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Posts published in “Banking”

Citigroup sees S&P 500 breaching 5,000-mark by year-end on robust earnings

Citigroup analysts on Wednesday raised their S&P 500 (.SPX) price target for the end of 2022, estimating it to breach the 5,000 level for the first time, as the brokerage expects strong corporate earnings to continue this year.

Jefferies staff to go remote until end Jan, financial offices empty out

U.S. investment bank Jefferies Financial Group (JEF.N) has asked staff to work remotely until Jan. 31, according to an Instagram post on Monday from its Chief Executive Officer, in another sign that New York’s banking offices looked set for an empty start to the year as the Omicron variant spreads.

FirstBank Arizona reaches $1B in assets, loans

With places in Goodyear, Glendale and Solar Metropolis West, FirstBank has proven double-digit progress in belongings, deposits and earnings within the third quarter over totals from the identical interval final 12 months.

Morgan Stanley to pay $60 mln to resolve data security lawsuit

Morgan Stanley (MS.N) agreed to pay $60 million to settle a lawsuit by customers who said the Wall Street bank exposed their personal data when it twice failed to properly retire some of its older information technology.

UK bank mistakenly pays out $175 million on Christmas Day

UK bank Santander got into the Christmas spirit this year by paying out a total of £130 million ($175 million) to customers by mistake on December 25.

The total payment was split over 75,000 transactions for around 2,000 corporate and commercial customers, Santander said in a statement published Thursday.
“We’re sorry that due to a technical issue, some payments from our corporate clients were incorrectly duplicated on the recipients’ accounts,” reads the statement.

New European payments project hits major snag

Some European banks are holding off on a decision to move forward with a new payments project that is intended be a home-grown rival to Mastercard and Visa, the company overseeing the effort said on Thursday.

Bank of England fines Metro Bank $7 mln after accounting blunder

The Bank of England has fined Metro Bank (MTRO.L) 5.38 million pounds ($7.13 million) for failures in its regulatory reporting, it said on Wednesday, after the lender revealed an accounting blunder in 2019.

Russia does not expect to be cut off from SWIFT system, VTB CEO says

Russia’s financial system would be able to cope even if it was disconnected from the SWIFT global interbank payments system, the head of the country’s second-largest lender VTB Bank (VTBR.MM) said on Sunday, but added he did not think such a move was likely.

HSBC gets approval to buy out China life insurance joint venture

HSBC (HSBA.L) said on Thursday it had received regulatory approval in China to take full ownership of its life insurance joint venture in the country, as it continues to expand its non-core banking services.