Russian Oligarch's US bank Account Seized

Federal prosecutors in New York announced their intention to confiscate more than $5,300,000 from an American bank account linked to the sanctioned Russian billionaire Konstantin Malofeyev. The United States has placed a series of sanctions on Malofeyev in retaliation for Russia's invasion of...

CITIBANK TO EXIT FROM CONSUMER BANKING BUSINESS IN INDIA

Highlights

• Citibank's consumer banking business in India comprises credit cards, home loans, retail banking and wealth management, and has 35 branches across the country

• Citibank provides employment to approximately 4,000 people in the country’s banking...

HSBC ALL SET TO WITHDRAW FROM US RETAIL BANKING

Highlights

• This withdrawal will form part of the lender’s strategy update which is due on Tuesday, while CEO Noel Quinn is looking to cut down costs, boost fee income and continue the lender’s shift towards Asia

• According to the bank, Michael Roberts ...

WELLS FARGO SELLS ITS $10 BILLION PRIVATE STUDENT LOAN PORTFOLIO

Highlights

• This move comes at a time in the middle of a directive under CEO Charlie Scharf to bring down the expenses and retrench the San Francisco based banking firm into its core businesses

• Wells Fargo announced this decision on December 18 after notifying all...

BANK OF MONTREAL TO LEAVE OIL AND GAS BANKING IN THE U.S.

Highlights

• The U.S. shale industry has been immensely affected by the COVID-19 pandemic which resulted in oil prices going down and decline in the demand

• BMO said this financial decision was made for an orderly wind-down of our non-Canadian investment and corpora...

HSBC LIKELY TO EXIT FROM U.S. RETAIL BANKING

Highlights

• According to the sources, HSBC Holdings Plc is considering a complete exit from retail banking in the United States

• Sources claim that the senior management at HSBC is planning to present the plan in front of the board in upcoming weeks

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COVID-19 IMPACT: WELLS FARGO & CO. CUTS OVER 700 COMMERCIAL-BANKING JOBS

Highlights

• As per a statement given by Wells Fargo spokeswoman Katie Ellis, the company is at the beginning of a multiyear effort to build a stronger, more efficient company for its customers, employees, communities and shareholders

• While several banking firms in...

MORGAN STANLEY TO ACQUIRE EATON VANCE FOR $7 BILLION

Highlights

• Morgan Stanley has decided to acquire investment management firm for a whopping amount of $7 billion in cash and shares

• the shareholders of Eaton Vance are entitled to receive $60.75 per share, which is 48 percent premium to the closing price on Wednes...

JPMorgan: MOST OF CONSUMER UNIT WORKERS TO CONTINUE WORKING FROM HOME UNTIL 2021

Highlights

• JPMorgan’s community banking unit, which operates primarily in the U.S. has maximum number of employees as compared to other divisions and it has total 122,089 employees

• According to the reports, JPMorgan in its directive communicated to staff in...

UPCOMING WeChat BAN WON’T IMPACT USERS SAYS US GOVERNMENT

Highlights

• An executive order was issued by the President Trump on August 6 that targeted TikTok and WeChat as purported threat to the national security

• A suit was filed in the federal court in California to stop this ban by the nonprofit US WeChat Users Alliance...

EVERY CHINESE COMMUNIST PARTY MEMBER MIGHT BE BANNED FROM ENTERING THE US

Highlights: 

• Trump is not ready to go easy on China for its failure to stop the spread of the Coronavirus 
• He is reviewing a proposal to ban all communist members from entering the US. 

Trump’s grievance against the Chinese gover...

How to choose a bank in U.S.?

Above all, you have to find a bank that operates very well with your expenditure. Several banks, before you can open an account, require you to deposit a certain amount. Some don't. You must not hesitate to pick a bank that has no deposit criteria if you are dealing with a tight budget. It is...

'Unbridled worldwide extension' over for banks, says Deutsche US chief

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A period of unbridled worldwide development is over for the financial business, as p...

US Bank reported a vague number of employment cuts amid staff rebuilding

US Bancorp told representatives that it would rebuild staff at 3,000 US Bank offices in a move that will incorporate an unknown number of occupation cuts on Monday, the Star Tribune reports.

The occupations of numerous workers — to a great extent in central administration position...

Banking jobs at risk

Banking in the United States is all set to see reform as the Finance technology advances and more and more automation of the sector is imminent in the near future and the digitization of the banking sector is also the key factor driving the change in the banking sector of the United States.