 18:45:00 +0000 https://left-bank.org/exclusive-world-bank-seeks-approval-for-350m-loan-to-ukraine-within-days-sources/ A participant stands near a World Bank logo at the International Monetary Fund – World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo Join now for FREE unlimited access to Reuters.com Register WASHINGTON, March 1 (Reuters) – The World Bank is pushing for “fast track” approval of an […]]]>

A participant stands near a World Bank logo at the International Monetary Fund – World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo

Join now for FREE unlimited access to Reuters.com

WASHINGTON, March 1 (Reuters) – The World Bank is pushing for “fast track” approval of an additional $350 million loan for Ukraine within days to provide emergency funding for its efforts defense against Russian invasion, sources familiar with the plans said. .

The expansion of an existing loan would provide “fiscal support” to Ukraine, leaving no restrictions on how President Volodymyr Zelenskiy’s government can spend it, the sources told Reuters.

One of the sources said the loan could be ready for board consideration as soon as the end of this week, while another said next week was also possible, with disbursement coming within days. following approval.

Join now for FREE unlimited access to Reuters.com

They said the plan had strong support within the World Bank’s 25-member board, despite objections from Russia’s executive director. The United States and its Western allies control an overwhelming majority of the development lender’s voting shares.

A US Treasury spokesman declined to comment on the loan plan.

The decision to quickly transfer money to Ukraine has become more urgent at the World Bank since Russia invaded the country last week. World Bank President David Malpass told Zelenskiy in Munich on Feb. 19 that the organization was preparing a disbursement of $350 million by the end of March, followed by other funding plans. Read more

A World Bank spokesperson declined to provide details of the plan, but said: “We are currently preparing a fast-disbursing financing package for Ukraine, which we hope to present to our board for consideration. in the next few days”.

The sources described the disbursement as a “top-up” that would effectively double $350 million Development Policy Loan granted to Ukraine on 17 December to support reforms aimed at fostering greater competition in the economy, land reforms and access to credit for small farmers.

The plan would bring World Bank lending to Ukraine in the past year alone to over $1.5 billion, including loans for COVID-19 response and vaccinations, power grid improvements and education. World Bank financing to Ukraine has totaled $2.3 billion since the start of the COVID-19 pandemic in early 2020 and nearly $14 billion since the country joined the institution in 1992 .

The new funding would not add to Ukraine’s political commitments, and by expanding an existing loan, the bank can move to board approval much faster than if it were to launch an entirely new loan process. with new program goals, the sources said. Part of the supplement funds may come from bilateral donor countries.

As Russia’s invasion force in Ukraine grows, one of the sources said the $350m disbursement could be withheld if Zelenskiy’s government is toppled before the handover is ready .

“If on the day of disbursement there is concern that the funds will be misused, they will not be disbursed,” one of the sources said. “Unless the bank is sure that the funds will return to the Ukrainian government, they will not be disbursed, until the very last moment.”

The plan marks a step into “extraordinary ground” in terms of lending speed and circumstances for the bank, which is best known for its post-conflict reconstruction lending, said Scott Morris, senior fellow at the Center for Global Development. and former American. Treasury official.

“It’s commendable that the bank is expanding in this way,” he said.

Malpass and International Monetary Fund Managing Director Kristalina Georgieva also said they were coordinating support for Ukraine. Georgieva said on Friday that Ukraine had requested emergency financing from the IMF and that the Fund was exploring all options to help the war-torn country, including through a capacity of about $2.2 billion in the under its existing IMF lending program. Read more

Join now for FREE unlimited access to Reuters.com

Reporting by David Lawder; Editing by Leslie Adler and Jonathan Oatis

Our standards: The Thomson Reuters Trust Principles.

]]>
Ranked: 10 “Most Dangerous” Mobile Banking Trojans of 2021 and How They Can Steal Your Money https://left-bank.org/ranked-10-most-dangerous-mobile-banking-trojans-of-2021-and-how-they-can-steal-your-money/ Sun, 27 Feb 2022 03:59:00 +0000 https://left-bank.org/ranked-10-most-dangerous-mobile-banking-trojans-of-2021-and-how-they-can-steal-your-money/ Banking Trojans have increased in 2021. As most of us have been forced to use contactless digital payments due to the Covid-19 pandemic, cybercriminals have seen this as an opportunity to trick people by through banking Trojans. For those unaware, a Trojan is a type of malicious code or software that looks legitimate but can […]]]>

Banking Trojans have increased in 2021. As most of us have been forced to use contactless digital payments due to the Covid-19 pandemic, cybercriminals have seen this as an opportunity to trick people by through banking Trojans. For those unaware, a Trojan is a type of malicious code or software that looks legitimate but can take control of users’ devices, smartphones, PCs or laptops. It is designed to damage, disrupt or steal data. On smartphones, it is an application that secretly performs other actions that affect personal or confidential information stored on the device and/or take control of the device. According to Russian cybersecurity company Kaspersky, 97,661 new mobile banking Trojans were discovered in 2021. Apart from apps with actual malicious functionality, there are several apps on Google Play that redirect the user to a page asking for their data and the payment of a fee. Kaspersky has compiled a list of the top 10 mobile banking Trojans that attacked victims in 2021.

1ten

Banker.AndroidOS.Agent.eq: can steal banking passwords

The Banker.AndroidOS.Agent.eq tops the list of banking trojans. It is known to steal usernames and passwords used for online banking, and also tries to obtain user’s bank card data (card holder name, card number , CVV and expiration date).

GadgetsNow

2ten

Banker.AndroidOS.Anubis.t: steal banking information

The Banker.AndroidOS.Anubis.t Trojan virus targets Android users and attempts to steal banking information. The Trojan has been found on several deceptive and fraudulent websites. Many reports suggest that this banking Trojan was mainly masquerading as related to the Covid-19 pandemic.

GadgetsNow

3ten

Banker.AndroidOS.Svpeng.t: Get admin rights on users phone

The Banker.AndroidOS.Svpeng.t malware obtains administrator rights on your smartphone in a hidden way. Once it gets the rights, it displays a misleading webpage to trick you. Whenever you try to access a paid website, survive on an infected device, the malware intercepts the request and steals your information.

GadgetsNow

4ten

Banker.AndroidOS.Svpeng.t: steals banking information

The Banker.AndroidOS.Svpeng.q Trojan is quite similar to the Banker.AndroidOS.Svpeng.t malware as it steals your banking information in the same way. According to reports, this banking Trojan enters victims’ devices via Google AdSense advertisements which are displayed on many popular news sites.

GadgetsNow

5ten

Banker.AndroidOS.Asacub.ce: steals payment information

Banker.AndroidOS.Asacub.ce banking malware steals payment information from victims. The malware enters Android smartphones via phishing text messages. The messages prompt the user to download photos via the link containing the malware.

GadgetsNow

6ten

Banker.AndroidOS.Agent.ep: steals online banking passwords

The Banker.AndroidOS.Agent.ep malware belongs to the same family as the Banker.AndroidOS.Agent.eq Trojan. It can steal your banking credentials such as usernames and passwords used for online banking. The malware also tries to steal victim’s bank card details.

GadgetsNow

7ten

Banker.AndroidOS.Hqwar.t: steals banking information

The Banker.AndroidOS.Hqwar.t malware is used for both small-scale and large-scale attacks that can affect thousands of users around the world. It is categorized as ransomware and was first discovered in 2016. The malware also enters victims’ smartphones via phishing text messages.

GadgetsNow

8ten

Banker.AndroidOS.Bian.f: registration screen to steal banking information

The Banker.AndroidOS.Bian.f malware bypasses protections on Google Play to reach its user base. It attacks banking apps and records screens to steal credentials. It also locks users to hide its activities. It casts the screen so that your banking information can reach cyber criminals.

GadgetsNow

9ten

Banker.AndroidOS.Agent.cf: steals credit/debit card details

The Banker.AndroidOS.Agent.cf Trojan is a variant of the Banker.AndroidOS.Agent virus. It is hidden in apps that run in the background of your smartphone. The Trojan can steal your bank card details. It can also access your online banking information.

GadgetsNow

tenten

Banker.AndroidOS.Bian.h: steals bank details

The Banker.AndroidOS.Bian.h trojan reaches the victim’s smartphone via malicious apps. It can also bypass the security measures offered by Google. It shares your bank details with criminals who can then perform fraudulent transactions from your account.

]]>
Royal Bank of Canada earnings beat expectations for wealth and loan growth https://left-bank.org/royal-bank-of-canada-earnings-beat-expectations-for-wealth-and-loan-growth/ Thu, 24 Feb 2022 12:47:00 +0000 https://left-bank.org/royal-bank-of-canada-earnings-beat-expectations-for-wealth-and-loan-growth/ TORONTO, Feb 24 (Reuters) – Royal Bank of Canada (RY.TO) kicked off first-quarter results for Canadian lenders with a stronger-than-expected 6% rise in adjusted earnings, led by wealth management and loan growth. Canada’s largest lender by market capitalization reported adjusted earnings of C$2.87 per share, up from C$2.69 a year earlier. Analysts had expected C$2.73 […]]]>

TORONTO, Feb 24 (Reuters) – Royal Bank of Canada (RY.TO) kicked off first-quarter results for Canadian lenders with a stronger-than-expected 6% rise in adjusted earnings, led by wealth management and loan growth.

Canada’s largest lender by market capitalization reported adjusted earnings of C$2.87 per share, up from C$2.69 a year earlier. Analysts had expected C$2.73 per share, according to IBES data from Refinitiv.

Canadian banks posted several quarters of better-than-expected results, largely due to fee income and the release of provisions for credit losses taken at the start of the COVID-19 pandemic. Analysts and investors had been bracing for a somewhat softer first quarter, partly due to higher spending expectations. Read more

Join now for FREE unlimited access to Reuters.com

Royal Bank’s non-interest expense was a positive surprise, with little change from a year and a quarter ago as higher compensation costs were offset by lower certain management expenses heritage in the United States.

Profits for Royal Bank’s personal and commercial banking unit rose 10% from a year earlier and wealth management profits jumped 24%, helped by higher lending volumes in Canada and the increase in assets and release of provisions in the latter’s US unit.

Although mortgage growth again outpaced business loan growth in the quarter, Royal Bank continued to see a recovery in the latter, as well as credit card balances.

The results boosted despite an 11 basis point year-over-year decline in net interest margins and a 3% decline in profits at its capital markets unit, which had posted record profits a year earlier. earlier.

In the capital markets sector, lower fixed income trading revenue offset record corporate and investment banking revenue.

Provisions for credit losses remained stable compared to the previous year, although they increased compared to the previous quarter, when the bank released part of the reserves taken earlier.

Royal Bank reported overall net profit of C$4.1 billion ($3.20 billion), or C$2.84 per share, compared to C$3.8 billion, or C$2.66 per share, a year ago.

($1 = 1.2826 Canadian dollars)

Join now for FREE unlimited access to Reuters.com

Reporting by Nichola Saminather in Toronto and Manya Saini in Bengaluru Editing by Krishna Chandra Eluri, David Goodman and Susan Fenton

Our standards: The Thomson Reuters Trust Principles.

]]>
World Bank offers ₹869 crore watershed management loan to Indian farmers https://left-bank.org/world-bank-offers-%e2%82%b9869-crore-watershed-management-loan-to-indian-farmers/ Sat, 19 Feb 2022 03:15:07 +0000 https://left-bank.org/world-bank-offers-%e2%82%b9869-crore-watershed-management-loan-to-indian-farmers/ The Union Finance Ministry announced on Friday that the World Bank would provide $115 million ( ₹869 crore) loan to fund a program in India that will help national and state institutions adopt improved watershed management practices to increase farmers’ resilience to climate change, promote higher productivity and better incomes. The Ministry of Finance said […]]]>

The Union Finance Ministry announced on Friday that the World Bank would provide $115 million ( 869 crore) loan to fund a program in India that will help national and state institutions adopt improved watershed management practices to increase farmers’ resilience to climate change, promote higher productivity and better incomes.

The Ministry of Finance said that the Government of India, the State Governments of Karnataka and Odisha and the World Bank have signed the agreement for the program titled “Rejuvenating Watersheds for Agricultural Resilience through an Innovative Development Program “.

As India has one of the largest watershed management programs in the world, the new program will further strengthen the watershed management system in the country.

As per the agreement, funding from the International Bank for Reconstruction and Development (IBRD) will support Karnataka with $60 million ( 453.5 crores), Odisha with 49 million dollars ( 370 crore), and the remaining $6 million ( 45.5 crores) will be earmarked for the Central Government Land Resources Department, news agency ANI reported.

The $115 million ( 869 crore) loan has a maturity of 15 years, including a grace period of 4.5 years, the finance ministry said. The Indian government has announced a plan to restore 26 million hectares of degraded land by 2030 and double farmers’ incomes by 2023. Effective watershed management can help improve livelihoods in rainfed areas while creating a more resilient food system.

The Department of Finance said in a statement that “in this context, the new program will assist participating state governments in their efforts to transform watershed planning and execution and adopt science-based planning that could be replicated. across the country and will help participants and other states adopt new approaches to watershed development.

The Covid-19 pandemic has heightened the need for sustainable and prudent agriculture in India, which both protects farmers from climatic uncertainties and strengthens their livelihoods. While a strong institutional architecture for watershed development already exists in India, renewed interest in science-based and data-driven approaches implemented under this project may provide new opportunities for farmers in the face of climate change.

(With agency contributions)

To subscribe to Mint Bulletins

* Enter a valid email address

* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our app now!!

]]>
Asian Dev Bank approves $150m loan for Indonesia’s green recovery https://left-bank.org/asian-dev-bank-approves-150m-loan-for-indonesias-green-recovery/ Thu, 17 Feb 2022 06:48:59 +0000 https://left-bank.org/asian-dev-bank-approves-150m-loan-for-indonesias-green-recovery/ JAKARTA: The Asian Development Bank (AfDB) has provided a $150 million loan to finance a facility that can help Indonesia’s economic recovery. According to local media, the One Stop Funding Facility for the Sustainable Development Goals in Indonesia (SIO-GFF) will help Indonesia achieve the Sustainable Development Goals (SDGs) by catalyzing public and private financing to […]]]>

JAKARTA: The Asian Development Bank (AfDB) has provided a $150 million loan to finance a facility that can help Indonesia’s economic recovery.

According to local media, the One Stop Funding Facility for the Sustainable Development Goals in Indonesia (SIO-GFF) will help Indonesia achieve the Sustainable Development Goals (SDGs) by catalyzing public and private financing to promote development projects. green and sustainable infrastructure. The SIO-GFF, which is the first of its kind in Southeast Asia, aspires to fund at least ten projects, with a minimum of 70% of the funding going to green infrastructure and the rest to the SDGs.

According to Anouj Mehta, Head of the AfDB’s Green and Innovative Finance Unit for Southeast Asia, who said on Wednesday that this facility will increase sustainable infrastructure development and accelerate Indonesia’s recovery from the Covid-19 pandemic by raising capital and creating jobs.

According to AfDB Senior Financial Sector Specialist Benita Ainabe, SIO-GFF will help Indonesia focus on climate-resilient infrastructure as it recovers from the Covid-19 pandemic with a unique financing model which includes global green standards. “We intend to extend this approach to other countries in the region based on our experience in Indonesia,” she added.

The inflation rate in Canada accelerated faster in January, 5.1 pc over one year

Further interest rate hikes are likely as UK inflation hits its highest level in 30 years.

UN chief calls for greater cooperation with CSTO on Afghanistan

]]>
Israeli cenbank expected to tighten if inflation continues to rise – IMF https://left-bank.org/israeli-cenbank-expected-to-tighten-if-inflation-continues-to-rise-imf/ Sun, 06 Feb 2022 14:33:00 +0000 https://left-bank.org/israeli-cenbank-expected-to-tighten-if-inflation-continues-to-rise-imf/ The Bank of Israel building is seen in Jerusalem June 16, 2020. Picture taken June 16, 2020. REUTERS/Ronen Zvulun/File Photo Join now for FREE unlimited access to Reuters.com Register JERUSALEM, Feb 6 (Reuters) – Israel’s central bank should be ready to raise interest rates and reduce foreign exchange intervention if inflationary pressures intensify further, the […]]]>

The Bank of Israel building is seen in Jerusalem June 16, 2020. Picture taken June 16, 2020. REUTERS/Ronen Zvulun/File Photo

Join now for FREE unlimited access to Reuters.com

JERUSALEM, Feb 6 (Reuters) – Israel’s central bank should be ready to raise interest rates and reduce foreign exchange intervention if inflationary pressures intensify further, the International Monetary Fund said on Sunday.

In a statement after its annual visit, the IMF said the Israeli government had an opportunity to raise taxes while recommending greater efficiency in state spending.

Israel’s inflation rate was 2.8% in 2021, within an official target of 1-3% and well below rates seen in many Western peers, but the IMF said the Rising service prices, high capacity utilization and wage gains in some sectors “show emerging signs of underlying inflationary pressures”.

Join now for FREE unlimited access to Reuters.com

“If underlying upward pressures become more significant, the Bank of Israel should be ready to tighten monetary policy,” the IMF said.

Iva Krasteva Petrova, the IMF’s mission chief for Israel, told reporters that since inflation is on target, there is no need for monetary tightening now but the central bank must remain vigilant. She also expressed concern about high housing prices.

At the same time, the IMF said that “currency purchases should decline, allowing the shekel to be determined by market forces, without ruling out future purchases if appreciation pressures (of the shekel) threaten to push inflation or inflation expectations below the target range”.

The central bank has said it is not worried about a spike in inflation, allowing it to exercise patience in conducting monetary policy.

The IMF praised the government’s handling of the COVID-19 pandemic and its goal of reducing Israel’s debt burden over the medium term.

But he warned that the planned consolidation hinges on spending cuts that could prove difficult given already weak civilian spending. “A review of the efficiency of public spending would be useful,” he said.

The government has room to increase tax revenue, the IMF said, adding: “The tax system could be made more progressive and the tax base could be broadened, including by reducing tax exemptions on pensions and tax incentives individuals and businesses for certain groups”.

After growth of 6.5% in 2021, the IMF expects solid economic growth in Israel in 2022, supported by consumer spending, investment and exports.

He said new variants of COVID could pose a threat to economic growth, while tighter global financial conditions could rattle stock markets, reduce government revenue and increase the cost of capital.

Join now for FREE unlimited access to Reuters.com

Reporting by Steven Scheer; Editing by Catherine Evans

Our standards: The Thomson Reuters Trust Principles.

]]>
Mercantile Bank organizes “Strategic Business Conference-2022” https://left-bank.org/mercantile-bank-organizes-strategic-business-conference-2022/ Sat, 22 Jan 2022 12:30:00 +0000 https://left-bank.org/mercantile-bank-organizes-strategic-business-conference-2022/ Mercantile Bank Limited held its Strategic Business Conference – 2022 virtually on Saturday. Morshed Alam, chairman of the bank’s board of directors was the chief guest while managing director and CEO Quamrul Islam Chowdhury chaired the conference, reads a press release. Vice Presidents ASM Feroz Alam and Abdul Hannan, Chairman of the Executive Committee Al-Haj […]]]>

Mercantile Bank Limited held its Strategic Business Conference – 2022 virtually on Saturday.

Morshed Alam, chairman of the bank’s board of directors was the chief guest while managing director and CEO Quamrul Islam Chowdhury chaired the conference, reads a press release.

Vice Presidents ASM Feroz Alam and Abdul Hannan, Chairman of the Executive Committee Al-Haj Akram Hossain (Humayun), Chairman of Mercantile Bank Securities Ltd MA Khan Belal, Directors M Amanullah, Nasiruddin Choudhury, Alhaj Mosharref Hossain and Mohammad Abdul Awal, and l Mati Ul Hasan Bank’s AMD spoke at the conference.

The head of 150 branches, heads of 20 sub-branches, area heads and division head attended the conference.

Zakir Hossain, Adil Raihan, Shamim Ahmed, Hasne Alam and Mahmood Alam Chowdhury, DMD and CFO Tapash Chandra Paul, PhD were also present along with other senior managers and executives of the bank.

The bank president thanked the heads of branches and divisions for their success in combating the Covid pandemic and achieving organizational goals as well as superior customer services. He also presented a strategic work plan to achieve the planned business objective of the bank for the current year with effective and efficient management.

Quamrul Islam Chowdhury, MD and CEO of Mercantile Bank Ltd, advised executives and managers to ensure the best possible customer services with the latest technology-enabled banking technologies. He also urged his colleagues to reach out to Mercantile Bank services among the unbanked and disadvantaged population to make Mercantile Bank an “enlightened bank”. In addition to this, the CEO suggested his teammates to reach Mercantile Bank’s “Agent Banking” and “Islamic Banking Window” services for customers.

]]>
Rise in commercial lending offers ‘very encouraging’ economic outlook, says Huntington CEO https://left-bank.org/rise-in-commercial-lending-offers-very-encouraging-economic-outlook-says-huntington-ceo/ Fri, 21 Jan 2022 20:47:05 +0000 https://left-bank.org/rise-in-commercial-lending-offers-very-encouraging-economic-outlook-says-huntington-ceo/ Huntington CEO Stephen Steinour called the increase in commercial lending “very encouraging” for the broader economic outlook. “And so what we’re seeing is just an increase in customer demand, and it’s becoming more widespread,” Steinour told Crain’s on Friday afternoon. “And that reflects how well these businesses are going, or getting back on their feet. […]]]>

Huntington CEO Stephen Steinour called the increase in commercial lending “very encouraging” for the broader economic outlook.

“And so what we’re seeing is just an increase in customer demand, and it’s becoming more widespread,” Steinour told Crain’s on Friday afternoon. “And that reflects how well these businesses are going, or getting back on their feet. Or in some cases, the need to automate due to lack of manpower. So a variety of needs, but at the core, its economic growth).”

Huntington posted revenue of $6 billion last year, a 24% increase over the previous year. The bank reported a profit of $1.3 billion last year.

Huntington Bank isn’t alone in seeing a return to commercial loan growth, which has been somewhat faltering through much of the COVID-19 pandemic.

Federal Reserve data compiled by Bloomberg shows lending by the 25 largest banks was 3.5% higher at the end of December than it was a year earlier. This is a marked improvement from the end of the third quarter, when the same comparison was flat.

“I think loan growth at the end of the period will be solid,” Barclays Plc analyst Jason Goldberg told Bloomberg in an interview earlier this month. “While 2021 has been mostly subdued, you look at some of the Fed data and you’ve seen a pretty nice recovery at the end of the year.”

Loan growth has been of particular focus for investors as lagging demand among borrowers, normally a bad sign for banks, is attributed to waves of government stimulus linked to pandemic lockdowns ending now. Even without their lending businesses running at full capacity, U.S. banks have been making record profits throughout the pandemic.

“Loan growth was weak because people had plenty of money, were able to pay off some of their ‘credit cards and other borrowings during the pandemic,’ JPMorgan Chase & Co. CEO Jamie Dimon said. in an interview with Fox Business earlier this month. “You’re going to see banks posting loan growth numbers, and they’re going to be better now than they were a quarter ago, but that’s a result of a growing economy.”

Chase reported last week that average loans rose 6% in the fourth quarter of last year.

After its acquisition of TCF Bank, Huntington said it had around $174 billion in assets at the end of last year, placing the lender in the top 20 in the United States, according to the US Federal Reserve.

—Bloomberg News contributed to this report

]]>
Credit Suisse chairman resigns after internal investigation https://left-bank.org/credit-suisse-chairman-resigns-after-internal-investigation/ Mon, 17 Jan 2022 21:33:16 +0000 https://left-bank.org/credit-suisse-chairman-resigns-after-internal-investigation/ GENEVA — Credit Suisse said on Monday its chairman had resigned following an internal investigation that allegedly found he had broken quarantine rules designed to combat the COVID-19 pandemic. The resignation of Antonio Horta-Osorio, an Anglo-Portuguese national who took office just eight months ago, was announced shortly after midnight on Monday. It is the latest […]]]>

GENEVA — Credit Suisse said on Monday its chairman had resigned following an internal investigation that allegedly found he had broken quarantine rules designed to combat the COVID-19 pandemic.

The resignation of Antonio Horta-Osorio, an Anglo-Portuguese national who took office just eight months ago, was announced shortly after midnight on Monday. It is the latest shake-up for the top Swiss bank which has faced a series of recent problems including bad hedge fund bets and an internal spy scandal.

“I regret that a number of my personal actions have caused hardship for the bank and compromised my ability to represent the bank internally and externally,” Horta-Osorio, 57, said in a statement from the bank. without giving more details.

“So I believe my resignation is in the interest of the bank and its stakeholders at this crucial time.”

Axel Lehmann, a Swiss national and former executive at rival bank UBS who joined Credit Suisse’s board in October, will take over as chairman.

Credit Suisse said Lehmann “succeeds Antonio Horta-Osório, who resigned following a board-ordered investigation.” He did not give details and bank spokesman Dominik von Arx declined to comment beyond the press release.

Swiss media reported on Monday that Horta-Osorio, the former CEO of Lloyds Banking Group in Britain, broke quarantine rules, including traveling to Britain in December and the Wimbledon tennis tournament this summer.

The online news service finews.com, citing two sources familiar with the matter, reported in late December that Horta-Osorio was being investigated over alleged breaches of quarantine.

Leo-Philippe Menzel, spokesperson for the public prosecutor’s office in the Swiss region of St. Gallen, confirmed that he had received a notice from Horta-Osorio that he may have broken the rules of COVID-19 and that he was examining it.

The resignation comes after another difficult year for Credit Suisse. In October, he announced settlements totaling nearly $700 million with UK and US authorities for loans to Mozambican state-owned companies that Swiss regulators said breached anti-money laundering rules.

The Swiss Financial Markets Authority in April announced an investigation and is considering possible sanctions against Credit Suisse after the bank announced it was taking a charge of 4.4 billion Swiss francs ($4.7 billion ) linked to a failure to make margin calls by the American company Archegos Capital.

Credit Suisse did not identify what it called solely a “US-based hedge fund” – but the authority, known as FINMA, did.

FINMA also confirmed the lawsuits against the bank over its so-called supply chain finance funds, or financial instruments reserved for certain customers. The bank announced a pause in redemptions and subscriptions in the funds following insolvency problems linked to partner Greensill Capital.

In 2020, the bank’s CEO, Tidjane Thiam, stepped down after nearly five years on the job, acknowledging that a spy scandal had caused “anxiety and pain” and tarnished Credit Suisse’s reputation. The scandal erupted in 2019 after his former head of wealth management, Iqbal Khan, said the bank was spying on him after he joined UBS.

]]>
Overdraft Fees: Which Banks Are Eliminating Them and Why https://left-bank.org/overdraft-fees-which-banks-are-eliminating-them-and-why/ Sat, 15 Jan 2022 12:15:02 +0000 https://left-bank.org/overdraft-fees-which-banks-are-eliminating-them-and-why/ Bank of America is the latest financial institution of the ‘big four’ to cut overdraft fees James Martin/CNET Bank of America and Wells Fargo this week became the latest financial institutions to revamp overdraft fees: Starting in May, Bank of America will reduce the penalty charged when a customer withdraws more than the amount available, […]]]>


Bank of America is the latest financial institution of the ‘big four’ to cut overdraft fees

James Martin/CNET

Bank of America and Wells Fargo this week became the latest financial institutions to revamp overdraft fees: Starting in May, Bank of America will reduce the penalty charged when a customer withdraws more than the amount available, from $35 to $10 .

The Charlotte, North Carolina bank said it is also waiving its “insufficient funds” fee – incurred when a payment bounces – and eliminating transfer fees associated with overdraft protection, when funds are an account are used to cover a shortage in another.

Wells Fargo said that by the end of March it would also drop its insufficient funds fee as well as the overdraft protection fee. Starting in October, the 169-year-old financial institution will also give customers a 24-hour grace period before charging overdraft fees and allow them to access direct deposit payments two days earlier.

Mary Mack, Managing Director of Wells Fargo Consumer and Small Business Banking, said in a press release that the changes “give our customers more choice and flexibility to meet their needs”.

Here’s what the two banking giants are doing, which institutions are also reducing overdraft penalties and why, and how you can avoid them in the first place.

For more, check out the best checking accounts for 2022, the best debit cards for kids, and what banking institutions are doing to help during the pandemic.

What is an overdraft fee?

Overdraft fees are a financial penalty that your bank charges you when you spend more money than you have in your account.

For example, if you have $50 in your checking account and you buy an item for $100, your bank may erase the transaction but charge you an overdraft fee because you were $50 short. It will also take the remaining $50 when you make another deposit.

Overdraft fees are a subset of “insufficient funds” (NSF) fees: If your bank returns the presented payment – ​​for example, a check – without covering the amount, you are usually charged an NSF.

How much are overdraft fees?

Overdraft fees vary from bank to bank, but generally you’re looking at $30 per overdraft transaction, depending on the Federal Deposit Insurance Corporation. If an overdraft charge causes another transaction to fail, you may be hit with multiple charges at once.

And the fees are fixed whether you miss $1 or $100.

Why are overdraft fees so important?

The nation’s largest banks generated some $4 billion in overdraft fees last year, Sen. Elizabeth Warren, Democrat of Massachusetts, told a Senate Banking Committee hearing in May 2021.

According to Consumer Financial Protection Bureau.

“They’re most often charged to low-income customers, so they hit people who can least afford to be in that situation,” Varun Krishna, senior vice president and head of consumer credit for mint and Intuit Consumer Group, told CNET. “The person who ends up overdrawn on a $5 Starbucks latte can’t afford a $30 overdraft fee.”

Overdraft charges can trigger a cascading effect, throwing a person’s entire account out of balance and causing other payments to be missed. “They think maybe I need a payday advance, and that opens up a whole new set of financial problems,” Krishna said.

And the penalties keep mounting: in 2000, the average overdraft fee was $23.74, according to a Discount rate study. In 2021, they average $33.58.

Have other banks eliminated overdraft fees?

Ally Bank announced in June that it was permanently waiving all overdraft fees after temporarily scrapping them amid the COVID-19 pandemic, while PNC in April rolled out a feature for its online customers that helps prevent discovered.

In December, Capital One announced that it would eliminate all overdraft and insufficient funds fees in 2022 for its consumer banking customers. (The company already offers free overdraft protection.)

The National Consumer Law Center called the decision a “historic moment” that will have “considerable benefits for the most vulnerable consumers”.

That same month, JP Morgan Chase also eliminated its return item fee/insufficient funds fee and increased its overdraft “cushion” from $5 to $50.

The Capital One logo is seen on a phone screen with the American flag in the background.

In December, Capital One announced that it was waiving all overdraft and insufficient funds fees for retail banking customers.

Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images

“The overdraft service fee only begins with transactions that result in an overdraft of more than $50 at the end of the business day,” the company said in a statement.

Later this year, Chase will begin giving customers 24 hours to update their balance to avoid fees and will allow customers to use their directly deposited pay up to two business days early.

“These changes have already provided additional support to more than two million customers who have avoided an average of $60 in wait charges before their paycheck hits or are a little low on funds that day,” said Jennifer Roberts, CEO of Consumer Banking at Chase. “, said in the press release.

To discover, Carillon, Axos and Suction all offer chequing accounts with no overdraft fees.

Jennifer Bombardier, Director of Consumer Public Affairs at City, told CNET that the money Citibank collects on overdraft fees “is among the lowest compared to our peers.”

According to Bombardier, Citibank refuses ATM or point-of-sale debit transactions when cash is not available and processes checks from lowest to highest amount, minimizing the impact of an overdraft.

Krishna said he suspected there were talks of reducing overdraft fees in many banks.

“A lot of customers move between the big banks, so they try to follow their offer,” he said. “But if you want to innovate, you have to think a few steps forward – I think we could see even more change coming.”

Be sure to check with your bank for any changes to their overdraft fee policies.

Why are these banks waiving fees?

Banks aren’t generally known for doing things out of the goodness of their hearts. Krishna says the trend is likely driven by a variety of motives, including good public relations and a desire to avoid government intervention. (In 2021, the House and Senate proposed bills to limit overdraft fees.)

There are also new products and institutions in the banking world with which they must compete.

“Overdraft fees should have been improved a long time ago,” Krisnha said. “The reason they didn’t is that they were able to take advantage of the misfortune. But they have to get rid of these predatory practices. You have new players who don’t charge these fees. But it’s It’s like a drug – – it’s hard for them.”

How can I avoid overdraft fees if my bank charges them?

In addition to transferring your money to one of the banks that have eliminated overdraft fees, you can always turn them off: According to the CFPB, if you do not agree to the overdraft fee, transactions that exceed your available balance will simply be declined.

It’s not a foolproof option, though: if you write a check that bounces and is returned by the merchant, your bank or credit union will likely hit you with an insufficient funds charge again.

There are other strategies to make an overdraft less likely, such as signing up for low balance alerts. Mint offers an overdraft early warning system independent of your banking system, Krishna said.

You can also link your checking account to your savings account — so funds can switch between them if needed — or link your checking account to a line of credit. You may still have to pay fees and interest, but that’s usually less than an overdraft, according to the CFPB.

]]>